Becoming older every year should make us all become more mature. This needs to be balanced with maturity in various aspects of life. One of them is financial matters. What kind of ability to manage finances can be said to be financially mature?
4 Main Signs that Someone is Financially Mature
How do we know whether someone is financially mature? Here are the signs.
1. Someone who is financially mature already has long-term goals or plans
Being financially mature means having the ability to use money wisely, just as getting older makes us wiser people. In other words, the money you have will not be wasted or spent just to fulfill your wants or lifestyle.
In this case, financial maturity comes together with the ability to distinguish between needs and wants, and know what is a priority and what is not.
Financial maturity means having financial goals or long-term plans that will be realized. The way to make this happen is by being consistent and disciplined in saving and investing.
2. Someone who is financially mature has the ability to face and overcome unexpected events calmly
Anyone can experience an emergency and unexpected event. If this happens to you, how will you deal with it? Will you panic or stay calm? If you remain calm, this is a sign that you are financially mature.
Why can you be calm when facing unexpected events? Because you know you already have emergency fund savings, which you build consistently. When experiencing an emergency, use your emergency funds according to your needs.
3. Someone who is financially mature lives free from consumptive debt
In general, there are two types of debts, namely consumptive debt and productive debt. Someone who is financially mature avoids borrowing money to meet consumptive needs. They are aware that consumptive debt can be a dangerous financial trap.
Find out the differences between consumptive debt and productive debt in this article.
4. Someone who is financially mature can still have fun and enjoy life, but free from anxiety and worry
Even though they have goals and mature plans to achieve them, someone who is financially mature still has money to have fun in their own way.
Spending money for fun doesn't make them anxious or worried at all, because they have allocated a budget for each need according to its portion. Then, they use the allocated budget accordingly.
In other words, they already have a budget for everything, including savings and investments, various priority needs, wants and lifestyle.
Walk the Path to Financial Maturity With the Ability to Manage Your Finances the Way You Want with Jago/Jago Syariah
Becoming financially mature takes time. Financial maturity is an achievement that anyone can achieve and enjoy. Start honing your financial management skills in the following ways.
1. Take advantage of dozens of Jago/Jago Syariah Pockets for financial management
Budget allocation is easier to do when you have a bank account for each need. But, you don't need to worry about the hassle of having lots of accounts spread across various banks.
In the Jago application, you can have multiple Jago/Jago Syariah accounts by creating what is called Pocket. Each Pocket that is successfully created will have its own account number. The great thing about using Jago/Jago Syariah, you can have dozens of Pockets at once. So you can have one Pocket for one need.
Apart from that, you can budget easily and practically for each Jago/Jago Syariah Pocket. You do this by using the automatic budgeting feature available in every Saving and Spending Pocket.
Learn the differences between Jago and Jago Syariah in this article.
2. Secure emergency funds for unexpected events in a Jago Term Deposit/Sharia Deposit
Having sufficient emergency fund savings shows that you are financially mature. Building emergency funds doesn't need to be a large amount straight away. The most important thing is to do it consistently. You can build an emergency fund in your Saving Pocket first.
Once you have accumulated enough, you can move your emergency funds to a Jago Term Deposit/Sharia Deposit. Both can both be opened and withdrawn via the Jago application at any time. Apart from that, both offer no penalty fees if withdrawn early or prematurely, making them suitable as an instrument to secure your emergency funds.
Learn more about the Jago Term Deposit in this article and the Sharia Deposit in this article.
3. Increase savings and investments with the Jago/Jago Syariah ecosystem
Apart from being an instrument to secure emergency funds, the Jago Term Deposit/Sharia Deposit can also be an option for growing savings. By saving funds in a Jago Term Deposit, you can get competitive interest. If you save in a Sharia Deposit, you will get profit sharing. Enjoy maximum profits if you continue to renew the principal funds along with interest (for the Jago Deposit) or profit sharing (from the Sharia Deposit).
Another way to diversify assets is by investing, such as in mutual funds and stocks. Jago and Jago Syariah are linked to a digital ecosystem that makes it easy for you to invest with Bibit and Stockbit.
Learn how to invest in mutual funds for conventional Jago users on Bibit and invest in stocks on Stockbit here.
Learn how to invest in sharia mutual funds for Jago Syariah users on Bibit and invest in sharia stocks on Stockbit here.
4. Take advantage of various other Jago/Jago Syariah features to help you manage your finances even better
There are many other interesting and useful features in the Jago application. The Plan Ahead feature, for example, can help you pay bills and complete recurring or routine transfers on time. The Spend Analysis feature can be accessed whenever you want to know the spending you have done in the current month, and compare it with the previous month.
You don't have to manage your finances alone. For those who are married, for example, you can become financially mature with your partner by managing your finances in a Shared Pocket.
Are you on the right path to financial maturity? Or are you already determined to start? No need to delay or wait any longer, manage your finances starting today with Jago/Jago Syariah.
