Smart Tips to Successfully Manage Your Finances

27 March 2022

Financial management that is effective has a significant impact on your finances. You will be able to budget more effectively for day-to-day expenses, savings, and investments as a result of it. Smart financial management can also help you control your consumptive behavior. People who are not good with money usually feel their finances are in a state of flux.

To avoid this, follow these three basic financial management tips:

1. Understanding the difference between wants and needs

It's critical to understand the difference between wants and necessities. This prevents you from overspending on a product or service. For example, your goal may be for a luxurious home, yet all you really need is a place to live. So, if you can differentiate between wants and needs, it will be easier for you to obtain or purchase the items you desire.

2. Making a financial plan

Make a budget strategy for the short and long term. Making a financial plan will help you see what you want to do more clearly. Allocate your earnings across a variety of expenses, such as transportation, food, entertainment, and investment. That way, you will be able to keep track of your expenses more easily and stick to your budget.

3. Learn to save money

In any case, you should get into the habit of saving money. If you are a consumptive person, you must learn to resist from purchasing things. Direct the money to be saved every month by using multiple savings accounts for each interest.

Maybank U Savings Account enables you to learn to save in a more enjoyable manner.  Maybank U Savings Account debit card comes with a number of features, including Smart Savings, Smart Spending, and QR Cardless Withdraw. Learn more about Maybank U Savings Account  here.

By saving at U by Maybank Savings, you may take advantage of exclusive benefits from U/U iB Savings, such as great discounts at a variety of preferred stores. So don't worry, you can still eat your favorite foods and save money! Saving in a U/U iB savings account will be a fascinating experience for you. Find out more offers from U by Maybank Partners  here.

The financial management strategies above can be applied in real life to help you keep your finances under control. Choose Maybank Indonesia as a reliable bank for your financial management.

You can open an account online using the M2U ID App or the M2U ID Web. M2U ID allows you to conduct banking transactions from anywhere at any time. All transaction demands can be met with just one application.