Being financially healthy requires planning and moderation of income and expenses, making expenses that are conscious, controlled and that are not impulsive. The so-called “ant expenses” must be kept at bay and be punctual with the payments of debts that have been acquired.
“No one questions the importance of preventing physical illnesses. However, when talking about money, it is impressive to see the ignorance of thousands of people on basic issues to have good financial health, avoiding excessive indebtedness, interest on arrears and anguish”, said William Vega, director of the Credit and Portfolio department of Cooptenjo, in a chat with Vanguardia.
The expert points out that there are Colombians who use credits to pay for food, public services, school education, among other things, but they do not realize that making these movements affects their financial health, since these expenses must be included in financial planning; For its part, credit should only be used as a lever for growth. (HERE YOU CAN REGISTER YOUR RESUME AND FIND A JOB).
Now, Vega explains what a healthy debt consists of; For example, many people acquire loans to expand their houses and be able to rent, others obtain educational loans to study and thus get a better job, they also request capital to inject into their businesses and be able to grow economically.
This is the formula to know your borrowing capacity
1. Identify with discounts and withholdings what is the value of your monthly income.
2. Establish the exact total of your monthly fixed expenses including food, housing, public services, schools, even ant expenses.
3. Make an inventory of the debts you have and the monthly installments you pay.
4. Subtract income minus expenses to find the value of money available
5. Now, to find out your borrowing capacity, multiply the available money by 0.50%. For example, a person earns $1,000,000 and his expenses add up to $800,000, that means he has $200,000 left, which multiplied by 0.50% is $100,000. This means that if that person wishes to apply for a microcredit, the monthly fee must be a maximum of $100,000.