The term beginning of the month is used to describe the condition when you have just been paid or just received a money transfer. While the end of the month is the time when finances begin to dwindle and try to survive towards the next payday.
The end of the month doesn't have to be a miserable time if you can manage your finances. With the right management, ideally there will be no more terms of the beginning of the month and the end of the month because you still have enough money and have savings. To make the end of the month less stressful, here are some tips:
1. Make a Budget Plan
After you receive your paycheck, immediately divide it into major items or routine expenses. For example, to pay for electricity, transportation, food, and others. Make a detailed plan, and learn to be consistent when using a monthly budget.
2. Make Meal Preparation and Cook It Yourself
Nowadays there are many simple, cheap, and delicious menus that you can follow on social media. Making meal preparation will help you to save more and maximize the food you buy. Make a menu plan for the week, then write down what is needed.
3. Avoid Small but Frequent Expenses
Small but frequent expenses are often considered trivial, such as buying fried food for Rp5,000 every day, paying for parking every time from the minimarket, or admin fees that must be incurred because you have four different accounts. These expenses are difficult to detect and often considered trivial. But when calculated, the total can reach tens of thousands of rupiah and even hundreds of thousands of rupiah per month.
4. Hang Out Frugally
Try to limit hanging out activities that are wasteful. If you usually go to the movies, you can save money by watching Netflix. While you're young, try to find productive activities that can actually make money instead of spending money.
5. Record and Evaluate Expenses Every Month
After going through the tips above, do an evaluation at the end of the month. Do you have any money left to save? How much savings did you manage to make? When you do, it can motivate you to save more the following month. The remaining money you've saved can be put into a savings account (so you're not tempted to take it out) or bought into a mutual fund. The goal is to keep your money growing.
6. Find additional income
Compared to the past, young people today can more easily earn extra money. Advances in technology have opened up more opportunities. Want to become a freelancer? There are now platforms that bring freelancers and clients together. Even playing social media can bring in rupiah if you have the skills and are good at seeing opportunities.
Source : allianz.co.id
<< Back