The most recent financial inclusion report evidences the dynamics of savings accounts. According to the Financial, in the country there are 33.7 million abandoned accounts. Despite the fact that last year (2016) the number of these products designed to save reached 62.1 million with an increase of 2.3% against the previous year. Only 28.4 million of them had at least one movement in the last six months. The abandonment by users amounts to 54.2%, says the report.
The abandonment understood as the fees associated with the management of the savings account. The very low returns offered by this alternative. If you consult the application of rates of credit establishments of the Super financier, it observed that for a fee of handling of the card debit. That used for all the operations of payments, withdrawals and the purchases. However, this type of accounts becomes an ally for the savings at this Christmas season.
What are the main destinations of consumers for this savings? According to the report, 25% of the people surveyed save to have a reservation in the future (or emergencies). 20% to access the purchase of a house, 17% for entertainment or travel expenses. 11% save for education, 8% to make reforms in their homes. 5% of the respondents for other things. 2% for clothes and cars and the remaining 10% still do not know with what purpose they will do it. They clarify that it will not be in technology or parties.
William Shelton, president of Banco Multibank, stated, before starting saving it is important to consider what you are doing. What is the destination of those resources, so you will not spend your money on unnecessary items? Undoubtedly, saving is an excellent way to achieve your goals and purposes. Therefore, other councils are asking the employer to save the discount made in your biweekly or monthly payroll for an amount determined by the employee. Who must allocate a savings account to carry out these movements?
The steps to make the account an investment
It is true; the profitability of savings accounts is very low in the country. According to the Go Banking Rates portal, there are several recommendations that allow you to manage your money as an investment through your savings account.
Pay yourself first
Savings accounts can be an alternative to achieve your financial goals. In addition, to achieve this, the first thing to keep in mind when your income arrives is to keep an amount for savings. After separating that, savings then start paying your debts and bills. If you cannot pay those outstanding bills with what is left. Start reducing your bills, and for no reason will cut what you spend on saving.
Manage your savings separately
One recommendation is to have your savings account separately from your other account for operations. By doing that, it is a bit harder to move money from one bank account to another. Although in practice, in Colombia, the tax of 4 x 1,000 applied to the holders of two savings accounts. One way to achieve this is to open an electronic account or a virtual wallet where you can automatically send money to use for savings.
Establish an emergency fund
Its main goal should be to accumulate enough to live without fixed income for the next 3 to 6 months. The money for this fund should use for an unforeseen expense. In case, you become unemployed. The most used emergency fund in Colombia called the layoffs. It is the payment of a monthly salary that made each year and the payment of interest, which must be before February 14.