Having to meet the needs of themselves and their parents is a common experience among Gen Z. As you can see in the image above, 53.4% of Gen Z in Indonesia give their first salary to their parents (source: JakPat survey). Furthermore, according to the Kompas survey, 16.3% of Gen Z have become the sandwich generation. This figure is expected to increase in the coming years, given that Gen Z is also getting older.
Are you part of Gen Z who gives the first salary to your parents and every month you also have to meet your parents' needs, apart from your own needs?
How to Manage Money Every Month for Gen Z
You can have peace of mind as there are easy and practical ways to manage money every month for Gen Z, who were born between 1997 - 2012.
1. Keep track of expenses regularly
Even if you are a Gen Z who hasn't married yet, it's best if you don't take financial records for granted. Gen Z, who are already married, also need to record expenses regularly. The more detailed the expenses are recorded, the better. This way, you know exactly how much your total expenses is in a month. And based on the data, you can take further action, such as limiting or reducing expenses that are less important.
How to easily keep track of expenses via the Jago application
Keeping track of expenses is much easier through the Spend Analysis feature in the Jago application because you don't have to do it manually. Every transaction made through Jago (for example payments using a Jago Visa Debit Card, QRIS Jago, e-Wallet top-ups and transfers to other banks) will be recorded automatically and you can get the data every month. However, if there are expenses that aren't made through Jago, you still have to record them. For example, parking fees and tips for bike drivers that you give in cash.
2. Make a list of monthly expenses
As Gen Z, which holds the status of the sandwich generation, the needs to be met are of course more numerous. Therefore, so that you can allocate funds for each need appropriately, let's first make a list of monthly needs.
Start with priority needs first, not only your needs but also the needs of your parents. Are you the one who pays your parents' monthly bills? What about their daily consumption? Then, what are your own needs that must be met? Transportation to work, internet bills, 3 meals a day, etc.
How to easily manage expenses via the Jago application
After the list is ready, you can start creating Spending Pockets in the Jago application as a practical way to manage your monthly expenses. From here, you can allocate the right budget for each Pocket that has its own account number. Make sure you do not spend more than the budget in each of your Pocket.
3. Prepare savings, especially for emergencies
Of course, don't forget about savings. Even though you have to meet many needs, you still have to set aside money every month for savings. The most important savings to have is an emergency savings.
How to easily save money and manage savings via the Jago application
You don't have to start with a large amount right away to save. The important thing is that there is always money going into savings every month. To never forget to save your emergency fund, you can create a Saving Pocket in the Jago application. At payday, immediately transfer money from the Main Pocket to this Pocket.
Want to be more practical? Opt for automatic saving in the Saving Pocket. To secure your savings from improper use, you can lock your Saving Pocket and get competitive interest. Even though it's locked, you can add money at any time.
4. Take advantage of the many ways to reduce expenses
Because you have to meet the needs of several heads in the family, you may have to start saving money. There are many ways to reduce expenses.
How to easily reduce expenses via the Jago application
By having a Jago account, you can reduce a lot of expenses, such as expenses for monthly admin fees, interbank transfer fees and e-Wallet top-up fees.
With Jago, you can have a lot of bank accounts, all under one main account, free of monthly admin fees. You can also enjoy free interbank transfer fees and fees for topping up e-Wallet balances according to Account Level. Even better, if your Jago account is linked to GoPay, you can top up your GoPay balance for free and the quota is unlimited.
5. Obtain additional monthly income through investment
Apart from reducing expenses, you can also look for ways to increase your income. One way is to invest in mutual funds. Take advantage of the Jago digital ecosystem. Apart from GoPay, Jago also collaborates with Bibit to provide a seamless experience in investing in mutual funds.
How to easily boost your income via the Jago application
Link your Jago account and Bibit account so you can top up Bibit for free and invest or save regularly with Bibit with the Jago Autodebit feature. Easily monitor investment portfolios at any time through the Jago application.
When you’ve seen the results of your mutual fund investments with Bibit, you can save the money in a Jago Term Deposit to get interest that is higher than the Saving Pocket. Saving money in the Deposit can start from just Rp1,000,000, making it suitable for novice investors.
Q&A About Gen Z Finances and Savings
1. I want to travel, buy a new gadget, but saving just feels so hard. Any tips?
Don't worry. Create a specific Pocket for each of your dream goals. Then, activate the Automatic Saving feature and set the amount you want to save every day or month. This way, your money will automatically flow into the Pocket before you even have a chance to spend it on something else. Saving becomes effortless.
2. Money management is complicated and gives me a headache. Is there an easy way?
With Jago, budgeting isn't about complicated calculations—it's an art. Create Pockets with names and photos that match your goals, like "Concert" or "Bali Trip." That way, your Pocket isn't just an account—it's a visualization of all your dreams!
All Gen Z, you can start implementing the above-mentioned ways of managing money monthly so you can have peace of mind knowing that all needs will be met properly. And at the same time, you can also have savings and investments. Use the Spending Pocket to manage your monthly expenses and the Saving Pocket and Term Deposit to save your money. Don't forget to take advantage of the power of the Jago digital ecosystem as well.
