We are about to finish 2024; Buró de Crédito renewed its website, and meetings and parties with family and friends have already begun, there is delicious food; the Christmas atmosphere is in full swing and there may be extra money in the bag. Yes, I am talking about the long-awaited bonus that corresponds to a minimum of 15 days of your salary or the proportional part if you worked less than a year, of course less taxes. The bonus must be paid no later than December 20.
And if you work for a company, you should also like the months of April or May because it is when companies pay (if applicable) the distribution of profits, which has a maximum limit of three months of the worker’s salary or the average participation. received in the last three years; The amount that is most favorable to the worker is applied.
Like any type of resource, the money from the bonus and/or the distribution of profits, you have to know how to manage it; especially when you know that they only come once a year.
So that you can take advantage of that money in the best way, I advise you:
If you have any overdue debt, get it up to date immediately and continue paying well (at least the minimum they ask of you and on time). If you can pay more than the minimum or even pay in full, do so; You will feel calmer knowing that your debt is less, that you are returning to the right path of payment, or you will breathe easier knowing that you have already advanced or even completely settled your commitment. If you have more than one debt, get current on both and make a larger contribution to the one with the highest interest rate.
If your loans are well paid then it is time to start building your savings. It is important to have at least three months of salary in savings, ideally six. Savings are not touched; It is to help you overcome an unforeseen event or emergency.
If you already have your credits up to date and have savings, the next step is to invest with a view to having returns that exceed inflation. If your investment gives you what inflation increases, then your money does not grow, you are stuck. If your investment gives you less than what inflation increases then you are losing. Approach a bank or investment fund manager to discuss your options. Investing in your education or training can also pay off.
If you have your debts under control, save and invest, then the bonus could help you improve the pension you will obtain in the future. Make voluntary contributions to your Afore or contract a private pension fund.
Do you already have all of the above covered? So, I think you can use your bonus to treat yourself, also remembering that it is important to take out insurance and not forget that as soon as January there may be important expenses to cover such as property taxes, tenancy, tuition fees and others.
Contact:
Wolfgang Erhardt is national spokesperson for Buró de Crédito, spokesperson for the Latin American and Caribbean Association of Credit Bureaus, and author of the book “I want a loan! How to get it and keep it.”
Twitter: @WolfgangErhardt
LinkedIn: Wolfgang Erhardt
The opinions expressed are solely the responsibility of their authors and are completely independent of the position and editorial line of Forbes Mexico.
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