You already have savings. But, have you ever wondered if you are actually saving enough? Find the answer here.
4 Signs You Don’t Have Enough Savings
1. You don't know how much you spend in a month
Jagoans, if you are asked how much money you get every month, chances are you know the answer. You certainly know what your salary is in a month, and maybe plus some other income. For those who have their own business, you also know more or less how much you earn.
But what about a month's expenses? How much money do you spend on coffee, transportation, shopping, entertainment, etc.? If you don't know the answer, chances are you also don't know how much money you save. This means you don't have enough savings.
To make sure that not all of the money is used up but is also set aside for savings, you can start recording expenses on a regular basis. If you are anti-manual, you can use the Jago application. Transactions through Jago means Jago does the recording. You can view transaction history at any time, which is always updated right away after you complete a transaction.
2. You always wait for payday
A sure sign that you don't have enough savings is that you can't wait for payday to arrive. If you always wait for payday, this means that the money has almost been used up, maybe in the middle of the month, maybe a few days before payday.
If you don't always have money left, how can you possibly have enough money to put in your savings? There are two strategies you can do to not always wait for payday and have money to save. You can reduce expenses (starting with non-priority ones) and look for additional income.
Then, it's also important to make a budget. For practical budgeting, you can use the Jago Pocket. Many Jago Pockets can be created, both Saving Pockets and Spending Pockets.
If there are 15 needs, you can create 15 Pockets. By separating the needs into each Pocket, it will be easier to monitor expenses and savings. Make sure you have a savings budget. You can use the budgeting method that many people use, which is 20% of salary for savings.
3. You don't have an emergency fund
Life doesn't always go the way we plan or hope. There are times when we experience an emergency, such as a broken car, a changed health condition, loss of a job, etc. For us to deal with it, we need money. This means building an emergency fund.
If you haven't prioritized building an emergency fund, you haven't saved enough. Emergency savings should be number 1 in the list of savings that you need to have.
4. You don't have financial goals yet
What motivates you to save? If there are financial goals to achieve. Imagine the future you want and then set your financial goals.
Do you want to have your own comfortable house to live in? When do you want to own the house? Make buying a house a financial goal. Do you want to visit a tourist destination that you often see videos of? Then vacation is your financial goal.
Once you know your financial goals and how much money is needed to achieve them, you can start saving consistently, whether by setting aside money every week, every two weeks or every month. Saving in the Saving Pocket, you can set a target and activate the Autosave feature for automatic saving. Monitor your saving progress whenever you want and make sure your dreams come true.
Jagoans, it's important to have enough savings that can give you financial security and at the same time you can realize whatever you dream of. Do what needs to be done and don't forget to use the Jago application to help you manage your finances.
Together with Jago, we are jago at saving and managing personal finances. The Jago application can be downloaded here for those who don't have it yet.
