BANXICO calculated that, as of February 2023, remittances generated a record $4,348 million.
Mexico City: After participating in Global Money Week and influencing more than 13,500 young people with knowledge, skills, and best practices in smart income planning and spending; Banco Azteca’s “Learn and Grow” financial education program will be part of the Week of Comprehensive Financial Education for Mexicans Abroad (SEFIME), in its tenth edition.
On this occasion, his role will consist of presenting webinars, videos and mentoring activities on savings, entrepreneurship and investment while sending remittances from the United States and Canada to Latin American countries such as Mexico, Guatemala, Honduras and Panama, between April 24 and 28 through their web portal www .aprendeycrecelive.com.
Being a leader in the dissemination of effective financial control information, through digital tools and platforms, Aprende y Crece will provide Internet users in general with completely free online courses, interactive audiovisual resources, audio clips, and animated charts, among other tools. To find out how to get the best use of this income from relatives working abroad.
In this regard, it should be noted that the Bank of Mexico (BANXICO) calculated that, as of February 2023, remittances generated a record amount of $4,348 million; A figure that reflects an increase of more than 11% compared to the same month last year. This money was sent through 11.8 million transactions from Mexicans who reside primarily in the United States and work in sectors such as tourism and construction, for the most part.
According to BANXICO, the average remittances were calculated at $374, income that was intended for food, clothing, debt repayment and other consumption expenses, “However, it is not inappropriate for the recipients of these remittances to be led by more than strategic paths that can be more profitable In the long term, such as investing in businesses compatible with the new reality that can boost the economy, ”propose the Aprende y Crece specialists.
Thus, to take advantage of the state of this economic indicator, the Banco Azteca program recommends applying the following tactics to get the most out of citizens’ efforts, as they can make a major positive difference to personal and family assets.
1.- Know your finances. Calculate what you or your family have in terms of monthly income and assets such as personal and real estate; Add up the value of everything but your debt.
2.- Start investing. The world of investments is flexible, adapting to any budget and any profile. Get informed and use a low-risk tool to get started.
3.- Obtaining insurance. Many financial and insurance institutions have specific plans to support you if you work in the United States or Canada.
4.- Starting a business. Create a new source of income. Also, take advantage of
The advantages of e-commerce, which is gaining a lot of ground.
5.- Save for your old age. If you belong to the 55% of Mexicans in the United States (about 6 million) who plan to return to Mexico at the time of retirement, you should consider saving for retirement and making voluntary contributions.
Remember that the money they send or receive is a reflection of great effort and that is why it is so important to manage it well. The best way to do this is to ask your family to be guided by the budget and thus control the appropriate spending of transfers.
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