Lompat ke konten Lompat ke sidebar Lompat ke footer

Widget Atas Posting

How to save IDR 50 million in a year to make it happen fast

How to save IDR 50 million in a year to make it happen fast


Is there a way to save IDR 50 million in a year? Can it be realized? Maybe you've thought so. The answer is yes. Anything you want can definitely be achieved if you have the will to make it happen, including realizing savings in that amount.

While it's still early in the year, let's install a strategy to achieve that target and be disciplined from now on. With discipline, even though your salary is tight, you can still set aside little by little your income to save. How to save IDR 50 million in a year?

How to Save IDR 50 Million in a Year

1. Control consumer spending

Keep in mind, one of the barriers to saving is a consumptive lifestyle that makes a person trapped in debt. So, every year a person must allocate part of his income to pay off consumer debt.

The main strategy that you must employ in the early stages is to control consumer spending desires. In general, there is a simple formula for saving, namely the 80-20 formula introduced by business management expert Joseph M Juran. In the 80-20 formula, 80% of the effect is due to 20% of the causes. In plain language:

• Allocate 20% of net income to savings.

• Meanwhile, the remaining 80% can be allocated to meet needs. Don't spend more than 80 percent of your income on whims or fun. If this happens, you have to go back and get ready to dig the hole to cover the hole again, aka debt.

2. Develop a saving strategy

Then, what strategies can be used to save IDR 50 million in a year? Think of it as part of your financial goals and ambitions that you want to achieve this year.

• Make a detailed breakdown

The way to save IDR 50 million within the next year is to compile details related to monthly income figures, routine expenses, and allocations for savings or investment or insurance. Apply the 80-20 principle if you've never worked out this kind of allocation before.

For example, your monthly salary is IDR 8 million, with an additional income of around IDR 2 million. Allocate a minimum of IDR 2 million for savings or investment or insurance. Bigger, better. The important thing, do not get less than that number.

• Check other expenses that can be reduced

For example, reduce the hanging out budget by Rp. 1 million. Thus, the allocation for savings and investment could increase to Rp. 3 million.

• Keep commitments

Once you've worked out your allocation, try to commit to not messing with the numbers. Still using the example above, try to meet IDR 3 million for savings, investments, and insurance. Don't mess with the numbers. If you can maintain it in the next year, your savings will reach IDR 36 million, right? Then, how can you add the remaining Rp. 14 million? You can follow the next step.

• Find extra income

Currently, there are many opportunities to find additional income without a lot of capital. With a note, you want to try it. Here are some examples of efforts to find additional income with minimal or even no capital:

- Make a garage sale

Sell ​​clothes, shoes, or other things you've been buying impulsively through a garage sale. If these items are sold and make a million or two million Rupiah, it's not bad right?

- Become a reseller

So resellers, aka resellers, can also bring in a hefty additional income. You just need to be keen to market the product. For example, by becoming a clothing reseller, you can make a profit of IDR 10,000 or IDR 20,000 per piece. If a month you can sell 30 pieces of clothes, you can get a minimum income of IDR 300,000 in a month or IDR 3.6 million in a year.

• Develop investment funds

Another way, you develop funds in investment products such as stocks, mutual funds, bonds, or insurance as well as investment (unit link). Please calculate how much profit in the next year you can get by placing funds on these investment products. This advantage does not have to be taken in the next year. However, you can record it in the details of the money you have saved this year.

3. Use a method that can help you

After implementing various strategies on how to save IDR 50 million in a year above, don't forget the methods that can help you save.

The goal is that the plans and strategies that have been implemented do not fail.

What are the methods? Here are some of them:

• Save money automatic savings

Automatically save your savings through the monthly payroll auto-debit method to a savings account.

• Use a budgeting app

Today, there are many budgeting applications that can help you allocate your income to certain posts, including savings. This application is usually linked to your account. So, when you receive a salary or there is an incoming flow of funds, you can activate a notification to divert some of these funds to a savings post.

• Don't be easily tempted

Keep in mind your goal of saving so that you are not tempted to take the money that is in a savings account. Once tempted, you will keep doing it. From the 80% allocation of income, you can set aside some more funds for an emergency fund. If at any time you face an urgent need, you can close it from the emergency fund allocation. So, don't mess with the funds in your savings account, OK!

Hope this helps and happy saving!