4 Ways to Manage Finances to Take Care of Your Mental Health

21 April 2022

4 Ways to Manage Finances to Take Care of Your Mental Health

There are many ways to take care of your mental health, for example by staying positive at all times and meditating or keeping a journal. But, do you know that financial health also helps take care of your mental health?

There are times when emergencies come to our lives without warning. However, we don't need to stress if we are ready, for example by having savings that can be used at any time.

One Step Better at Managing Finances to Take Care of Your Mental Health

1. Paying monthly bills on time

Why can paying bills on time help maintain mental health? Because by doing so, you don't have to pay a fine, you also don't need to experience temporary disconnection.

In addition,you will have peace of mind when you have fulfilled all the obligations. You can safely use money for other necessities. You don’t have to think about bills for the entire month. Likewise in the following months.

So that bills are always paid on time, you can take advantage of the Plan Ahead feature in the Jago application. The feature allows you to set the payment schedule and whether it is fully automatic or semi-automatic. At the scheduled time, Jago will make the payment.

2. Setting aside money to build an emergency fund

In times of uncertainty or urgency, emergency savings is something you can depend on. You can breathe a sigh of relief when something unexpected happens because you have the money to solve the problem, without you having to take the budget for other necessities or even borrow money.

Since emergency savings is a priority, you need to set aside money at the beginning to avoid using it for other purposes.

Also read: 4 Steps to Realizing the Goal of Building an Emergency Fund

3. Budgeting for every need

Everyone's needs are different. From reading the above, you know that there is a need to pay bills and there is a need to build an emergency fund. Apart from these two needs, of course there are many more needs. For example, grocery shopping, transportation, entertainment, etc.

To keep your finances in order, you can budget for every need. The trick is to first list the needs that must be met and then separate them so they don't get mixed up.

You can use the Jago Pockets. There are Saving Pockets and Spending Pockets. You can create a Spending Pocket for paying monthly bills, while for building an emergency fund you can create a Saving Pocket.

Each Pocket has its own account number. This means you can have multiple bank accounts in one application. When monitoring is needed, it is easy and practical.

4. Tracking your spending consistently

To ensure your spending is according to the plan or within the budget, you need to track it consistently. Because, there are many temptations, Jagoans. There are discounts everywhere, money sitting in your savings makes you uncomfortable if you don't use it, and many other types of temptations.

Tracking spending nowadays is very easy and practical. You don't need to record manually. Just click the Spend Analysis feature in the Jago application, and your spending details will be displayed.

The cool thing is, you can also compare spending between the current and previous months to know your spending pattern from month to month. From here, you can make a lot of decisions, such as which expenses to be reduced, what to do with an overspending in one category, etc.

Take care of your mental health by managing finances in an easy, practical and smart way. The Jago application can be downloaded here if you don't have it yet.

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