There are many ways to save money. There is no right or wrong, there is only what is suitable because each person's needs are different. One of the ways of saving money is aggressive saving. So what is it?
Aggressive Saving: Should You Go for It?
Saving aggressively can grow your savings faster and help you achieve future financial goals more quickly.
Aggressive saving means saving at least 30% of your monthly income (reference: Financial Best Life). The larger the percentage, the more aggressive you will be in saving money.
To find out whether this way of saving is suitable for you, you must first have a reason to do it. Is there something you want to make happen sooner? For example, if you don't have any emergency funds at all and you want to have them as quickly as possible so that you have peace of mind and are prepared to face unexpected events whenever they happen.
Reduce expenses to realize your aggressive savings plan
Have you found a reason to save more from your monthly income? In order for this to happen, one step that can be taken is to reduce expenses. Make a list of expenses for a month and decide which ones can be cut or reduced. Not slowly but drastically.
To make it easier to record expenses, you can use the Spend Analysis feature in the Jago application. You can categorize expenses and see the analysis through the diagrams and percentages presented.
Immediately save your additional income so you don't spend it all
Another way that is more instant and makes it easier for you to save aggressively is when you get additional income, for example holiday allowances (THR) and bonuses from the company. Before you spend it, immediately save most of the additional income.
Start looking for ways to earn additional income on a regular basis
If you only wait for THR or bonuses, your aggressive savings plan will probably stop halfway. Apart from reducing expenses, you can also try to earn additional income.
Different from THR or bonuses, this additional income must be routine. In other words, every month there is additional income that goes into your account. Side hustling doesn't always have to be something that aligns with your hobbies or interests.
Whatever Savings Method You Use, Choose Jago Pocket to Save the Way You Want
So, are you interested in trying aggressive saving? If you want to start saving money this way, of course you have to have a great place to save. What if you could choose to save the way you want?
1. Save in a Saving Pocket
With aggressive saving, you will save more than usual. Saving aggressively for the short term can be done in the Saving Pocket.
So that saving aggressively can be done more easily and without any hassle, you can choose to save automatically in the Saving Pocket. Apart from saving automatically, you can also set a target in your Saving Pocket.
2. Save by locking money in a Locked Pocket
You initially had the intention to save aggressively but in the end your savings are drained because it was difficult to resist temptation. Don't let this happen. So that your savings are used only according to your financial goals, you can choose to lock them.
The Locked Pocket is the right solution for you to lock your savings the way you want. Select a locking period and keep your savings locked until maturity. Even though your savings is locked, you can still add money to your Locked Pocket. An automatic saving option is also available in the Locked Pocket.
3. Save money with competitive interest in a Jago Term Deposit
The next place to save that you can choose is the Term Deposit. By saving money in a deposit, you will enjoy competitive interest rates. Moreover, aggressive saving allows you to save large amounts at once every month. The Jago Term Deposit requires a minimum deposit amount of Rp1,000,000.
The greater the amount of money saved in a deposit, the greater the interest rate you can get. To find out the latest deposit interest rates, check this page.
Can Open Many Savings Without Admin Fees in the Jago Application
One of the benefits of having a Jago account is that you can open as many savings accounts at once as you want. Want to have 5 Locked Pockets and 5 Jago Term Deposits? Very possible. Want to have only 1 Jago Term Deposit, 2 Locked Pockets and 2 Saving Pockets? Also very much possible. Time to create a number of Jago Pockets to save money and manage your finances even better.
