How to Save Money with a 20000 Rupiah Note – Are you still wasting your money? Saving can be one of the solutions to this problem! Saving is an important habit to maintain your financial health. By saving, you can have a safety net to avoid financial difficulties.
Of course, you can start saving with any nominal amount of money. If my allowance is only 20 thousand rupiah, can I still keep or not? Of course, you can! Are you curious? This time, the Whiz Money Management App will give tips for saving money with 20,000 rupiah pocket money. Let's see!
Read also: How to Manage High School Children's Finances, Let's take Notes!
How to Save Money with a 20000 Rupiah Note
1. Set Saving Goals
Before saving, you must determine the purpose of saving. What for? So that you are motivated to consistently save money.
As a student, of course, you have needs and wants. You may want to buy clothes, bags, or school supplies. Well, those things can be your goals for saving, of course. Whatever your wants and needs are, you can make that an encouragement to be diligent in saving.
2. Determine the Nominal to be Saved
As already explained, you can do saving with any nominal amount of money. In fact, with an allowance of IDR 20,000, you can still save. Therefore, from your allowance, of Rp. 20,000, calculate the money you need everyday.
For example, you need IDR 5,000 for school transportation and IDR 10,000 for meals at school. So, you have IDR 5,000 left to save for your savings. However, you still have to adjust this nominal according to your needs, OK, because everyone has different needs.
Thus, as long as you can still meet your daily needs, such as food, transportation money, and others, you can allocate some of the money for savings.
3. Avoid Unnecessary Expenses
Saving is challenging for those of you who often hang out and travel. Activities like that are okay to do as long as it's not too frequent because your pocket money might run out quickly.
Therefore, you should reduce expenses that are not important. That doesn't mean you can't have fun, okay? You can hang out or have fun at your or your friend's house. You can reduce spending on pocket money by being there because there are already needs and entertainment available.
4. Bring Your Own Food from Home
Apart from reducing activities such as hanging out, snacking, and going on vacations, you can also reduce eating outside. As a result, you will have a lot of pocket money left.
You can have breakfast at home and bring your lunch when you travel. This, of course, can reduce your expenses! In addition to saving, you will also keep the cleanliness and nutrition of food.
By bringing your food from home, your IDR 10,000 can be set aside for savings or used for your other needs. Indeed, bringing food from home sounds like a simple tip, but who would have thought this would significantly impact your finances?
5. Think Carefully before Spending Money
Usually, people spend money without a second thought. Because it happens when someone wants to buy that one thing or item.
Apart from that, sometimes we will also rationalize what we are going to buy, such as, "Ah, that's okay, I need a new pencil case even though it's expensive" or "It's okay, I want to buy this, I still have some money left."
However, what you have to ask yourself is, "Is this price reasonable?", "Do I really need it?" or "Should I save this money first so I can buy something of a higher quality?" etc.
These questions can make you more confident about the decision you'll make according to your needs and financial conditions. This does not mean being too harsh on yourself when spending money but instead will teach us to learn more about financial literacy.
Apart from thinking carefully before spending money, you can also learn about financial literacy to manage your finances through the Whiz App. By using Whiz, you can immediately practice good ways to manage money through the various features in it.
6. Create a Separate Account for Your Savings
You've saved money, but also often take it for snacks? Try to set up a separate savings account. That way, your savings won't be disturbed.
Make sure you have started to separate accounts for spending and saving. Not only to prepare savings but you can also use it for an emergency fund. So, you don't need to worry anymore if you need unexpected expenses.
7. Collecting and Saving Change
Change may seem like something small. However, if you collect it, the money will eventually be a lot!
For example, you can use the change after shopping at the supermarket for your savings. You can save all of that money at one time or you can also collect money for several days and then save it.
8. Prioritizing Important Needs
If we have money, sometimes we want to buy many things immediately. Everything in sight wants to be bought. However, you need to know which items are really needed. The reason is we often indulge in desires rather than buying needs.
Prioritizing needs can also make your allowance not just instantly run out. Because, you can spend money in the right proportion according to your needs. So, the rest of the money can be put in your savings.
9. Compare Prices If You Want to Shop
When shopping, it is also important for you to compare the prices of several stores. The reason is, the difference of a few rupiahs can also have an impact on your finances. You can use the difference in a few rupiahs to save.
For example, you want to buy school supplies at a shop near your school. It would be nice, if it's not urgent, you can compare with stores online which usually sell goods at a lower price.
So, here are some tips for saving with your allowance, of 20,000 rupiah. Saving should be made into a habit. Even if you don't want or need anything at the present time
Saving can also be a good motivation for you. In fact, saving can also be the start of learning financial literacy. So, you can manage your allowance well. Now, everything will be more practical to learn through the Whiz App.
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Article Update on Jan 18, 2022 by Farrosa Aini