Saving and investing are important aspects you should prepare for in 2024. Especially if you have a goal to improve financial stability and secure the future while increasing your asset value to continue growing.
Let's Start Managing Your Finances to Save and Invest
The key to continuing to save and increase investment assets is proper financial management. Here are things you can implement to make financial management smarter, so you have more funds to save and invest.
Minimize Consumptive Expenses
Firstly, try to improve your spending patterns that are consumptive in nature. Consumptive expenses will only make you more extravagant, especially if these expenses don't actually meet your needs. Try making a list of which expenses you can cut down on this year.
Separate which consumptive expenses are not very important and which expenses still need to be made. If you can minimize consumptive expenses, then you can start allocating the funds for saving and investing.
Allocate Funds to Multiple Savings Accounts
Increasing the value of savings can be done by allocating funds to several types of accounts. This strategy is quite effective to implement because you have several positions when saving. You can try using a Dompet Maxi that can help you make more organized savings and budget allocations to 20 wallets that you can personalize, such as wallets for traveling, education, skincare needs, to home renovations.
This method may seem simple, but it's actually quite effective in increasing the value of the funds you have saved. Additionally, you can also stay more on track with the amount of savings in each wallet for different purposes.
Set Up an Emergency Fund Separately
An emergency fund should be a priority because we always need to be prepared for any possibility. However, most importantly, understand the difference between savings and emergency funds.
The money you save will be kept to reach specific goals. Meanwhile, an emergency fund is a specific fund that will only be used in emergency situations. They are different, so don't keep them in the same place.
If previously you stored emergency funds by saving them in the same account, let's start separating them from now on. Because if you keep them together, it will be harder to separate your needs and increase your asset value in the future.
Manage Debt Wisely
The opportunity to borrow in modern times like now is very large. There are many types of loan products offered by banks. Even the requirements for loan applications and processes are becoming easier.
Loans or debts can be a tool to manage cash flow and boost your finances in the future if used wisely. Know the amount of debt you can afford to take and repay along with its term. Also, make sure the repayment goes smoothly to keep your credit score good.
Make Investment a Priority
In 2024, the DBS Group Research team projects an average economic growth of 5%. This is closely related to the end of the high interest rate era, stable economic growth, and post-election economic momentum, making it a positive sentiment for the Indonesian capital market.
Of course, this moment presents a great opportunity to start increasing your assets through investing. Make sure you choose the right instruments and remain consistent so that your future financial goals can be achieved.
There are 120+ investment product options in the digibank application. To help you get recommendations according to your financial goals, you can try the Goal-culator feature. You will receive investment product recommendations based on the amount and time frame you need according to your financial goals.
If you want to ask more about financial plans and investments to be more profitable, don't hesitate to ask the digibank Advisor.
Increase Your Income Source
Who doesn't want their income to increase? Moreover, with increased income, you can collect even more savings. To increase your income, there are many opportunities you can take advantage of, such as finding additional work through side businesses or freelancing according to your skills. In this digital era, there are many platforms you can utilize, such as becoming a content creator or reviewer on social media.
Getting additional income doesn't always come from extra jobs. The money you invest can also 'work' for you, meaning the profit value from your investments can also be your additional income, which you can save or reinvest.
Review Your Finances
Always remember to review your finances regularly. This is essential even in personal finance. You should assess whether your spending habits and strategies are effective or not.
Through this financial evaluation, you can determine whether your cash flow is well-managed. You can also find out whether the allocation of funds for saving and investing has increased or is still stagnant. If your savings and investment targets are not yet met, you can make adjustments promptly.
To achieve your financial resolutions for 2024 and increase your savings and investments, you can utilize the digibank by DBS app. There's the Tabungan Maxi product with 3% annual interest that you can use for saving, and you can allocate your savings to 20 Maxi Wallets. Additionally, there's also a deposit option with 5% annual interest, with tenors ranging from 1 to 12 months, and over 120 investment product options ranging from Mutual Funds to Bonds.
Opening an account with digibank by DBS is easy because the entire process is 100% digital. Verification using the face biometric feature is as simple as taking a selfie with your e-KTP, which can be done from your regular smartphone.
So, what are you waiting for? Open a savings account with digibank by DBS now. Make use of various features to achieve your financial resolutions for 2024. Click here if you want to access more detailed information.
