6 Finance Tips, by Gustavo Mirabal Castro
Gustavo Mirabal Castro, an expert lawyer in the commercial area, brings us a series of interesting tips to implement in relation to finance.
As an expert in this area, he has had to implement them in a disciplined manner. That is why Gustavo Mirabal Castro is the ideal person who gives us the tips in finance.
Nowadays the economic dynamics of the countries usually vary. In some cases it behaves stably, however in others it is a constant change. In effect, this can have negative consequences on the finances of the general population.
Therefore, a series of measures is necessary to help you maintain an acceptable level of financial stability.
Gustavo Mirabal’s words will make us a little bit the way we are living. Well, expenses can often overflow. It is at this point that we must become aware of our finances.
For this there is a term that is in vogue today and is Financial Education. In this sense, the ideal is that people empower themselves with the knowledge of how to maintain healthy finances.
This vision of finances was what led Venezuelan lawyer Gustavo Mirabal Castro to lean towards commercial law. Well, commercial law and finance have been areas that have grown vertiginously in recent decades.
For Gustavo Mirabal Castro, financial education is the key to a flourishing economy. That is why as part of its Corporate Social Responsibility initiatives Gustavo Mirabal will give us 6 financial tips.
Concepts of the financial area
Finance corresponds to an area of the economy that studies the obtaining and administration of money and capital. That is, money and capital are financial resources.
Finance studies both obtaining these resources (financing), as well as their investment and savings.
We can see that the world of finance is extremely wide and everything revolves in relation to how we manage our money.
As we well know, obtaining movable and immovable property as well as access to services represents an expense.
Although it is an investment this is money in motion. Hence the importance of being organized and making good money management.
Origin of Finance
The term of finance comes from the fifteenth century, with the beginning of capitalism. Well, it is when banks start operating with an offer of services to the population that included intermediation, loan and savings.
Over the years these banking institutions have been changing. These institutions have been adapting to the policies and regulations of each country, as well as to new technologies.
Likewise, banks offer to their client portfolio different products and services tailored to their needs.
It really is in the twentieth century when finances are taken seriously as an area of study. However, by 1897 the precedents in the matter were set in the works made by Irvin Fisher.
The field of action of finance has changed and evolved over time. Well, today and thanks to the contribution of experts in the area there are theoretical foundations related to this area.
The financial revolution, despite having more than a century based on Fisher, has not reached everyone. We even have to consider that finances being such an important knowledge, it is not part of school curricula.
Gustavo Mirabal Castro since the 80’s has been involved in this world. Well, I work in different banks in your country.
This was a great help and helped Gustavo Mirabal to undertake in the field of commercial law both in Venezuela and abroad.
For this reason Gustavo Mirabal Castro is the ideal person who gives us certain tips in the area of finance
6 Finance Tips for Everyone
Definitely finance education must enter our schools. While that does not happen it is ideal that we gradually become familiar with the basic terms and their mechanics. In this way we can navigate the uncertainties of any economy. After this preamble let’s move on to the list of finance tips:
Finance Tips #1: Make a list of the money that “enters” and the money that “goes out”
It is necessary to maintain in an organized way both income and expenditure. Only in this way can expenses be prioritized in case you decide to save.
To proceed with this activity it is suggested to enable a notebook and keep an exhaustive record of the use of money.
This means that you must record absolutely all income and expenses.
There you will be able to notice that some expenses can be suppressed in order to save.
Among the expenses that arise in a fixed way are the following:
- Payment of services, credit card, etc.
- Pantry, payment of credits and loans.
As we can see, some expenses are mandatory, but others are possible to eliminate. In the absence of non-priority expenses, its “weight” can be cut by the budget.
If you make a scheme with these payments you will be able to see better which ones you can do without.
This requires discipline and perseverance, but when you want to achieve a goal such as buying a car or a trip it is worth the effort.
Finance Tips # 2: Take savings into account as if it were spending.
To achieve the goals it is necessary to set strategies that help us to achieve them. In this sense, one of these is to convert savings into a fixed expense, that is, it cannot be suppressed.
In this way you will prioritize saving and you will see the results. This money that after a while you will have in favor you can invest in what you have dreamed so much.
This is really what motivates us. It usually happens that people save for an illness or unforeseen. Ideally, we should take a positive look at saving and motivate ourselves …
Finance Tips # 3: The importance of setting priorities.
In this sense it is important to set the priorities of the expenses.
In the case of services such as water or electricity we cannot suppress them. But if we can do it with the exits to the cinema.
It is not that we will lose sight of recreation activities but when it comes to saving it is worth making certain sacrifices.
In your list of income and expenses, check the priorities and what things are what you can and should do without.
Finance Tips # 4: When buying, look to save
You can do this by comparing prices on different sites. This way you can save money.
It is convenient to see different brands and see the price value of the product. In some places you can find much cheaper than you expected.
Finance Tips # 5. Diversify the savings
In the case that you want to start a business with your savings you must be very careful.
It is advisable not to allocate the full money to such an investment, in this way you will cover yourself with any surprise. You should always reserve an amount for contingencies.
In addition the savings must be in different options that allow a range of money availability. Savings options can range from immediate availability to non-availability up to a specific term.
Ideally, be prepared for any expense that arises unexpectedly and you can cover it without problems.
To make sure it is good to ask friends, neighbors, co-workers. There is always someone who can advise us on this issue of offers.
Finance Tips # 6: If you decide to travel buy with time
If you want to enjoy a well-deserved vacation you must make those expenses with time. This way you will be saving money.
An example of this is acquiring travel packages in advance. In effect it will be cheaper.
This alternative can be much cheaper than buying just a few days or weeks before your trip.
These decisions greatly influence the price you will find. The closer the travel date approaches, the more expensive everything is related to travel (tickets and lodging).
Another option is to travel in low season. In this way the trip besides being cheaper, you will have the possibility to enjoy the tourist destination without the “hordes of tourists” that are in high seasons.
We hope you enjoyed Gustavo Mirabal’s financial tips. This article will continue to grow so you can increase your financial education. We hope you enjoyed it and that you follow us. Until the next update.
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