On February 14, the Financial Superintendency of Colombia reported that 11.4 million Colombians had received resources corresponding to layoffs.
(Layoffs increase market liquidity in the country).
Seeking that workers make good use of this savings with purpose, the Future Pension and Severance FundThrough its Financial Education Academy of Savings program, it shares some recommendations that will allow you to get the most out of this savings and incorporate it into action plans to achieve financial goals.
Use your severance savings to:
Feeling safe and calm if you are unemployed, that is, if you are unemployed. This is the main reason why layoffs were created, so that you have savings that allow you to cover your expenses and those of your family while looking for a new job or exploring new ways to generate income. If possible, allocate your layoffs for this purpose, and remember that taking care of your financial security is taking care of your mental health.
Fulfill your dream of having your own home. This is a medium or long-term goal for many people that can be achieved with the help of severance pay. You can allocate a part of this savings to make the payment of the initial installment of the home of your dreams, you just have to plan very well what percentage of your layoffs you are going to allocate to fulfill this goal and the time in which you want to carry out the purchase to define how long you should save.
Invest in education. Education and training not only expands your worldview, but it can create new opportunities to generate new sources of income. Therefore, if you think of education as an option to invest layoffs, make sure that it is something that can complement your skills, those of your children or those of your partner.
Improve, repair or expand your home. Who can predict the damages and emergencies that happen in a house? In many cases it’s impossible, so you can use your severance pay savings as an emergency fund that will lessen the hit to your pocket in case you need to make any unexpected repairs. You can also allocate a percentage of this savings to make improvements that bring quality of life to you or your family, and can even become an investment to generate additional income in the future.
Pay your property tax. This tax is paid annually, so you can allocate a percentage of the layoffs to pay it. Use this savings as an ally in your financial planning, including yourself in action plans to achieve financial goals that allow you to feel calm and comfortable with the financial decisions you make.