Take care of spending your bank accounts this season

The twelfth edition of The good end is just around the corner, from November 18 to 21, users have the possibility of purchasing products with discounts and offers, as well as promotions in different financial tools such as credit cards, despite the rise in rates of interest it is important to be cautious when using the financing so that buying does not affect your personal finances.

Currently the reference interest rate of Banco de México (Banxico) is located at 9.25%, the highest since 2005, this caused the increase in interest rates on credit cards and therefore the generation of more expensive credits.

According to the expectations report prepared by the Mexican Association of Online Sales (AMVO), during the cheapest days of the year, 81% of Mexicans plan to use credit cards as their main means of payment, while 28% expect to pay with a departmental card.

If you are one of those who thinks of giving the card this Good End, do not be scared, you can still finance your purchases, however, it is best to choose to follow a series of recommendations to make the credit card an ally in your economy.

Before reviewing offers and promotions, it is necessary to carry out prior planning, start by making a list of the items that need to be purchased, this will avoid making impulse purchases and spending money on products that are not essential at that time.

It is important to identify the amount that you can allocate each month to pay off the debt, making this projection will help to have control over the monthly payment of credit cards, avoiding over-indebtedness.

In this sense, Juan Luis Ordaz Díaz, director of financial education at Citibanamex, recommended that users identify the cards they will use to make their purchases, for which he advised checking the cut-off and payment dates of credit cards.

“If I have the option to buy with a credit card, it is advisable to know the cut-off and payment dates, it is best to buy a day after my cut-off date, this will give me more days to obtain liquidity and pay my bills , you can have up to 50 days or if you charged fortnightly, three periods to make the payment,” commented Juan Luis Ordaz.

At the time of purchase

Once the previous planning has been carried out, the expert explained that it is important to pay attention to the offers and promotions that are carried out during these days, especially when it is planned to buy months without interest, for this I advise users to identify the initial price of the item and not pay more than the equivalent of that initial cost.

“In the case of interest-free months, many times in stores when you decide to take this benefit the price goes up, so it’s not really an offer, we must buy the product for the same price they told me, which I have to to take into account when I buy months is that they are actually months without interest, if we are going to buy something that costs 6,000 pesos for six months, I must pay 1,000 pesos every month”, commented the director of financial education of Citibanamex.

joselyn.ugarte@eleconomista.mx