Every family's needs are different. Although a small family does not necessarily mean less spending. There are many factors that affect the amount a family spends. Without proper management, these expenses can prevent you from having savings.
There are actually many ways to save money that can be done so that the incoming income can be more useful both to meet current and future needs. The capability to manage income is very important so that families can achieve prosperity and fulfill all their needs. What are they? Lets take a look at the review.
Follow these steps to save money!
Savings are deposits of money that are currently owned for various purposes in the future. Despite having a lot of income, it turns out that there are many people who do not have any money saved at all. Even leaving a lot of debt because of the wrong family financial management.
Income uncertainty, many expenses and changes in global economic conditions can have a negative impact on family prosperity. Therefore, from now on you need to anticipate it, one of which is by securing savings and increasing the contents of the account. In order to keep setting aside money even though there are many expenses, do the following things!
1. Prioritize Your Needs Scale
Not a few people are complacent because they have a lot of income so they don't have priorities in the use of money. Any desire to shop is always followed, even though not necessarily the expenditure is important. If you are one of those people, immediately evaluate your financial condition so that it doesn't get worse.
Make a scale in fulfilling needs because not all must be met at this time. There could be some expenses that can be postponed, reduced or even eliminated. To be able to make a priority scale you need to evaluate first. Then consider which expenses can be cut or postponed.
2. Plan a Budget Periodically
The needs of life can change every time. If previously digibank Friends needed a lot of money to fulfill basic needs, it could be that this month it decreased but there were other needs that increased.
Therefore, do regular planning to find out which budgets can be reduced and which budgets need additions. The results of this evaluation can be a benchmark for what you should do so that all needs are still met. Budget planning can be done once a month or as needed.
3. Record Expenses Routinely
A mistake that is often made in managing finances is not taking notes. As a result, the negative impact is that digibank Friends do not know which posts spend a lot of money and which expenses can actually be minimized.
Make regular and detailed records, regardless of the amount of expenditure. Not a few people make the mistake of underestimating small expenses, even though when added up it turns out to be quite large.
Not only making notes, you also need to evaluate based on these records, which expenses in the following month can be reduced or eliminated.
The function of expenditure records as a sign in utilizing income, because it needs to be an evaluation material so that in the future it can be wiser in using the income.
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4. Set aside Savings at the Beginning of the Month
Many people make a mistake in saving habits, which is waiting for the remaining funds, when in reality there is never any because it is always spent. In order to have savings, set aside money at a young date or after earning income so that there is no reason not to save.
Consider spending on savings as an obligation that must be fulfilled immediately after receiving income. It's a good idea to have a budget with a certain amount for savings, for example 10% of all income each month.
5. Buy Monthly Groceries at Wholesale
Wholesale shopping can be one way to save money because it is cheaper. In this case, digibank Friends can make a list of items that must be purchased and the amount, then look for information on which stores sell these items at lower prices.
However, when shopping wholesale, do not let your guard down and overdo it in buying goods because it will make expenses swell. Make sure the items purchased wholesale are really needed.
6. Be Selective in Shopping
Different stores may sell the same item with a decent price difference. That's why it's important to keep updated on shopping prices so you can get quality products at more affordable prices.
Some items that have the same functions and benefits may also have different prices. In order to get the most out of an item at the lowest price, you can consider which type you should buy. Also, consider taking advantage of various promos that can reduce your shopping expenses.
7. Avoid Impulse Buying
Avoiding impulsivity is important because impulsive decisions tend to be based on emotions and momentary desires, without considering the long-term consequences. When we are too impulsive in spending money or making important decisions, we are prone to regret or financial difficulties in the future. By maintaining self-control and avoiding impulsive actions, we can make better decisions, prioritize long-term needs and goals, and build greater financial stability.
8. Learn to Have Passive Income
Nowadays, the opportunity to earn passive income is increasingly available because there are many jobs that can be done flexibly. You can utilize your time and skills to make money.
Passive income can be obtained by maximizing existing assets, such as investing funds, renting out property and others. This is a way to get additional income without having to interfere with your main job.
To find ways to earn passive income, you need to look at your potential, abilities and opportunities. You can use the internet to make a lot of money passively because it is easier and there are many choices of ways that can be done.
In order to save money on shopping is actually quite easy and simple. As a first step, digibank Friends need to have an account as a place to save the money that has been set aside so that it is not used for shopping for items that are not really needed.
Use Tabungan Maxi from digibank by DBS to help you manage your finances by providing high interest savings and 20 Dompet Maxi that can be used to organize your budget or money allocation to be more organized according to your needs. You can also change the name as you wish so that it is more personalized and according to your financial goals. For example, a wallet for Monthly Shopping, Traveling, or Emergency Fund.
Opening a digibank by DBS account is very easy as the entire process is 100% digital, only need to verify your face with the face biometric feature, take a selfie from your smartphone, and prepare your e-KTP. There is also free transfer without quota by utilizing the BI-Fast feature, so that the allocation of unused transfer fees can be used for other needs.
Let's open a savings account at digibank by DBS! Download the digibank by DBS app now. Click here for more details!
