This October the Chamber of Banks will held the National Financial Education Fair, aiming to encourage savings and healthy finances.
The institution promotes several tips that can help parents with their children, such as:
-Explain to children that the money that finances goods consumed by the family comes from the work of parents. In this way, they will be aware of the effort involved and the value to support the family.
-Opening a savings account at a bank, planning with them the sum to be deposited and the objectives behind those savings.
-Putting savings goals for future events and projects, such as buying a computer, taking a course, among others.
They also recommend making a basic budget that includes income and expenses to determine if income exceeds expenses (which is positive), to then assign a portion for personal and family savings and put savings goals.
If expenses exceed income, this budget will be negative, so expenditures should be reviewed to determine which are necessary and which are not, then reduce or eliminate expenses that are not essential and thus balance the budget to make room for savings.
According to a study by the Inter-American Development Bank, the country is below the average rate in Latin America, where the current average represents 17.5 % of GDP, while in Costa Rica is 16.8%