Saving is easier said than done. How do you make saving more than just a talk? Follow these 5 steps to achieve your savings goals more easily.
5 Sure Steps to Achieving Your Savings Goals
1. Be clear about the purpose of saving money
Doing something that doesn't have a clear purpose will certainly make you reluctant to do it. It's the same with saving. You need a clear goal of saving every month or even every week.
You can ask yourself: are there any short-term or long-term goals that you want to achieve? The short-term goal of saving is, for example, buying a new gadget, while the long-term goal of saving is like saving for retirement or buying a comfortable house as a place to live the rest of your life.
2. Assess your finances
Once you know for sure what your purpose of saving is, you can start taking steps to assess your finances. Is it possible for your short-term savings goals to be achieved in the near future, for example?
If you haven't done so, you can start keeping track of expenses. From here, you can find out whether you need to reduce expenses for needs that are not too important, so that money can be saved to achieve the goals you have set.
You also need to know the difference between needs and wants. Examples of needs are food, electricity and water, whereas wants are less important in nature. Examples of wants include entertainment and eating at restaurants.
The fun thing is, in this day and age where technology exists to make life easier, you no longer need to keep track of expenses manually.
The Jago application can help you. Every transaction (money in and out) will be recorded. Not only keeping track, Jago can also categorize every expense. It will be easy for you to know how you’ve been using most of your money.
3. Find out how much you need to save
Depending on your savings goals, you should figure out not how much you can save, but how much you need to save.
For example, if you want to be able to start your own business in the next 5 years, you can research how much initial capital is required, the cost of renting a building, etc.
4. Choose a place to save
It's time for you to choose a place to save money that is safe and can help you achieve your savings goals with more certainty.
Locked Pocket in the Jago application can help secure the money you save from yourself. Sometimes, even though money has been saved for a purpose, you are still tempted to use it.
But, since the money is already locked in the Locked Pocket, you can't use the money until the locking duration expires. Interestingly, the Locked Pocket also offers an competitive interest. This way, you can achieve your savings goals more quickly.
5. Track your saving progress
To be more enthusiastic about saving, you can track the progress of saving on a regular basis, after first setting a deadline.
To make it easy and practical, you can use Jago's Savings Pocket. In the Savings Pocket, you can set a target and a deadline. You can track the progress of your savings at any time.
What’s more, you can also adjust the amount of money saved if you feel you are still far from the target or want to achieve your dream more quickly.
To enjoy effortless saving, you can also take advantage of the Autosave feature. Saving money will be automatic and routine.
