Inflation, a word that worry a lot of people. The cost of living is rising, but your salary remains the same. Even if you get a raise, it feels like it won’t cover the price increase in the market. As a result, purchasing power decreases, which causes the quality of life or welfare to also decrease.
To be able to deal with and fight inflation without panicking, there is 1 thing you can do. Managing finances wisely the way you want is the key.
Dealing with Inflation by Being Jago at Budgeting
Budgeting not only helps ensure that you spend within your means, but also helps you deal with inflation more easily. Start budgeting by prioritizing needs and savings and/or investments over wants. Make sure the budget allocation for needs is greater than wants. If you haven't done it so far, now is a good time to review your budget.
Budgeting with many accounts using the Jago Pockets
To make it easier to allocate funds for each expense, create 1 account for 1 type of expense. For example, for monthly bills there is a separate account. Likewise with daily food and transportation. Every need has its own account.
Use the Jago Pockets with their own respective account numbers to help you. Creating 1 Jago Pocket is the same as opening 1 bank account. Budget allocation for wants can be done last. Especially if you are dealing with inflation, you have to be really good at budgeting starting from priority needs.
Reducing Expenses is a Strategy to Overcome Inflation
By budgeting regularly and in a disciplined way, you can save more money, learn self-control and deprioritize your wants. But, what if there are other ways to save money that you can take advantage of?
The more savings you have at Jago, the more free transfer and top-up quota you can enjoy, as well as no monthly admin fees by opening a Jago account. The more you can save, the more cash reserves you have to deal with inflation.
Details on how you can save money by having a Jago account can be read here.
Increase Your Savings or Investment in the Jago Term Deposit for Peace of Mind
You will be better prepared and not panic when dealing with inflation when you have lots of savings. By investing or saving in the Jago Term Deposit, you can enjoy competitive interest. The amount of interest depends on the amount of money you have in your deposit.
The principal funds will to be saved in the Term Deposit, along with the interest, until it matures. The interest you get can be used as extra money when you buy something that experiences inflation.
Just the way you want, with Jago you can become better at managing budgets and managing finances. At the same time, you no longer panic about inflation, which is something that cannot be avoided. Since it cannot be avoided, the best thing you can do is find a way to face and overcome it.
