It’s Nice to be Able to Stay Wise and Smart on Payday: Follow These 3 Tips for Managing Finances

2 August 2021

Stay Wise and Smart when Payday Arrives with These 3 Tips for Managing Finances

Managing personal finances is a challenge for most people, especially when payday arrives. Because you prioritize the desire to buy this and that as soon as you receive a salary transfer, you tend to forget other needs or expenses. You may also ignore the part where you need to save or invest some money. As a result, you get a headache afterwards.

Actually, it doesn’t have to be like that. Here are 3 tips for managing finances from Jago when payday arrives.

Manage Your Finances Wisely and Smartly with These 3 Tips

1. Determine spending priorities

Try to think about what makes money run out quickly once you receive a salary. Can you not resist emotional spending?

Regarding the habit of spending money to buy unnecessary stuff when payday arrives or a few days after payday, you can start reducing or delaying it. It’s time to prioritize expenses that are more important (e.g. daily meals, internet and insurance) or are fixed every month (e.g. rent or house installment), so you don’t get caught up later.

How to be good at managing expenses at the beginning of the month? You can use the Jago application. All needs or expenses that are a priority can be arranged by separating your money into different “Pockets”.

You can also take advantage of the “Plan Ahead” feature so you don’t miss paying all your obligations at the beginning and can have fun later.

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2. Start the initiative to save

For those who have never saved or rarely save because money is always used up, it will be difficult to save at first. But, this initiative must be started with a strong determination. Having some savings is very important.

There are many purposes for saving. For those of you who have certain long-term dreams or desires, being diligent in saving can help. Did you know that savings can also help reduce stress? You don’t have to think about not having money when the end of the month is approaching.

There are two saving habits: at the beginning of the month and the end of the month. For most people, saving is easier at the end of the month when there is money left unused. But, it would be nice if saving could be done at the beginning of the month.

With the Jago application, you can set aside money at the beginning of the month into the “Savings Pocket”.

3. Don’t forget the emergency fund

Payday is more than just saving and shopping for necessities or managing expenses. In addition to regular savings, you also need savings that are specifically used during an emergency or urgent situation.

If you have an emergency fund, this savings can help make sure you’re okay when something unexpected happens. The amount is different, depending on the situation. However, it would be nice if you have enough emergency funds.

As for savings as an emergency fund, Jago has a special feature called “Locked Pocket”. By locking your money until the period you want, you will not be tempted to be consumptive.

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What’s so cool about the Locked Pocket is that it is not just a savings, but a savings that can give ’return’ in the form of interest up to 4% p.a., depending on the amount of money you save (minimum IDR 100 thousand) and the duration of locking (can be as short as 14 days).

Don’t have the Jago application? You can download it here.

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