By Alexandra Ramirez
1. Have the net information of your income: This is information that you should pay attention to every time you receive your salary. Remember that based on this income you can make your purchases and payments, including school expenses for the beginning of classes.
2. Create a list of your monthly fixed expenses: Before buying any material or school supplies, it is important to see your total financial landscape and create a list of your monthly fixed expenses. That way you can visualize the amount of money you have to separate for different expenses. Once you consider your fixed expenses, you can estimate the amount of money you are willing to spend for back to school.
3. Do not spend more than you receive in income: Your children may want a laptop or tablet of last generation, but they do not take into account that perhaps it costs more than what you have. You should not spend more than what you receive per month. This will only affect your financial commitments and will delay your payments. Many people believe that for having charged they can afford to throw the house out the window. Keep in mind that you must meet your fixed expenses first. Ideally, you will save up to 10% of your income. However, with back to school this can be difficult. So you must take action and control your expenses.
4. Decrease the “miscellaneous expenses”: There are small expenses that we make monthly that when put them together they can add up to a lot of money. Small expenses such as buying coffee every morning on the way to work or paying extra when you send money abroad are some of the small expenses that can make a big difference. Using services like BOSS Revolution MONEY you can save a lot of money, since it is an online money transfer that offers you low rates and excellent exchange rates. In this way, you can send money to your loved ones easily, quickly, safely, and thus expand your budget for back to school.
5. Plan what you are going to buy in advance: We know that kids want to look and feel their best at the beginning of the school year, which is why having a shopping list will help you organize and avoid buying unnecessary things on impulse or emotion. This planning can help you have an approximate budget before you start spending your money.
Alexandra Ramirez is the finance expert and spokesperson for BOSS Revolution Money.
