In these seasonal times with greater cash flow, according to Adolfo Ruiz, a personal finance specialist from Ve por Más, it can be an opportunity to get out of debt, but it is also worth considering making a purchase if the financial situation is stable. Throughout this year, consumption has moderated, however, the use of cards has increased significantly, turning everyday purchases into something more extraordinary, mentioned Roberto Cano, director of Captación at Grupo Banorte.
Financial prevention is vital to resist the temptation of promotions when making purchases. Nearly half of millennials have turned to scheduled savings, reflecting a growing interest in personal finance management. It is crucial to review financial health in the same way one visits a doctor. In September, a real annual increase of 34.3% was observed in fast food payments with cards, 31.5% in miscellaneous purchases, and 20.6% in retail sales.
Proper financial planning becomes fundamental when setting specific, measurable, achievable goals with a defined timeframe, once the personal financial situation has been identified. Millennials are the ones leading the scheduling of payments and savings through banking applications, demonstrating greater financial awareness. Banorte implemented the 'My Savings and Scheduled Savings' service in May 2023, accumulating more than 10 billion pesos by August of this year.
The final period of the year is characterized by an increase in spending due to discounts during events like Buen Fin and year-end festivities. Despite attractive offers for consumers, it is important to review bank statements before making purchases to avoid compromising personal finances. Ve por Más highlights the importance of constantly reviewing our finances, just as regular medical visits are crucial to assess our overall health.
It is necessary to identify the current financial situation by evaluating income, expenses, savings, and debts to establish a clear path toward financial goals. Millennials represent 46% of users, followed by 31% of Generation Z, 18% of Generation X, and 5% of baby boomers. Scheduling expenses, managing income, and aiming for long, medium, and short-term goals is a strategy recommended by financial institutions to maintain a healthy financial balance.
