Bonus: How to adjust your expenses and make the best use of this income in the midst of an uncertain economy? | Peru

A economy It is important to know how to manage uncertainty, costs and above all, how to manage additional income such as gratuity. According to Organization for Economic Co-operation and Development (OECD), growth expectations for the Peruvian economy in 2023 fell to 1.7%, down 9 tenths from the 2.6% forecast in November 2022.

With this in mind, Jose Kohakura, Education Coordinator Banking Business Administration of Certus CompanyHe urges citizens to take financial measures with their gratuity to meet today’s economic challenges.

See: Know about traffic restrictions on Central Highway for goods vehicles on national holidays

“According to the OECD, some of the causes of this problem are political tensions, weather events, among others, leading to increased inflation and higher interest rates on credit products. Therefore, in this economic uncertainty, proper management of income and expenditure, achieving financial stability and overcoming emerging economic challenges, requires informed finance. Decisions need to be made. In this environment, gratuity is a strategic resource that, if managed efficiently, can help meet long-term financial goals and weather economic ups and downs,” said Kohakura.

In this sense, more than 4 million workers in the private sector will receive bonuses, the expert adds. Additionally, as July is a month full of offers for national holidays, this highlights the importance of users of this fare being careful and only buying what they need on these dates.

For this reason, the expert describes some keys to managing satisfaction in the face of a challenging economy:

1. Create a budget: Keeping a detailed budget of your income and expenses is essential. Identify fixed expenses (rent, utilities, etc.) and variable expenses (entertainment, etc.). This will help identify areas where costs need to be reduced.
2. Analyze your expenses: Evaluate the most important needs and prioritize them in your budget. Make sure you cover basic expenses before allocating money to other non-essentials.
3. Avoid Unnecessary Debt: In times of economic uncertainty, it is important to avoid accumulating debt. Use credit responsibly and only when necessary. If you already have debts, prioritize your payments and look for ways to reduce interest.
4. Build a savings or emergency fund: Allocate a portion of the bonus to savings. You can create an emergency fund for contingencies or save for long-term plans. Savings can give you financial security and flexibility in times of economic uncertainty. Additionally, without resorting to loans or going into debt against unexpected expenses.
5. Take advantage of discounts and offers: We are days away from national holidays and if you have to make an important purchase, look for discounts, promotions or special offers. Compare prices and take advantage of the best deals to maximize your satisfaction.

Finally, Kohakura recommends staying aware of economic conditions and market trends, as this will help you make more informed decisions about the use of bonuses. “We need to be aware of how the national economy is developing as this will impact our financial decisions,” he concluded.

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