A recent customer survey carried by leading finance management portal Nummo has brought forward monetary concerns among the citizens in the upcoming year. Conducted in the month of October, the survey has revealed that debt obligation is the numero uno financial concern for the Swiss in 2019.

The recent Nummo survey was primarily focused on gauging the major money concerns in 2019. Based on the result, 66% of respondents noted that the foremost concern for them is paying down their debts. 23% has mentioned concerns about funding children’s education.

The other concerns were retirement savings as well as caring for the elderly parent. 6% of respondents have stated they are worried about their retirement savings while 5% have noted about their concerns about caring for aged parents. The rest seemed worried about ability to meet car loans, medical bills and mortgage. While asked, some also noted about the inability to stay within budget, saving for the rainy day or unforeseen emergencies. Student loans were another chief monetary concern for some of the respondents in the survey as well.

It’s a tragic irony that although the Swiss people are the wealthiest in the whole world on the basis of per capita- they also hold the highest debt (per capita) in the entire world. In fact, Switzerland holds the #1 position in the list of most indebted countries. To manipulate its currency, the national central bank has already imposed a steep negative rate of interest of late.

But this very zero & negative-interest-rate policy has only abetted the debt quotient for the residents here. At present, the ratio of household debt: GDP has soared to a whopping 127%.

Roi Tavor

“If we check the Quarterly Report from Federal Reserve, the household customer debt in the country has risen to an alarming $13.51 trillion”,

noted Mr. Roi Tavor, the CEO and co-founder of Nummo.

“Hence, it’s not exactly surprising that the different recurring expenses like auto loans, debt from a credit card or the mortgages stand as the prime monetary burden for the Nummo users”,

he added in.

“The moot point here is to get a clear and effective idea of paying down the debts yet without getting too bogged down by them. The most important thing here is to find the ideal tools to draft a budget and follow it, save adequate money & make informed decisions regarding judicious management of financial wellness. And this is where Nummo comes to your help. Nummo’s mission is to help people overcome debt as well as be in total control of the finances.”

Market experts are also stressing on the importance of creating a budget to ensure an effective control of finances. There are different personal finance management tools here that guide the users about the effective management of finances. An even simpler way is to create a budget on MS Excel. The budget will have categories for income and for the primary, secondary and luxury expense areas. When one is in debt, it’s better to offset the luxury expenses and secondary ones as much as possible and focus on only the indispensable ones.

But creating a budget is never enough. One must be careful to follow it sincerely. Experts have also suggested to scrutiny every budget end of the month to compare the actual expenses on that month with that chalked out in the budget. One should also check the progress of his budget-based lifestyle over a period of time, say 6 months. It would be better to make a PDF document of the budget lists from these six months to ensure a coherent and easy study.

There are PDF editor programs that will help one to manage the PDF document. Movavi PDF Editor for Mac is one of the most reputed names here. The PDF editing tool allows users to merge files from various formats- like MS Excel, MS Word etc.- into one single PDF document.

The state of the art editor tool is a breeze to use and is able to perform all major and minor editing works on your PDF document. It allows users to rotate, crop, insert as well as scale images straight on the PDF page. The editor can also convert popular image files into PDF formats.

Featured image credit: Freepik