Living in a boarding house comes with a lot of expenses. There are expenses for food, electricity, water, renting a room and many more. If you spend a lot of money, it's hard to even save money. However, there is always a way out. You can follow the 5 surefire ways to save money, which will be discussed soon.
5 Surefire Ways to Save Money for Those Living in a Boarding House
1. Share food cost with other residents
Food is an unavoidable need. When your stomach is hungry, you don't want to do anything. For someone living in a boarding house, paying for food alone feels quite heavy.
To make it lighter and save money, you can share the cost of food with other residents. For example, you can order catering. Or, you and the other residents can cook together.
You don't need to think about the difficulty of collecting money from the boarding house residents. With the Shared Pocket in the Jago application, collecting money is easy and practical. Recording does not need to be done manually. You also don't need to collect money one by one.
2. Pay bills on time
As stated above, you may have many bills to pay when living in a boarding house. In addition to paying the rent and related bills such as electricity and water, you may have other bills related to personal needs, such as streaming service and credit card bills, for example.
Make sure you pay all bills on time, Jagoans. Not paying on time has consequences. For example, the service provider may suddenly cut the service provided to you. Not to mention if you have to pay a fine. When you pay a fine, you are not saving money.
So that you don't miss even a single bill payment, you can take advantage of the Plan Ahead in the Jago application. It feels so good when all the "debts" have been paid off.
3. Stop services or membership programs that you rarely or never use
Who among Jagoans used to be passionate about going to the gym every day but over time that enthusiasm faded? This is just one example.
Often, we are excited to do something and then over time we finally get bored and just completely forget about it. Instead of subscribing to a service or joining a membership program that you rarely or never use anymore, you can unsubscribe or stop it.
It's a shame if money is used for something that you don't enjoy, right? Do you have many cases like this? You need to start keeping track of your expenses.
But, if you don't like the manual, you can use the Jago application to record all types of expenses. When a transaction occurs, Jago will help you record it. You just do the monitoring.
In addition, detailed tracking from Jago will also make it easier for you when conducting a spending analysis to find out where your money goes. For this, there is the Spend Analysis feature that you can use.
4. Set how much you can spend every day
Discipline is an important key if you want to save money. The trick is simple, you just need to determine the amount of money you can use every day. Whether you can stick with the budget depends on how much you want to save.
To hassle-free set a budget, you can use Pockets in the Jago application. There are dozens of Jago Pockets that you can create. The goal is so that you can separate many needs and don't get them mixed up. You can give each Pocket a name, as you wish. After a Pocket is created, you can set the budget for the Pocket.
5. Set aside money for savings
The last tip that is no less important is to get used to saving. Saving helps you spend less money. Money is no longer used for less important needs. In fact, by saving you are securing your future.
To make saving even more exciting, you can save money in a Locked Pocket to enjoy competitive interest.
How to Easily and Practically Manage Your Monthly Finances as a Boarder
Managing your monthly finances as a boarder can be challenging, but it's entirely manageable with the right strategy. One of the effective ways is to divide your budget into clear spending categories.
Using the Jago Pockets for a boarder's monthly budget
In the Jago application, you can create several Pockets for different needs, such as a Basic Needs Pocket (for food, transport, bills, and phone credit), a Savings Pocket, and an Entertainment Pocket. By separating your money from the start, you can more easily control your spending and avoid the temptation to use your savings for less important things.
A sample simulation for a boarder's monthly budget
For example, if your monthly allowance is Rp5,000,000, you can do a simple budgeting simulation. Here's a sample breakdown of how you can divide your Rp5,000,000 allowance:
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50% to a Basic Needs Pocket (Rp2,500,000): Allocate this fund for unavoidable essential expenses like food, transportation, rent, and internet data. You can create separate Pockets for each or combine them. With Jago, you can choose the financial management method that suits you best.
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30% to a Wants Pocket (Rp 1,500,000): This portion is for things that make life more enjoyable. Use this fund for non-essential activities like watching movies, hanging out with friends, or buying books.
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20% to a Savings Pocket (Rp 1,000,000): Set aside this money for short-, mid-, or long-term savings. By putting money into savings right at the beginning, you'll find it easier to reach your future financial goals, like buying a new laptop or traveling. You can start by choosing to save in a Saving Pocket or a Locked Pocket.
With this method, you can manage your finances in a structured way and still enjoy life without worry. Each Pocket has a clear purpose, so your money won't get mixed up and will remain under control.
Managing a boarder's finances with the automatic budgeting feature in the Jago application
Managing your monthly finances becomes much easier with the automatic budgeting feature in the Jago Pockets. After you've set up your budget, for example using the 50/30/20 method, you can use this feature to ensure every fund allocation runs according to plan without the hassle of moving money manually each month.
