A new era has begun in Mexico as a result of the elections and, without a doubt, everyone is looking forward to what will happen in the coming months.
We can get a little uncertainty. However, just as a new stage for the country begins, it is a good time to take care of your money and that of your family. Saving as well as other habits can help you keep your finances running smoothly.
How to take care of your money after the elections?
This was a season in which the country had some changes of considerable relevance. The fluctuations of the peso had some adjustments that even at the close of the elections on July 1, caused the dollar to reach a minimum of 19.6472 pesos.
Since then, many political and economic analysts have ruled out an early increase in the dollar against the peso. One of the ways to take care of your money from possible changes in the economy of the country is to change part of your savings from pesos to dollars.
Invest your money in foreign currency
One of the best investments you can make with your money is to change your savings from pesos to dollars.
In recent days, many people and even investors are wondering what a good idea it is to invest your money in currencies at this time. That depends on the term and the destination of the investment. Therefore, before making the decision you must take into account the following points:
- Attention with the weight
Analyze the decision you are about to make. Do not forget that the foreign exchange market in the country is always in a constant ups and downs that can place your savings at their best or devalue them.
Learn how the world of currencies works before changing your weights to dollars or another foreign currency.
- Nothing is final
Let’s use a simple example to understand how the risk of investing in foreign currencies works. Imagine that you have 100 thousand pesos and that you are looking to invest.
In this moment, the dollar is at 20 pesos. Making the change, then you would have 5 thousand dollars. Let’s assume that the dollar earns 2 pesos more, which would leave you a figure of 10 thousand pesos.
Everything sounds pretty good, is not it? But you must take into account that this can happen to the investment with good luck, if the dollar earns 2 pesos, returning them to Mexican pesos will give you a profit of 10 thousand pesos.
Of course, the same operation can happen the other way around and clearly it will be something that will go out of your control.
Spend my dollars?
There are several places where you can spend your dollars, especially in areas of great foreign tourist influx. Investing in dollars can secure your savings for the future.
Many people who are dedicated to business choose to invest in foreign currencies because that is a way to insure their company. All for the sake of securing the future.
Have a cool head to invest
Before making your decision, you must take into account quantities and deadlines. It is recommended that you do not invest more than 10% in foreign currencies due to its high volatility.
The ideal is to invest in very important moments for the politics and the economy of the country or in case you need money for a trip out of Mexico. If you do so, you will have less risk in your investment.
Save your money in an account
It is always good to save money in a savings account than under the mattress. Why? Because saving money at home may seem safer: you have control of your money, you know how much you have and at any time you can make use of the money that you are accumulating with such care.
However, there are certain conditions that come out of our hands and that represent a disadvantage compared to savings accounts.
- Do not forget Hacienda. Although it is a well-known practice and used by many people, there are a number of conditions that we can not ignore: that the origin of money is legal. Otherwise, the Public Administration, through the Treasury, could qualify as profit money that is not justified and force us to pay taxes.
- Possibility of theft. And not only that; We are not exempt from thefts if we keep our money at home. Anyone is exposed to thieves entering your home and that is why you should be aware when making the decision to keep your money under the mattress.
- You can be exposed to unforeseen events. Finally, there are those accidents at home that can cause the loss of your money and fires or floods are some of those cases. If you keep your savings in your home you can risk losing it for causes beyond your control. There will be nothing to replace that money if one of those accidents happened to you.
On the contrary, if you keep your money in a bank account, you have a better chance of keeping your money well taken care of, without the risk of losing it or seeing it disappear for any reason out of your hands.
Among the advantages of having your money saved in a bank account is:
- The experience of the banks and the technological support they have to guarantee that your money is in good hands. Banks can answer for any eventuality that happens with your money. Do not forget to check the history and success stories of the bank to verify that it is a serious banking institution and that it has the accompaniment of other financial institutions with global coverage.
- Your money can grow, because the vast majority of banks give their clients the advantage of exercising that money. In the event that you save your money in a savings account, you can receive interest if you increase the amount of money you keep in the bank.
- The security of paying for fees that many people think banks will ask for. There is a belief that the money you keep will be consumed by the institution. Therefore, you should be aware of the management fees that many institutions request and that are not very high either. This is not a way in which banks consume money from your account.
You do not have to pay what you do not want (or can not) pay
Many people refuse to keep their money in banks for fear of the account management fees involved. And there are those who believe that instead of their money growing, it will be consumed by constant charges.
What happens in this case is that management fees are inevitable, because banking entities are a business and this is the way they are recovered by the operations they perform when opening an account in your name and of course, by maintaining your money to shelter.
However, these fees are not always high and will not consume your money either. The advisable thing in these cases is that you choose the account that you receive less for handling. You should always check the conditions in the contract as there are banks that do not charge you any fees if you maintain a constant balance of savings.
We must also mention the advantages of taking your money to a savings account.
Not only can you keep your money saved in the bank; You can also use debit cards, another way to keep your money saved without having to be in the bank every time you need to withdraw.
In addition to having technologies that prevent data breach and theft, you have the possibility to cancel the card without losing your money, in case of losing or breaking the plastic.
And that’s not all; You do not have to be at the window of your financial institution, because you can dispose of it when you need it the most. These are some ways to keep your savings safe after the elections and during any such conjuncture.
Keeping alert about the changes that take place in the country is also a way of taking care of your heritage and, above all, approaching allies like Credifiel , will allow you to have that help in case of any eventuality that comes to your life.
In addition to the tips to safeguard your money, we recommend our downloadable How to raise the educational quality of your children with the best school, with which you will have the basis to choose the ideal place to motivate and start learning in your children.