Global financial instability, along with inflation, job cuts, and the rise of digital currency, makes having an emergency fund more crucial than ever.

It consists of savings, according to individual or family means, for emergencies such as income loss, unemployment, illness, medical emergencies, future school or university payments, and more.

An emergency fund means having money available to cover sudden expenses. It provides financial stability during difficult times, minimizing the need to take out a loan, whether from another person or a bank, as the process can be lengthy or simply not approved.

Covering unexpected Events

Saving through an emergency fund ensures families can move forward with their plans without anxiety or panic attacks due to a lack of cash in the event of a surprise.

In this sense, it’s enough to set aside a portion of your income, according to your individual means, after creating a detailed list of your income and regular expenses.

Therefore, there’s no specific amount you need to start an emergency fund. In fact, it’s crucial to understand that once you decide to start saving money for emergencies, there may be weeks or months when saving isn’t possible, typically through a bank account designated solely for this purpose.

The goal is to have enough money to live on for four to six months. And, of course, financial analysts recommend starting right away, updating your initial budget whenever circumstances change. A small sum is better than nothing is.

M.Pino

With information from specialized financial media and agencies

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Venezuela’s Vice President, Delcy Rodríguez, recently led the Venezuelan Foreign Trade Committee (Comex) to evaluate the import policies promoted by President Nicolás Maduro.

The objective is to conduct a study of measures to strengthen domestic industry, save foreign currency, and promote domestic production, “as part of the new economic model that prioritizes what is made in Venezuela.”

 

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Una publicación compartida por Delcy Rodríguez (@delcyrodriguezv)

Regarding the meeting, Rodríguez stated on her Telegram account: “We reviewed import substitution, a strategic mechanism for saving foreign currency and boosting domestic production, ensuring full supply and economic diversification.”

Later, during the National Council for Productive Economy, the vice president declared that “through the import substitution policy, imports of refined sugar have been reduced by 96 %, paddy rice by 72 %, white corn by 100 %, soybeans by 12 %, and soybean meal by 20 %.”

M.Pino

Source: radiomiraflores

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In the midst of a challenging economic context characterized by inflation, Venezuelan citizens seek smart strategies to preserve their purchasing power and guarantee financial stability. In this scenario, savings tactics and the adoption of measures to confront economic uncertainty become crucial.

Income diversification

Tackling inflation requires thinking beyond traditional income. Exploring additional income opportunities, such as freelance work, small businesses, or investments, can provide a more stable source of income.

Effective budget

Creating a detailed budget becomes essential. Identifying unnecessary expenses and prioritizing basic needs will allow resources to be allocated more efficiently, avoiding financial surprises and contributing to savings.

Foreign currency savings

Considering saving in foreign currencies can be an effective strategy to protect the value of money amid inflation. Digital platforms and financial services can facilitate this option.

Planned purchase

Taking advantage of offers and making planned purchases can make a difference. Purchasing basic products at strategic times and comparing prices at various stores helps maximize the value of money.

Financial Education

Investing time in financial education is key. Understanding investment principles, knowing the risks, and staying aware of economic trends will help you make more informed financial decisions.

In times of inflation in Venezuela, adaptability and financial planning become indispensable allies. By implementing smart savings strategies and making informed financial decisions, citizens can mitigate the impacts of inflation and build a stronger path to economic stability.

Taken from Doble Llave

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Inflation has impacted or will negatively impact the cost of the school year for Spaniards, who will spend an average of 419 euros per child, although they see digital tools as a way to save between 11 % and 30 %.

Compared to last year, an increase in the average cost per child of 94.84 euros is perceived. The autonomous communities most affected by inflation are Asturias, Canarias, Aragón, Castilla y León and the Community of Madrid. This is how a recent survey carried out by the GoStudent private class platform collects it.

53 % of Spaniards allocate between 11 % and 30 % of their salary to expenses related to going back to school and consider that the use of digital tools can help minimize this expense: 43 % of parents in our country think that, for example, e-books or online tutoring could help them save considerably.

On the other hand, those surveyed affirm that this year the cost per child will rise to 419 euros on average compared to 324 euros the previous year, which represents an increase of almost 30 %. The great part of this expense comes from the purchase of books and school supplies, uniforms as well as extracurricular and support activities (73 % of Spanish parents have enrolled their children in private classes at least once and 52 % are considering it) for the new course.

Another of the noteworthy aspects of the study is that 72 % consider private online classes as a good way to save resources, thanks to their flexible nature and variety of schedules. And, more specifically, almost 50 % of those surveyed affirm that the use of private online classes will help save on their children’s academic training during this course.

New technologies stand out in the educational sector

The students that today are found in primary and secondary classrooms are digital natives and for this reason the educational sector is adopting new technologies to incorporate new ways of teaching through video games, artificial intelligence (AI) or computer science virtual reality.

The applications of technologies such as AI allow the creation of personalized educational plans for each student based on the profile and needs of each student. In Spain, 23 % of schools have adaptive learning tools. In addition, ‘online’ tutorials already account for 14 % of the total number of private classes that take place every day.

According to the GoStudent Education Report, Spanish parents have the best opinion about adaptive learning and the use of artificial intelligence in education. 55 % welcome these technologies taking part in their children’s education.

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Source: dpa

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The cryptocurrency platform Binance was summoned by the Central Bank of Uruguay to appear about the cryptocurrency investment service, which has “saving characteristics”.

The reports shown by the local newspapers assure that the exchange was called so that “it can formulate its defenses and articulate its defense” before the Superintendency of Financial Services.

“It is appropriate to warn those responsible for the activity under the name of Binance that they should not carry out the aforementioned advertising. The call to the general public for the application of their savings can only be done in the authorized form for collection through financial intermediation institutions authorized to collect deposits in the market or as an issuer registered in the stock market registry,” says part of the summons.

In Uruguay there is no specific regulation for cryptocurrencies, but last year the BCU was preparing a project to create laws in this regard. In May, it disclosed a preliminary bill, but the text has not yet had legislative progress.

K. Tovar

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Source: Bloomberg

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Leonardo Buniak, economist and risk assessor, stated that the cryptocurrency market is an inalienable option to save, particularly in Venezuela, which is among the first countries with the most mining in the world. He said cryptoactives are the future.

Buniak participated in the conference “Venezuela 2022: Opportunities and threats in an unequal economic recovery”, where he stated that once the country recovers the investment will be very expensive, for which he urges all those interested in investing to do so in these moments.

According to the risk qualifier, the worst recommendation that can be made is “that they save in bolivars; whoever saves in bolivars loses these currencies and the dollars”. Therefore, cryptocurrencies are a very important option to value.

“Cryptocurrencies are an inalienable option, because the crypto asset is the future. That does not mean that I am going to save on things that are not cryptocurrencies, like the petro” he stated.

Venezuelan GDP

The economist also referred to the recovery of Venezuela’s Gross Domestic Product (GDP) in the coming years as a result of oil revenues. In his opinion, the income from the sale of crude oil will probably “multiply by three”, compared to 2020, as a consequence of the increase in prices of Venezuelan crude due to the war between Russia and Ukraine.

“We have lost almost 80 % of GDP. Today it is an economy of 14,000 million dollars, a dwarf economy that is going to start growing in 2022, in 2023, in 2024 and possibly in 2025,” he stressed.

On the other hand, the economist highlighted that it is estimated that Venezuela may be receiving between 19,000 and 20,000 million dollars as remittances in the next 3 or 4 years.

M. Rodríguez

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Source: bancaynegocios.com

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