2024-03-12 07:57:12
Starting April 1 of this year, Ecuadorians will have an increase in the Value Added Tax (VAT) rate from 12% to 13%, a measure that will raise prices on different products and services such as fuel, cell phones, streaming platforms, clothing, vehicles, among others. This after the publication of the Organic Law to address the Internal Armed Conflict in Ecuador promoted by the National Government.
Faced with this situation, it is possible to adopt certain measures so that the family economy is not affected, especially in a context where several sectors of the national economy face a reduction in their sales, such as commercial and tourist sectors.
Added to this is the level of debt of Ecuadorians. According to data from Asobanca, the delinquency rate has grown in the consumer segment, going from 3% to 4.7%, highlighting several factors that have to do with consumers’ payment capacity, such as the effect of the pandemic, the lack of employment, the increase in levels of insecurity, among others.
In this stage, “It is recommended that consumers remain calm and cautious when investing their money, planning their expenses in an orderly manner, in order to maintain healthy finances. In times of crisis, it is essential to adjust your pocket a little, get out of debt and aim for savings”recommends Esteban Correa, deputy commercial manager of Andalusia.
Next, the expert provides several recommendations to take care of the family economy in the current context.
- Keep track of prices on everyday products: Be careful, this is a basic task, you will be surprised with the results. Compare prices in the supermarket and evaluate if what you usually buy has changed and by how much has it increased? If so, look for alternatives and make adjustments.
- Break down your budget: Make a list of your expenses and identify how much money you have, how much you owe, and how much you have left.
- Postpone purchases that can wait: If you were thinking about renovating your car or your closet, before doing so, evaluate whether it is urgent to do so at this time. If you can still wait, it is best not to acquire new debts.
- Make the market with shopping list and prices: One of the best ways to control expenses is to make household purchases with a list. The most important thing is to make it at home to place only what is needed, in addition to going with the right budget so as not to be tempted to spend on other unnecessary things.
- Take into account all types of expenses and be honest: Depending on what you have to pay frequently, including basic services, water, electricity, internet service, without forgetting also leisure expenses. This exercise is key to making certain cuts, especially in unnecessary expenses. “At this point, we have to be realistic and honest with ourselves, let’s analyze what tastes we can afford and those we can’t,” says the specialist from Andalusia.
- Include unforeseen events: Expenses will never be the same as projected, some “unforeseen” always arises, so it is important to include a value as a ‘cushion’ to cover any emergency and unexpected expenses.
- Focus your supermarket purchases on products that represent greater profit: After you have defined your budget, go to the supermarket regularly but focusing on products that represent greater caloric gain for the home. That is, buy foods that provide more energy such as oats, bananas or potatoes, without forgetting to balance the diet.
- Evaluate alternatives in transportation services: In these types of times, it is important to take a look at the amount of money you allocate for your mobilization, how much do you spend on gasoline? if you have a car, or by public transportation. Take stock and see what is most convenient for you. This money can be crucial to face future financial difficulties.
- Eat at home: The best thing this season will be to consume basic meals at home, saving this budget and avoiding frequent visits to restaurants. Breakfast can also be an economic drain, known as ant expenses, which most people fall into daily.
Finally, these types of practices can easily become habitual and can help you maintain control of your expenses.