As we all know, there are two types of habits: good and bad. It’s the same with financial habits. As Jagoans, let's just follow the good ones. There are 4 awesome financial habits that Jago wants to share in this article.
4 Awesome Financial Habits to Follow, What Are They?
1. Pay all kinds of bills ahead of their due dates
If you have paid all kinds of bills ahead of their due dates, you can reap the benefits, Jagoans.
You can relax and use the remaining money to fulfill various other needs, including the need to have fun. With bills that have been paid ahead of time, you also don't need to pay late payment fees.
How to ensure that bills are paid on time? You can start by listing down all bills. Don't miss anything. Bills include installments and payments that are only paid once a year, for example.
After that, you can use the Plan Ahead feature in the Jago application. You can schedule the transactions you need. You can also set the payment to be automatic or semi-automatic. Not only do you always pay bills on time, but you also don't have to bother making transfers anymore.
2. Make a savings plan and consistently set aside money for savings
A savings plan is needed as a first step and motivation for you to be disciplined in saving. You can start by asking yourself: why do I need or want to save?
Is it so that I can live my retirement life comfortably and not burden my children and grandchildren? Do I want to have enough money when an emergency strikes? Would I like to be able to buy a house in 10 years from now? Based on the savings plan, you can then start saving consistently.
To help, you can automate savings, which is a sub-feature of the Plan Ahead feature. Saving will run automatically without you having to manage it manually.
3. Create a budget and track spending
Every need needs to be budgeted, so you don't overspend, which can cause you to be broke before the next month's payday arrives.
Payment of bills and savings that have been mentioned above are parts of needs. Then, there are many other needs such as food, transportation, entertainment, etc. Everyone's needs are different, so don't look at other people's budgets.
In addition, you also need to track your spending, so you know clearly how much money is being spent on each need.
For certain needs, have you spent more than the previously set budget? For example, you set a shopping budget of Rp 1 million per month. Did you manage not to add another shopping budget for a month?
Then, are there expenses that can be reduced? After tracking, it turns out that you paid for a streaming service. In fact, when you think about it, you rarely use it. To stop wasting money, it’s best if you stop subscribing to the streaming service.
Not just tracking, what you do next is even more important. Based on the information you get while tracking, what decisions will you make? How can you implement better financial habits over time?
You can feel the ease in budgeting and tracking expenses when you create up to 40 Jago Pockets to separate various needs and use the Spend Analysis feature.
4. Be firm and dare to say “no”
If you follow all your wants or desires, you will spend more money than you make. Later, you can even get stuck in a debt circle.
Therefore, as Jagoans, let's be firm and dare to say "no". For example, when a friend buys a new cell phone. You feel tempted to buy too. But, you firmly said "not now, I want to save first so that my retirement life is guaranteed".
Jagoans, let’s start the journey towards healthy finances by implementing the 4 awesome financial habits above. When finances are healthy, life will be beautiful and stress-free.
If you don't have the Jago application yet, you can download it here.