Learn 5 recommendations for achieving financial intelligence

Bogotá – A document from OBS Business School states that “Financial intelligence has more to do with knowledge and vision than with money, because it is an acquired skill that can be developed throughout life and Which does not require an initial capital or a minimum to be enjoyed. What is really important is not the amount Of the money we have, but how we manage it. This is where financial intelligence comes into play.”

It is important to properly manage money to cover daily obligations and Debts This will allow the latter to taper, giving greater control over finances.

Emilio Villegas, Deputy Director of Strategy at Sistecrédito, offered some advice in this regard: “Financial intelligence is the mental ability to manage Money and making decisions that improve personal finances for a healthy and stable economy. It is based on preparing a list of fixed expenses to improve income, get expenses less than income, eliminate unnecessary expenses, and release Debt to save or invest (plan for the future) and thus learn how to invest and set up a business.”

One of the most important suggestions is to learn to be happy with what you have and to appreciate the things you have, otherwise the desire to buy or to have things that might be unnecessary reinforces the idea of ​​always wanting more, even When there are no resources to do so, living this way can, in many cases, affect people’s mental and physical health. Economic problems reduce peace of mind and emotional health, which increases the risk of developing other illnesses.

These are the five recommendations that will help you develop your financial intelligence:

• You should always prepare and monitor (monthly) the budget for fixed expenses: housing, utilities, food, transportation, health, credit card fees. Set aside something for personal enjoyment such as fun and shopping, but without excesses, it is also important to leave a balance for emergencies.
• Experts suggest that it is better to save 25% of the salary, and hopefully 100% of the severance compensation with a scheduled destination for dreams such as owning a house, buying a car or going on a trip.
• Have proper management of your credits because the fees must be included in the fixed expenses for each month. Being responsible for your obligations will help you to have a good credit score which will also bring you other financial benefits.
• Taking advantage of promotions for buying Christmas or Christmas gifts in advance also applies to getting an advantage on personal hygiene items and/or household items.
• that it It is better not to use service allowance, bonuses and other special income to pay credits and cards, unless it is a subscription to housing, car or vacation.