How to plan a smart budget for 2024

The beginning of a new year is the best time to set new financial goals that promote the fulfillment of dreams, savings goals and debt repayment.

Establishing a budget will allow you to make conscious decisions that facilitate the fulfillment of those objectives. For this, Ignacio Giraldo, CEO of RappiPay, shares five tips to keep in mind when establishing a successful financial plan:

• Current situation. You need to determine and write down all fixed or variable income and current expenses such as debts, fixed payments such as rent, food, utilities, subscriptions, even the smallest account detail. Once each item is listed, it will be necessary to determine the specific or estimated values, as the case may be.
• Setting goals from the coherence of finances is the key to meeting a financial plan. Set two or three specific financial goals. Saving a percentage of income each month, or paying off debt in less time, are examples of real achievable goals.
• A physical or digital document can be built to keep track of expenses and income month by month, as well as the payment of debts and their progress, it is a good option to have a record of the progress of the proposed goals. Determining some unnecessary expenses is important since that money can be used to meet goals and objectives.
• Having savings products that generate some type of fixed or variable return is essential to start saving and investing. In this way, money will not lose value and its purchasing power will grow over time. The RappiCuenta, for example, is a savings account that offers returns of up to 10% E.A., for balances greater than 2 million pesos and 7% E.A. for balances less than 2 million.
• There are financial products such as the RappiCuenta, in which money is available 24/7 to use at any time of the day, without having to travel in long lines. In addition, this product has a deposit insurance issued by Fogafin for up to 50 million pesos. Defining the option that best suits your financial goals generates a sign of confidence in having control of your money.

It is important to have an in-depth knowledge of the benefits of your financial institution such as: discounts, rates of return, commercial alliances and agreements, insurance, among others, to get the best out of each financial product. For example, the RappiCard, a credit card issued by Banco Davivienda, does not have a handling fee, does not charge mandatory insurance and has 1% cashback.

Ignacio Giraldo, CEO of RappiPay, said: “Every Colombian can improve their economic situation with foresight, savings, profitability and responsibility. It is necessary to see saving and personal finance as something close, a structured budget is your ally to achieve those goals you want to achieve and have greater financial stability. That is why it is important to have the money in a safe place where it generates profitability and financial freedom.”