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Financial Education

Savings tips for the informal sector

A savings culture plays a vital role in developing countries and spurs the economic growth of its people.

By focusing on the informal sector, in particular, a strong savings culture with microcredit advantages is necessary for financing business investments and uplifting livelihoods. 

Discover below some saving tips for the informal sector that we have rounded up for you:
Savings tips for informal workers
Even with an impoverished income, it is best if you set aside a monthly contribution towards future emergencies.

If you are a Caixa customer, you have the option of creating an automatic transfer account, a reserve emergency fund that caters to your future needs and keeps track of your income. 

By using our digital services, Caixanet allows you to control all your banking operations and is, therefore, the best option for workers in the informal sector.
First step in savings - Emergency fund
It is vital to have an emergency fund as it creates a reserve that helps one deal with unexpected financial factors.

Well, it's not always easy to establish this fund that enables you to face unexpected events. For many, especially informal workers, saving is difficult to achieve. But to be assured of financial freedom, it’s necessary to set aside some money no matter how small it is to be able to meet challenges and financial setbacks.

Perhaps, this is the moment it makes the most sense to talk about the importance of establishing such an impactful fund. 
For starters, to set up this trust, you need to analyze your financial situation and identify your monthly income and expenditure.
 
After evaluating the monthly amount, the next thing you need to take into account is to determine the monthly contribution that you will be channel towards this account.

In the future, you can even increase this amount to a value that fits you.
How much should my emergency savings be?
There are different options for the number of emergency contributions you can consider, but what is certain is that the value will depend on numerous factors, which may be determined by: the stability of your employment, your condition- if you are in the informal market, home conditions, and family relationships, among other aspects. 

In spite of these factors, the most important thing is to start building up your savings as soon as possible by saving what you can.
Microcredit for the informal sector
Caixa Microcrédito allows micro-entrepreneurs and low-income people, who have small businesses, whether formal or informal and who operate in any sector of the economy to have access to small amounts that can be settled in the short or medium term.

The loans granted are intended to meet the financing needs of its economic activity, creating employment and contributing to the country's development.
Caixa MICROCREDIT APP
If you are in the informal sector and a micro-entrepreneur looking for microcredit, then Caixa is the place for you. We have developed the Caixa Microcrédito application, a swift and suitable app made especially for you.

It is possible to request your credits, quickly, safely, conveniently, and very accessible. Download the app now on Google Play Store.

Finally, knowledge and trust help overcome obstacles in any financial transaction. If you are a worker in the informal sector, you should bear in mind the importance of financial literacy.

Be aware of new opportunities, especially in digital payments. One of the ways to improve your financial literacy is to continue to follow our FINANCIAL EDUCATION chapters and acquire new savings behaviors.
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