5 Life Events that Require a Budget Review

3 November 2021

5 Life Events that Require a Budget Review

Budgeting, which is part of Jago's Fintamin, is one of the keys to achieving financial health. Budgeting properly can help you stay on track with your financial goals and reduce stress because you don't have to worry about not having money.

However, after you get used to budgeting, there is one thing you need to remember. Life can change at any time.

Some changes are predictable because you decide for yourself, while others are more unpredictable. When changes occur, you may need to review your budget or even completely overhaul it.

When is a Budget Review Necessary?

1. When you move to another city

You can move to another city and stay in that city for a while for various reasons. Maybe you change jobs, want to enjoy a new atmosphere, and so on.

Whatever the reason, if you move to a new city, you need to review your budget. This new city may have a higher cost of living. Even if it's lower, you still need to include a budget to cover the move. For example, money for airline tickets and buying new furniture.

2. When you are planning to buy a house

Buying a house costs a lot of money. If you are planning to buy a house, you need to review your so-far budget.

Many expenses may have to be reduced, so that more money can be saved to be able to buy a house. If you want to buy a house, you also need to add to your emergency fund savings. This emergency fund savings can be used if the house needs repairs someday.

3. When you get married

When you get married, you no longer take care of everything yourself. For example, if you have been paying the monthly bills alone, after marriage you can pay together with your partner.

Needs, and even finances, can be managed together. For some people, managing finances together will feel easier and more enjoyable. So, you definitely have to review your budget because after getting married, your partner is involved.

4. When you lose your job

Everyone certainly does not expect to lose a job. However, there is no guarantee that you will not lose your job. Like during the COVID-19 pandemic, many people have had their salaries cut or even been laid off.

When the main source of income is no longer there, like it or not, you have to review your budget. Needs that are not a priority should be postponed for a while until you get a new job.

To anticipate this situation, you can start saving for emergencies. An emergency fund savings can help you last for a while.

5. When you are seriously ill

Just like losing a job, no one wants to be seriously ill. However, who can predict what will happen in the future?

Severe illness affects many things. You may no longer be able to work because of unfavorable physical conditions. You also need to treat your illness, and the cost of medical treatment is not cheap. At times like this, having an emergency fund plays an important role. But, you also still need to review your personal budget.

The Jago Application Makes It Easy for You to Create and Review Budgets

To budget and manage finances successfully takes time. You need to review your budgets regularly and when things change in your life.

To make it easy to create and review budgets on a regular basis, you can use the Jago application.

The Pocket feature in the Jago application allows you to separate every need into its own Pocket. You can set the appropriate budget for each Pocket that has been created.

Every incoming and outgoing transaction will always be recorded. When you want to review your budget and expenses, you can easily see a detailed transaction history.

You can also turn your Pocket into a Shared Pocket to manage your budget and finances with your partner or whomever you want.

In addition, the Jago application also features Spend Analysis that can help you analyze expenses by category. When you have to review your budget, you can immediately know which expenses can be reduced or cut.

Opening a Jago account does not require a minimum initial balance. You also don't have to pay a monthly admin fee. In addition, you can enjoy free interbank transfers and e-Wallet top-ups up to 25 times per month.

You can download the Jago application here to start budgeting, managing needs as well as managing finances easily and practically.

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