The 7 steps you must follow to achieve it
Asking yourself how you want to see yourself in 10, 20 or 30 years is the first step to start with the habit of taking care of your personal finances, if you want to become a person with liquidity and with an equity made up of real estate.
You can achieve the goal of buying real estate such as a house or an apartment if you set small goals and invest enough dedication to take care of your finances.
We present 7 steps you must follow to create a successful financial plan where your future is assured yes or yes.
1. Define your assets
The main cause of poor financial health is that people do not take the time to know how their finances are.
Financially successful people spend at least three hours a week reviewing and analyzing their finances.
If you do not have experience in this matter, it is advisable to start by recognizing the value of your heritage.
To obtain this information, first identify your assets, which is everything you own that can be transformed into money.
This ranges from a house with everything and what is inside -furniture, appliances, clothing-, taking into account the monetary value of them, to your money in savings accounts and in cash.
2. Calculate your liabilities
Liabilities are the debts that you have through loans, credits and / or credit card balances.
Once done, you must subtract your liabilities from your assets, that is, the amount of your debts minus the amount of your current capital: the result will indicate how well you are in your finances.
If you have negative numbers, it means that you are over-indebted.
Even if your salary is high, but at the same time you spend more than your income, it means that you are a person with financial problems.
By not having savings or free money, you will not have the option to invest or multiply capital.
3. Restructure your credit card debt
If the result of the previous year was not exactly positive, the next step you should take is to eliminate debts, since they compromise your income both in the present and in the future.
Take advantage of the bonuses, Christmas bonus and savings fund that you receive at the end of the year to get rid of as many debts as possible.
If you have problems with credit cards, you can approach your bank and ask them to do a debt restructuring.
To do this, you must know what level of indebtedness you are in:
- Low: you pay only the minimum and it becomes increasingly difficult to pay
- Medium: you have at least three months without paying the monthly payment
- High: six months or more have passed without paying for financing
Only the first two levels of indebtedness are candidates to be negotiated with a debt restructuring, so that as a user you do not end up with negative notes on your credit history.
If you are in the first two levels, in this way you can freeze your debt and have a payment scheme that will help you zero your debt.
4. Consolidate all your debts in one
On the other hand, if you are one of the people who have several credit cards and at the same time multiple personal loans, you can opt for debt consolidation.
This method gathers all the debts in one place so that you make a single payment.
The great advantage of consolidation is the order that you put to your debts and the payment dates, in this way you will not have arrears that generate interest.
To achieve debt consolidation you must go to your bank and check if they have this option.
The financial institution will settle all debts so that you can see everything with him. Many times the monthly payment is less than what you were used to paying, but the time it will take to pay off the debt will be longer.
5. Create a budget
Once you have already eliminated your debts or at least have designed an action plan to finish them in the near future, it is time to make a budget.
It is useless to lower the number of debts if in the day to day you spend more than is convenient and you have the need to support yourself with credit cards.
Start by writing down all the expenses you make during the week, from the smallest ones such as tips to service and gas payments as well as the money you spend on so-called “treats.”
Be as specific as possible so that at the end of the week or fortnight you can do a review and detect what small leaks you have.
Then list all the fixed payments you have such as the mortgage, the tuition, the payment of cards and personal credits.
Identify the expenses that you can eliminate, since that money is what you are spending the most and is key to a stable financial future .
Finally, make a distribution of your salary for the next month according to your priorities.
Do not forget to allocate a percentage to savings, if possible not less than ten percent and consider it a fixed expense in your budget.
6. Learn how to use credit cards
There are some things that you should be very clear about if you want to continue using this type of credit for your benefit.
The first thing to keep in mind is that it is money that at some point you must return with everything and interest, which can amount to up to 60 percent of the amount of the debt.
The promotions of “months without interest” are not as good as they seem since you end up carrying a debt for longer than it should (6, 12, 24 months), ideally you should pay the debt immediately.
Specialists recommend using credit cards to help you make it easier to pay your expenses by paying off said debt in the next 45 days after making your purchase.
7. Invest in real estate
Once you know the net worth of your assets, you have created an action plan to eliminate debt and a budget to save each month, you have the tools to secure your future through an investment.
Personal finance experts always recommend investing in real estate because in the long term it brings hundreds of benefits.
For this reason, if you want to secure your future, you must exercise a mortgage loan as soon as possible, which will allow you to acquire a house or apartment.
The main attraction of buying a property is to become an owner and have your roof secured, which is followed by capital gains, a factor of great importance if you plan to continue investing in your assets.
The capital gain is defined as the added value that properties acquire over time: it increases the value of its purchase and sale in the real estate market.
In such a way that the difference in value plays in your favor as an owner, since if you decide to sell to acquire a better property, you will get more than what you invested the first time.
With ION you have the opportunity to buy the property you want, whether it is new or used, even if you are an independent worker or entrepreneur, under an attractive financing scheme that is tailored to your needs.
We have a payment term of up to 20 years, the down payment starts from 10 percent and of course, attractive financing of up to 10 million pesos so that you make the desire to have a home a reality.
At ION Financiera we believe in you that is why we offer you:
- Response in 5 business days.
- Easy to check all your income.
- Personalized attention and advice.
- No penalty for prepayments.
- Fixed rate and payments throughout the life of the loan.
- With the possibility of adding income with relatives and acquaintances.
- Includes life and damage insurance.