When the economy is tough due to deflation, inflation or recession, it is important to always be optimistic in living life. Apart from that, it is also important to be able to continue to survive by staying financially healthy. Don't panic because the economy is difficult. Here's how to deal with it by managing your finances wiser and better the way you want.
How to Deal With and Overcome a Difficult Economy by Managing Money Using the Jago Application
As a Jagoan, here are various ways that you can immediately apply in your daily life to deal with deflation, inflation or recession, with the help of the financial management application, the Jago application.
1. Buy according to your needs and reduce consumptive spending
Anything in excess is not a good thing, including when it comes to spending and fulfilling your lifestyle. When the economy is doing well we need to reject exorbitant lifestyles. When the economy is difficult or not doing well, we need to do it even more.
Continuing with bad spending habits can have negative impacts, such as causing debt (to the point of being in debt because you can't pay it off), savings being drained, and mental and physical health being affected.
So that you can buy only what you need and consumptive spending can be reduced, making a budget plan is important. By allocating the budget well and sticking within the budget, your spending and savings will be just fine.
Use the Jago Pocket to manage various needs and budget more easily and practically. Separate each need into its own Jago Pocket to make it easier to monitor budget allocation and use.
Start distributing your budget for important living needs first and savings, before using it for desires and consumptive things. In the Jago application, you can create dozens of Jago Pockets so that funds for each need don't get mixed up.
2. Have an emergency fund in place to weather a tough economy
To survive deflation, inflation or recession, it is very important to have emergency savings. Build emergency funds automatically in the Saving Pocket. Do this is by using the automatic budgeting feature in the Jago application.
Instead of spending money to fulfill consumptive needs, you can be prepare your emergency funds. To make it feel lighter, you can save daily with a small nominal amount automatically.
However, it's not a problem if you want to save a large amount directly once a month, if you think this is more practical. Whatever savings preferences you have, it will be easier with Jago's automatic budgeting feature.
Speaking of which, the automatic budgeting feature can be used not only for saving. You can also use this feature to allocate a budget for all your needs in the Spending Pockets.
3. Prepare savings or investments for short, medium and long term financial goals
Apart from separating your budget for various needs using the Jago Pocket, you can prepare funds in the form of savings or investments for future financial goals, whatever they may be.
The Jago Term Deposit with competitive interest rates can protect savings from being used irresponsibly. You can save starting at just Rp1,000,000.
Various other benefits of saving money in a Jago Term Deposit include the ease of opening and closing your deposit directly from the Jago application at any time as well as a flexible and penalty-free withdrawal process. In other words, you can withdraw your deposit before maturity without worrying about fines. With this flexibility, you can consider building emergency funds in a Jago Term Deposit.
Choose the period and method of saving in the Term Deposit (ARO or not ARO) the way you want, adjusted to the financial goals you want to achieve.
Diversify assets with investments on Bibit and Stockbit
Seamless investing experience can be enjoyed through the Jago ecosystem. Link Jago and Bibit so you can buy mutual fund products without top up fees and without switching applications. Monitor your investment portfolio from the Jago application and make regular savings on Bibit using Jago Autodebit.
For those interested in investing in stocks, open Jago RDN in just a matter of hours and after that you can immediately buy and sell stocks. Top up Jago RDN whenever needed, from any of your Jago Pockets.
4. Add sources of income to overcome a challenging economy
You can earn additional income from your savings in deposits and your investments in mutual funds and stocks. If you want to have more income to survive tough economic times, you can look for additional or side work outside of your main job.
Indeed, you have to sacrifice time and energy. But, if a side job can increase your income, and you have the time and energy to do it, why not?
