To convert this reflective pause into concrete and transformative actions, It is proposed to organize introspection around four fundamental pillars. These pillars will allow us to move from honest evaluation to strategic planning, laying the foundations for a new year with greater control and financial purpose.
1. The financial balance as a foundation for transformation
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You have totake advantage of the atmosphere of tranquility to reflect and take stock that includes essential questions such as: How much was paid for tuition? How many planned trips were made? What habits help organize money at home? What was the credit card used for? How much money was invested in maintaining the car? Were the loans paid on the agreed dates? What expenses appeared without warning? The answer to these questions provides a diagnosis of the management of resources throughout the year.
2. Make a budget and vision board It is a powerful combination to achieve your New Year’s resolutions.
Returning to the balance sheet results to plan the new year’s finances goes beyond recording numbers, It is an opportunity to connect projects that are in the pipeline with fixed expenses that have already been contemplated throughout the year.
However, the 2023 National Financial Health Survey (Ensafi) reveals that only 24.2% of adults in Mexico trust their abilities to plan their financial future. Furthermore, 43.5% of those who already have a defined goal mentioned that the lack of savings is the main obstacle to carrying it out.
3. An annual budget serves as a roadmap to guide monthly financial decisions. Complement this exercise with a vision board (visualization board) maximizes engagement by materializing purposes, raising intrinsic motivation.
On the BBVA Mexico Financial Education portal you will find the formula for 70| 20| 10 among other tools to organize and separate budget income into:
- 70% for needs.
- 20% for wishes.
- 10% for savings, debt payment or for a financial cushion.
Strategic management of the bonus: gateway to 2026
With the arrival of the bonuses we must Make strategic decisions to welcome a new year. The priorities should be:
- Strengthen the emergency reserve.
- Take advantage of discounts for early payment of annual obligations, such as property taxes.
- Regularize outstanding credit payments to reduce the interest burden.
4. Include easy routines that strengthen your pocketbook
Some actions that could be contemplated in the new year’s resolutions are: reducing unnecessary expenses each week, scheduling the payment of services or credits from a banking application, such as the BBVA Mexico app, to avoid delays in financial commitments or setting aside an amount of money month by month and saving for that project that excites and inspires.
Taking advantage of these end-of-year dates to reorganize finances is the key initiative to transform the relationship with money, achieve clarity in the destination of resources and move firmly towards the financial objectives of the next cycle.
