According to a study carried out by Nu Colombia to banked people, 55% of young people in Colombia say that much of their peace of mind is due to financial stability. The survey measured the percentage of importance that financial tranquility occupied in their feeling of happiness; only 7% of those under 25 consider that financial stability represents less than 10% of their happiness.
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This study also revealed that the population that perceives financial stability as more important in their feeling of happiness is those over 65 years of age. 77% of those surveyed in this population group consider that avoiding financial stress is key to enjoying life. However, the young population has increasing access to education and financial planning, an essential tool for making informed and responsible use of the resources they have.
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A correct evaluation of the financial situation, the planning of expenses and the recognition of limitations can help to avoid financial stress, a contingency that can trigger negative effects on health caused by economic reasons. For this reason, Nu Colombia provides 3 tips so that young Colombians can improve their sense of financial responsibility and better manage their money to feel calmer:
1. Have a realistic record of your spending and saving capacity against your total monthly income. Analyze the requirements are debts and financial commitments as well as short and medium term plans. The idea is to make a financial reality map: how much is earned, how much is spent, how much is owed and how much is saved.
2. Discard habits that do not allow you to save efficiently. Plan your monthly expenses to avoid making impulse purchases. Make a correct balance between your essential expenses such as the payment of bills and services, market purchases and investment in education, with those sporadic ones such as online games, streaming platforms, ordering food at home or trips in private transport . Organize in a balanced way how to spend on these and look for alternatives to avoid spending more. Any decrease in these expenses will be a direct savings.
3. Build financial habits to maintain peace of mind. It is important to analyze the debts and prioritize the most demanding payments; know the monthly spending limits so as not to exceed it; start a savings plan and create an emergency fund. Knowing that there is an amount of money available always gives peace of mind.
4. Incorporate a routine to review your accounts. It is recommended that you select one day a month when you set aside time to update your financial records with your new numbers. This exercise can be supported by tools that help with the organization of accounts, such as free applications that offer tables, calculators, and formats to complete with financial information.
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It is important to prioritize and maintain discipline. Although financial planning will prevail an extra effort, this will provide greater peace of mind and, consequently, a better quality of life.