Introduction
The first half of 2025 has certainly thrown us some curveballs, and it’s highly likely that unforeseen circumstances and a long list of other factors would prevent you from achieving your financial goals.
With low growth projections for the Mexican economy, as predicted by the Organisation for Economic Co-operation and Development (OECD), a mere 0.4% growth, along with global conflicts, tariffs, and the impact of inflation, which reached 4.42% in May, the outlook appears challenging.
However, as the saying goes, “When it’s darkest, it’s time to light the candles,” so you still have a chance to accomplish some of your goals. Daniel Urías, an international speaker and founder of Cooltura Financiera, insists that the first step is to remain calm and make rational decisions amidst all this negative information.
Who is Daniel Urías and Why is He Relevant?
Daniel Urías is a renowned financial educator and the founder of Cooltura Financiera, an organization dedicated to empowering individuals with financial literacy and tools. His expertise in personal finance management makes his advice highly valuable, especially during economically uncertain times.
Five Strategies to Successfully Navigate the Remaining Half of 2025
1. Identify Where Your Money Goes
Understanding where your money is allocated is crucial. If you already have savings and manageable debts, the focus should be on having clarity about your expenses.
In times of heightened financial vulnerability, this is the first step to review. You need to determine which expenses are essential, which are wants, and which you can temporarily forgo or cut back on. The goal is to reorganize your expenses to end the year as stably as possible.
2. Tackle Your Debts
If you have debts, prioritize paying them off as soon as possible. Maintaining debts during a complex economic environment means instability and growing interest rates.
Should you need to seek financing, it’s essential to thoroughly research how it works and evaluate if it’s genuinely necessary. Entering a challenging period with your debts under control offers a significant advantage.
3. Start Saving – A Fundamental Principle
If you don’t have savings, this is a crucial step. Strive to reverse the balance so that your savings start growing. Having an emergency fund is vital for handling unexpected events.
Divide your money across different accounts and, in certain scenarios, consider having a “stash” of cash outside the banking system for added peace of mind, although this approach also comes with its own risks like insecurity.
4. Leverage Your Skills
To avoid relying solely on your primary income, plan and find an additional source of income. This need not be a full-time job; it could be small amounts like 500 or 1,000 pesos per month that, over a semester, can generate significant savings.
This serves as a safety net against potential job impacts and helps you build resilience in many ways.
5. Learn from the Past
Economically challenging situations are cyclical and recur periodically. It’s crucial to remember that you can overcome these moments, but the difference lies in how you navigate through them: ending up in very difficult conditions with your wealth compromised or achieving stability by taking preventive measures.
The pandemic, for instance, served as a clear lesson on the importance of having an emergency fund and not relying on a single income. Those who were prepared could even capitalize on investment opportunities.
Key Questions and Answers
- Q: How can I stay calm amidst negative financial news? According to Daniel Urías, it’s essential to remember that you cannot control macroeconomic events or even the national economy. Instead, focus on how you manage your finances.
- Q: What should I do if I have debts? Urías advises prioritizing debt repayment to avoid instability and growing interest rates in a complex economic environment.
- Q: Why is saving important, especially now? Saving is fundamental, as it provides a financial cushion to handle unexpected events and helps you build long-term stability.
- Q: How can I generate additional income? Urías suggests exploring small, supplementary income sources that can accumulate significant savings over time.
- Q: What lessons can we learn from past economic challenges? Past experiences teach us the value of having an emergency fund and not relying on a single income source, enabling us to navigate difficult times more effectively.
