Puerto Rico’s economy has seen its fair share of problems in recent years. From government debt problems to the end of tax breaks which used to benefit the territory, times have been a little tough here. And with Bloomberg reporting that there are still problems to come, it’s important to make sure your personal finance goals are updated to take into account the rough and tumble of these economic shifts.
Luckily, there are plenty of ways in which you can ensure your money is managed well if you live in Puerto Rico. From investing to keep ahead of Puerto Rico’s 2% inflation rate, to identifying where you can make savings, there’s a lot you can do. Here are just some ideas to consider.
*Investment and growth*
If you’re looking for ways to help your cash to look after itself in Puerto Rico, there are lots of investment opportunities to consider. Real estate (especially given the tourist market) is one idea to consider. Seeking the advice of a qualified financial advisor is a good idea – and seeking someone who has accreditation from a major American financial advice body like the Financial Planning Association means you can treat their recommendations with that extra element of trust. According to Crediful (www.crediful.com), everything from your 401(k) account to your mortgage can be tweaked and maximized for financial gain – so it’s definitely a smart move to find out about your options.
*Saving cash*
Most Puerto Ricans have found themselves in a position where they need to save money from time to time, but it’s easier said than done. With the cost of food alone reaching 21% or so higher than the overall American average in recent years, drastic action is sometimes needed in order to cut down on spending. Shopping at budget supermarkets such as Walmart is one option. It’s also a good idea to go through bank statements and double check that there are no regular recurring payments which you don’t need to pay any more – such as magazine subscriptions you no longer read, or old utility payments you forgot to cancel when you moved home. It’s surprising what can lurk there.
*Budget carefully*
There’s a lot to do in Puerto Rico, and at times it can start to become quite expensive to cram it all in. From trips to malls like Plaza Las Américas to days out at the El Yunque National Forest, costs can quickly add up. But you don’t need to cut these treats out of your life altogether. Instead, why not budget your income at the start of the month and designate some cash for a day out? That way, you’ll get to have something to look forward to – without jeopardizing your financial security.
Puerto Rico may have its economic problems, but that doesn’t mean you have to deal with cash flow issues of your own. By sticking to a budget and identifying areas for savings, it’s possible to lead a fun and financially balanced life here. So don’t delay – get a handle on your cash today.
