Who doesn’t want to have healthy finances? By being financially healthy, you can have peace of mind in living your daily life both now and in the future. Just as a healthy body requires the intake of various vitamins, financial health also requires the consumption of various vitamins.
Jago has formulated a number of financial vitamins known as Fintamin for all Jagoans. The 1st Fintamin is Fintamin A. Without further ado, here’s what Fintamin A is all about.
Achieve Financial Health with Consistent Intake of Fintamin A: Analyze Expenses
Inspired by vitamin A which helps keep many body organs working properly, Fintamin A is the foundation for achieving financial health. Fintamin A helps clear up your vision of your real financial condition, without assumption, even a little one.
Fintamin A is effective in eliminating the habit of making assumptions and increasing awareness of your financial conditions. You can know exactly where your money goes.
Fintamin A encourages you to perform a financial analysis, which is the first step towards financial awareness. From this financial awareness, you are challenged to reflect. Looking back is very important to get a clearer view moving forward.
You can start by listing down all incomes, savings and expenses. The most challenging one is expenses because there are many types and categories. For example, there are monthly bills, house rent or installments, education fees, food, household needs, transportation, personal care, guilty pleasures and hobbies, and much more.
From here, you will be able to understand your financial condition better. By analyzing your finances, you will also be able to answer some of the questions you often ask yourself, such as:
- Where did my money go?
- Am I spending more money than I make?
- Are there any expense habits that I can, and should minimize or stop?
Important Purposes of Analyzing Your Expenses
In addition to answering some of the questions that often arise above, by analyzing your expenses, there are many important goals that you can achieve.
1. You can prioritize money to be saved instead of spent
If you don’t have a plan for managing your money, you may end up overspending. Through an analysis, you will know which needs are important and need to be prioritized. The rest of your money? You can save or invest for the benefit of the future.
2. You can have a better budgeting
After the analysis is done, it’s immediately clear how much you earn in a month and what your spending is in the same month. Then, you can budget better. Budgeting will be discussed in more depth in the next Fintamin Jago article, namely Fintamin B. Wait for it!
3. You can stay away from debts that can make you miserable
It’s okay to have debts. But if you have too much debt, especially if the debt is consumer debt, you are giving yourself trouble. One member of the MultiFintamin team, Samuel Ray, emphasizes that when you borrow money, you have to know the why. Debt can make you miserable if you can’t pay it off. Your future is at stake!
Jago’s Spend Analysis Helps You Track Your Spending More Easily
After reading the above, you might think that it would be a hassle if you had to manually list everything down. Fret not, Jagoan. You can forget about everything manual if you have the Jago application.
Through the Spend Analysis feature, you can see all transaction records that are organized by month and neatly grouped by category. There are Bills, Top Up and Charity categories, for example.
All of your transactions in Jago will already have a transaction category based on predictions from our new machine learning capability. It will learn from your usual category choices and keep updating its prediction model based on your reviews on its predictions.
Through the Spend Analysis, you can also compare expenses between months. You can see whether your expenses in the current month have increased or decreased by what percentage from the previous month.
Annisa Steviani, part of the MultiFintamin team, expresses the importance of identifying ’subtle leaks’ in your spending. Jago’s Spend Analysis doesn’t miss any of your spending. Both subtle and obvious leaks will be detected.
Let’s start achieving financial health and maturity by taking Fintamin A consistently. The Jago application can be downloaded here.
Several other types of Fintamin will be featured in the next editions of Jago’s blog, as well as a roundtable discussion with the MultiFintamin team whose members are Financial Jagoans: Annisa Steviani, Samuel Ray, Ferdie Darmawan, Phillip Mulyana and Dani Rachmat. Stay tuned, Jagoan!