To Be Financially Stable

To Be Financially Stable

To Be Financially Stable. That afternoon, Vani (27) was made dizzy because of her work deadline.

The usually cheerful face now looks disheveled and lackluster.

However, that disheveled face suddenly turned radiant when he saw the internet banking notification on his smartphone.

Apparently the woman who worked as a feature writer in a magazine in Jakarta had just received her monthly salary.

Vani told me, usually almost half of the salary of around Rp 6 million every month he used to meet their daily needs.

To Be Financially Stable

“First, it is used for primary needs, such as boarding fees, credit card installments, electricity, food, drinking coffee, credit fees, transportation costs, as well as shopping for monthly needs,” he said, Sunday (6/10/2019).

About shopping for makeup, clothes, skincare, hangouts with friends, to watching movies and idol concerts.

Vani usually allocates 20 percent of her salary.

Firdha (25), also has a similar story. He said, nearly 50 percent of his income a month was spent meeting daily needs.

“Usually money runs out for food, transportation, buying makeup, traveling, and buying collections that are more likely to be purchased,” said the woman from Bandung.

Not much different, Mico (28) revealed, from his salary which ranges from Rp 4.5-5 million per month as content marketing.

30-40 percent is used for routine needs.

“For culinary, watching movies in theaters, internet costs, transportation, and the need for sports,” he said, Monday (10/08/2019).

Apparently many other millennial generations have the same fate as these three people.

The study titled Indonesia Millennial Report 2019 revealed, 51.1 percent of millennial generation income was spent.
On meeting monthly routine needs, including entertainment, debt repayments, investments, to internet subscription fees.

For saving matters, according to the research, the average generation born between 1980-1997 set aside 10.7 percent of total income to savings.

For example, Vani who set aside 15-20 percent of her income to save.

“If I get freelance money, I will save 100 percent,” said this shoulder-length short-haired woman.

Meanwhile, Firdha admitted, after all his needs were met then the rest of the money set aside in savings.

Financial way

“If there is money left over it is worked once a month to save, even though the amount isn’t much. Really try 30 percent, “said Firdha, Saturday (6/10/2019).

Conversely, Mico admitted, now he can set aside half of his income without significant obstacles.

You see, at this time he no longer has the obligation to pay installments every month.

Saving for fun

Interestingly, not only saved in the long run, but millennial also saves to be spent again.

For example, for entertainment, vacations, or hobbies.

Vani also admitted that. Not infrequently he must reach into his savings to meet the idol who suddenly held a concert in Jakarta.

“Sometimes suddenly the idol star I like comes to concerts. Usually, the ticket sales are very fast after the announcement.

So, I use savings to buy tickets, “said Vani.

Both K-Pop fans, Firdha also often use her savings for holidays or buy concert tickets and her idol merchandise.

But sometimes, setting aside income for savings isn’t as easy as it seems.

Financial way

There are events that make their savings used.

Firdha, who works as a secretary, confirmed this.

Instead of saving, his income is often used to meet shopping desires that often arise when he is shopping at the mall.

Meanwhile, Vani said, her savings were often used for emergency needs.

Moreover, when he was sick or had the task of reporting out of town or abroad, which required him to use savings for extra money.

Millennial ideal savings

Unfortunately, despite routine savings, 48 ​​percent of millennials claim they do not know the exact amount of their savings.
As expressed by Northwestern Mutual’s 2019 Planning & Progress Study.

In fact, it is important to understand how much savings you have, so millennials can find out whether that amount is ideal.

Yes, by knowing the ideal amount of savings, millennials can have a stable financial condition and can enjoy retirement comfortably.

Now, with the habit of saving like that, what is the ideal value of savings that should be owned by millennials?
To Be Financially Stable

financial way

According to Fidelity Investment, although everyone’s ideal savings is different, there are savings guidelines that everyone can apply.

At the age of 30, at least the amount of millennial savings is equivalent to the total salary for one year.

If in a year it produces Rp. 70 million, then the amount of savings must also be Rp. 70 million.

Entering the age of 35 years, it is better for the amount of savings owned to double or reach double the total salary for one year.

Then, at the age of 40 years, the amount of savings should ideally reach three times the total salary in one year. And so on.

How to save money that can be used also varies, just adapted to the habits and abilities.

To be safer and easier, millennials can utilize various types of savings in the bank.

For example, creating an account that automatically debits funds to be saved per month. To Be Financially Stable.

Launching an article on nabungdibank.id, Monday (09/16/2019), with this savings millennial,.
Need not be afraid to forget to set aside money every month because the funds will immediately be cut off and go into savings.

To Be Financially Stable

If you want to lock down your savings so that they are not used, millennials can choose a term savings account, such as a deposit.

Another option can be to separate savings accounts and accounts that are used daily.

Saving with a bank is safer because the customer’s savings are guaranteed by the Deposit Insurance Corporation (LPS).

This independent institution was also active in maintaining the stability of the banking system in accordance with its authority.

Guaranteed forms of savings, namely savings, time deposits, current accounts, certificates of deposit, and other equivalent forms.

The LPS can guarantee bank customer deposits with a maximum value of Rp 2 billion.

In addition, LPS also shared information about tips about the world of finance and banking through the website www.nabungdibank.id.

By knowing the ideal amount of savings and how to save money effectively, it is hoped that millennials can have a better financial future.

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