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The Buen Fin offers clarified by a personal finance expert
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The Buen Fin offers clarified by a personal finance expert

By Eloísa Carmona - 2020-11-17T22:04:43Z
The date of Buen Fin 2020 was extraordinary, as everything this year has been, so this year, the offers have been present from November 9 to 20, with two weeks of great temptation to buy those things that seem like great opportunities. However, in the context of this year, perhaps the best thing is to consider the well-being of your finances.

In order to have a guide to know if it is a good idea to shop during this Buen Fin or which offers are worth it and should be taken advantage of, we consulted Viviana Mondragón, a Personal Finance specialist, who clarified what Buen Fin offers, and also provided several tips for our finances during coronavirus times, offers, and the holiday season.

The first thing she clarified was that Buen Fin is characterized by payment facilities and the promotions that credit cards offer, such as interest-free months, the ability to pay months later, or double points, so you need to think carefully about what to take advantage of with these promotions.

The most important thing is to consider beforehand what we should buy with interest-free months. According to the personal finance expert, this includes anything that does not lose value quickly. Viviana Mondragón points out that spending on groceries, shoes, or clothing with interest-free months does not make much sense, as these items lose value over time, but durable furniture, such as a bed, a sofa, or a dining table, or even a trip, do not.

“A very important point is that the debts people incur should not exceed 25-30% of their income,” meaning if your monthly income is 10,000 pesos, then the debt you acquire using your credit card should not exceed 3,000 pesos, taking into account any existing installment payments you may have.

So, if you are still considering making a purchase in installments during Buen Fin, keep this in mind. Now, if what you want is to take advantage of buying Christmas gifts, Viviana Mondragón, Personal Finance with Awareness, recommends first making a list of important people with whom you want to have a gift, which can include not only family and friends but also clients.

Once you narrow down those who truly deserve a gift, she has two suggestions for you: take advantage of offers where you can buy evergreen gifts, such as scented candles, or make it yourself, with your own hands. Yes, many times making cookies, giving a jar with your favorite coffee, or a pie made in your oven is a better option than spending on anything else.

Finally, for this complicated year we have experienced, Mondragón invites us not to have more than two credit cards, but above all, to start forming an “emergency fund,” which will not only be beneficial this 2020 but will allow you to be ready to face any disadvantage that life may bring.

To start this fund, you should discern what your fixed expenses are (rent, mortgage, car loan, food…) and from them, sum up 6 months. In this way, if something were to happen, such as a pandemic that prevents you from going out to work, you will have the money to pay these fixed expenses for 6 months without any problem.

A trick that Viviana gives us to contribute to this fund is to save 8% of your monthly income, so at the end of a year, you will have the 6 months of fixed expenses that you need. If you want to see more tips on personal finance with awareness, you can find them on her social media, such as Facebook or Instagram, where you can find her as Viviana Mondragón Personal Finance with Awareness.