Personal Finance Tips

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Due to the health emergency in which the country lives and the measures of social isolation and compulsory immobilization, many Peruvians have changed their daily habits, which involves taking special care with the management of personal finances.

The SBS has reminded financial institutions that the credits for March may be rescheduled, but only for debts without delay. As of January, Peruvians who were up to date on their payments and could access that benefit are around 6.2 million, according to Equifax Infocorp. These include people with credit card payments, personal loans, mortgage and vehicle loans.

The data and analytics company and owner of the Infocorp credit base, shared these five tips to keep your personal finances in order and pass this period of mandatory social isolation:

Make a financial diagnosis : To manage money during a crisis, you need to assess your financial health. You must be clear about what your real numbers are, as a doctor does: how much money do you have until the end of the month, what are your debts to date, how much do you need to pay a bill, among others. This way you can attend to any situation that in another context would not exist.

Take care of your investments : If you have financial investments you should evaluate them as they could be affected. For example, in the case of conservative funds, such as time deposits, they usually maintain their growth in these situations. However, aggressive profiles of mutual funds could be affected as they are more exposed to investments in the stock market. Remember that this last type of investment must be evaluated in the long term.

Use your emergency fund : Equifax Infocorp recommends creating a background for gray days. If you have a saved fund this is the time to use it; That money will allow you to have more slack and assume with responsibility the extra expenses of potential emergencies. If you don't already have a fund for these cases, you can start creating it now or just after this season.

Buy what you need : At this time, during the situation created by COVID-19, you will have to avoid emotional purchases, spend more than necessary or buy on impulse. Therefore, avoid using money on things that are not essential and do not get into debt, that will help you take care of your financial health and reserve for what is really important.

Reprogram your debts : Financial institutions have already issued measures to reschedule the payment of their clients' debts, in accordance with the provisions issued by the SBS. Several banks announced that their clients will be able to modify their payment schedule between 30 or 90 days, and up to six months, by calling their telephone banking.