October 5, 2020 4 min read

Opinions expressed by Entrepreneur contributors are their own.

This year has been full of ups and downs, both emotional and work, family, educational and financial. On this occasion we will focus on talking about those economic ups and downs that in some cases have represented problems, in other cases, but that have left us learning.

These are some of the most relevant points that we have learned so far in 2020 ( Ya Cámate po’favo, 2020 )

1. I must start saving

Even if it’s little, I can’t put it off for later. This year has taught us how important it is to have savings to face unforeseen events. From a salary cut, an illness, a layoff or a problem at home, everything is easier to deal with if we have an emergency savings fund . Which is recommended to be equivalent to a minimum of 3 months of our basic expenses.

In addition to your fund for emergencies, do not forget to form your fund for taquitos, those should never be missing in your life.

2. You have to choose better debts

Let us remember that it is not a bad thing to get into debt as long as we do it strategically and seeking to grow our assets without exceeding our ability to pay. Here it applies perfectly that of: “if you do not control them, do not consume them.”

This year they have taught us that it is better to face crises with debt under control. Never lose sight of why you will acquire a debt and how you will manage to get out of it without scratching yourself along the way.

3. It is urgent to make a budget

Knowing how, how much, where, in what and why I spend, will help me maintain stability even in difficult times. If you know your budget well, it will be easier to make emergency adjustments when things are not going so well and before you get into difficulties you will be able to detect some leaks that prevent you from growing … Remember that the budget in addition to putting it together, must be taken care of and respected all days of your life.

4. Better times will always come

No matter how difficult things may seem now, don’t stop thinking about the future and above all, keep preparing for tomorrow. I know it’s hard to think about that in this year where each month seems like the end of the world, but if you continue to live from day to day, your financial situation will remain fragile forever and ever …

5. If one candle goes out … let another one stay lit

It will always be important to have one or two additional sources of income. This year he has been in charge of making it very clear to us and if it is not by pleasure it may be out of necessity, but look for a way not to depend solely on a single income. It is easier to write it than to do it, but it is not impossible either, and if we keep waiting for inspiration or enlightenment, surely another pandemic will come before us, action!

In addition, if you have already cut all your unnecessary expenses, you respect your budget, you have no debts and even so you do not have enough what you earn, your problem is no longer one of expenses but of income. All the more reason to find ways to generate more wool.

And it is not that we have anything against this year that within all has brought good things to some but:

^{Daniel Urías is one of the creators of Moneyfest that this year will celebrate its second edition on October 24. Here you will find more information about this festival of personal finance where you will surely learn and have fun.}