It's great to hear that you're ready to start saving. For beginners, there are 5 jago tips that you can follow.
5 Saving Tips for Beginners
1. Find out how much your spending is
When you start saving, one of the first things that comes to your mind is how much money you should save. Well, you need to know first how much your spending is.
If you haven't used the Jago application to record expenses, you can view transaction history in the passbook and view expense records made manually. Have you used the Jago application for transactions? You can download the e-Statement directly via the Jago application to view transaction history.
2. Find ways to reduce expenses
After knowing how much your spending is, you can compare it with your earned income. Do you have any money left? If you always run out of money, what expenses can be reduced so that there is money to save?
To reduce expenses, you can start by realizing the difference between needs and wants. Self-indulgence such as eating out every weekend is actually not a need. Since now you want to start saving, the frequency of eating out can be reduced from 4 times a month to 2 times a month.
Also, find out if there are other unnecessary expenses. Expenses that look small but when you add them up, they become big. For example, interbank transfer fees. If you transfer to other banks 10 times in a month, imagine how much you need to pay just for the transfer fees.
Also read: Having a Jago Account Can Save Money
3. Set a budget for savings
It's time to decide how much money you want to put in your savings each month. You first need to know the purpose of saving. Do you want to save for emergencies? Are you planning a vacation abroad 1 year from now?
From here, you can set the right budget. If you have 2 financial goals, of course you have to divide the budget into two. Does the budget for the first financial goal need to be larger than the second financial goal?
4. Set a saving target
To pump up your enthusiasm about saving to achieve your financial goals, you can set a saving target. How long will it take you to reach your saving target of a certain amount?
The Savings Pocket features in the Jago application can be used for saving needs. After creating a Saving Pocket (up to 20 Saving Pockets can be created), you can set a target and then monitor the progress of saving at any time.
5. Make saving automatic
Even though you are still a beginner in saving, there is nothing wrong with making saving automatic. When it's automatic, you don't have to transfer manually. You won't forget to save either. Automating saving can also reduce the temptation to spend.
To start saving automatically, you can use the Auto-Budgeting feature for any of your Saving Pockets. It's really exciting when you see your savings grow.
How to Save Effortlessly with Bank Jago
The Jago application is designed to make managing your finances, including saving, easier and more flexible. If you want to start saving your way, smartly and systematically, the first step is to create a Bank Jago account.
1. How to register for a Bank Jago account (if you don't have one yet)
Ready to start saving with Bank Jago? The first step is to download the Jago application and create an account. The entire process is digital, so there's no need to visit a bank!
Open the Jago application and follow the registration instructions. You'll be asked to fill in some personal details and verify your identity (usually with your e-KTP and a quick video call). Make sure you have a stable internet connection.
Wait for your Jago account to be verified by the Bank Jago team. Read the complete guide on how to register for a Jago account from anywhere, anytime, in this article.
2. Understand the different types of Jago Pockets to start saving
Once your account is active, you'll see Bank Jago's main feature: Pockets. These Pockets are where you organize your money for various purposes, including saving. The Jago application offers various types of Pockets with different functions, suitable for different saving strategies.
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Saving Pockets: Ideal for daily savings or funds you need to access easily at any time. You can create multiple Saving Pockets for different goals.
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Locked Pockets: These are perfect for disciplined saving. You can lock a certain amount of funds in these Pockets for a specific period, so you won't be easily tempted to spend them.
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Term Deposit Pockets: For those with larger funds who want to set them aside for a longer period.
3. Set up your saving strategy in the Jago Pockets
Now it's time to implement your saving strategy!
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Create Pockets according to your goals:
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Choose the best Pocket type (e.g., a Locked Pocket for disciplined down payment savings for a house, or a Saving Pocket for vacation funds).
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Name your Pocket clearly (e.g., "Dream Home Down Payment," "Bali Vacation," "Children's Education Fund"). This helps you stay focused on your goals.
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Activate the automatic saving feature:
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Within the Pocket you've created, look for the Auto-Budgeting option.
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Set how much money you want to transfer automatically and when the transfer should occur (e.g., every payday).
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This is key to saving without needing a reminder; your money will be automatically set aside as soon as your salary comes in!
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Utilize interest from the Locked Pockets or Term Deposits: The longer and more funds you lock or deposit, the more interest you'll earn. This makes your money work for you.
By following these steps, you can start saving with Bank Jago easily and systematically. Try it now and experience the convenience for yourself!
