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With the setting of a new minimum wage, which will rise 3.5 percent in 2021, and annual inflation, which is estimated to remain at 1.9 percent according to the Banco de la República, transportation expenses, transit, public services and some consumer goods increase in price starting each year.
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One of the first items on the 2021 agenda is going back to school: school fairs, buying supplies online and turning to friends or family to get required texts are some of the alternatives to save, according to a BBVA analysis. Colombia.
However, a relief for the pocketbook, according to the Minister of Labor, Ángel Custodio Cabrera, is that the increases in payments for traffic violations, penalties, fees, court fees and stamps will no longer be governed by the increase in the minimum wage, but they will do it tied to the Tax Value Unit (UVT).
It may interest you: The fines and fees that will no longer rise with the minimum but with the UVT
New year, new life and new expenses
The first days of the year are always marked by the traditional increases in rents (these are annual depending on the month in which the contract was agreed), in transport, public services and in some cases in food and other goods, which begin to reflect the new rates driven by the 2020 consumer price index (CPI) and the setting of the new minimum wage.
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Thus, the first thing that you will find is the famous ‘January slope’, so called because it is in these days when the different sectors (transport, housing, public services) begin to reflect the new rates driven by the increase in the CPI that governs as of January 1 of each year and the setting of the minimum wage that determines several of these increases.Key recommendations:
1. Readjust your budget with the new values in accordance with the new increases decreed by the National Government.
2. Keep in mind that from now on you will have to allocate a greater part of your income to meet these payments.
3. Remember that these increases also apply to other items such as food, clothing, payment of taxes and even bankruptcies (these last two go up with the UVT).
Back to school
On the other hand, according to BBVA Colombia, given the news of the return to classes in a blended way or in what has been called the alternation model, if you have children in schools or universities, the first point on the 2021 agenda is to enlist to meet the costs of going back to school: notebooks, books, school supplies and transportation, and the safest thing is that this time you should include a computer or some device for internet connection on the list.
Faced with the expenses of going back to school, try:
- Look for the school fairs that on those days of the year are installed in the main cities of the country. There, you can get the supplies at a better price.
- If you can join a group of friends or family and buying wholesale, much better.
- Search among schoolmates of your children from higher grades books or materials that you can buy them at a better price. Likewise, if you have similar texts, try to sell them and thus you can get an extra income.
- Make use of electronic commerce. Different bookstores, publishers and commercial establishments have available the purchase of books, notebooks and school supplies online, which will avoid crowds and save time.
ECONOMY AND BUSINESS – WEATHER
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