11 Personal Finance Tips to Help You Save More!

How exactly do you manage your personal finances? That question has probably crossed your mind more than once. As we grow older, our expenses tend to increase too. That’s why it’s important to be smart about managing our money.

Personal Finance Tips from Transfez

Still struggling with this, especially if you’re a millennial? Don’t worry! Transfez has some simple tips on how to manage your personal finances so you can save more and start building your savings. Check them out and start applying them today!

1. Divide and Separate Your Finances

The first step is to divide and separate your net income. You can do this by creating a personal monthly budget. Use a notebook, your phone’s notes app, or a financial planner app. Allocate specific amounts for savings, giving to parents, transportation, monthly groceries, donations, emergency funds, and more.

2. Track Your Income and Expenses

Always keep track of your income and expenses. This will help you stay disciplined in sticking to your budget. Record your expenses daily, while your income can be recorded weekly, monthly, or whenever you receive extra income.

3. Open a Separate Savings Account

Create a dedicated savings account to avoid the temptation of spending the money you intend to save. Choose an account with low or no admin fees so your savings aren’t eaten up by charges. And if possible, don’t carry the ATM card for this account in your everyday wallet.

See Video on How to Easily Send Money Abroad with Transfez

4. Always Set Aside Savings First

Each time you receive your salary, immediately set aside the amount you’ve budgeted for savings.
This helps you stay consistent in saving the same amount every month and ensures you don’t accidentally spend it on other things.

5. Take Advantage of Promotions

Who doesn’t love a good promo? Before making any purchases or transactions, always check for promotions—either from friends or online—to help cut down your spending.

Speaking of which, if you’re looking for a promo to send money from Indonesia to overseas destinations like Germany, download the Transfez app now and enjoy zero fees on your first transfer!

6. Find Additional Income

Earning extra income is also a smart way to manage your finances. You can start a side hustle or a small business. This extra income gives you more flexibility to save or handle urgent needs, without disturbing your regular monthly budget.

7. Set Financial Goals

Set clear financial goals to keep yourself motivated and disciplined with your budget and savings.
Link your financial goals to your long-term plans. For example, if you plan to pursue a Master’s degree in 3 years, aim to save IDR 1 million per month. Or, if you dream of owning a house in 5–10 years, set a goal of saving IDR 100 million.

8. Know the Difference Between Needs and Wants

Knowing the difference between needs and wants is a powerful way to control your spending.
Needs are essentials that, if unmet, can disrupt your daily life—like groceries, electricity, water bills, etc.

Wants, on the other hand, are non-essential and won’t impact your life if you skip them.
It’s okay to indulge in your wants occasionally as a form of self-reward, but be careful not to overdo it.

9. Eat at Home More Often

Eating at home is an effective way to save money. This means home-cooked meals, not food ordered online and delivered to your house. Reduce eating out or ordering deliveries, which are usually more expensive. If you can’t eat at home, try bringing your own lunch.

10. Save Your Loose Change

It may seem trivial, but saving your loose change can make a difference. Many of us treat small coins or old, worn-out bills as unimportant and end up tossing them aside. But if you collect them over time in a piggy bank or a special container, it can add up. Once you’ve collected enough, you can deposit them into your savings account.

11. Avoid Debt

Nowadays, many apps offer pay-later features that make online shopping easier, but they can also lead you to overspend and pile up debt. Not to mention online loan services (pinjol) that can charge sky-high interest rates, just like loan sharks.

Avoid these, as well as borrowing from friends, banks, or loan sharks. Debt can hold back your savings progress and disrupt your essential budget.

Ready to Apply These Personal Finance Tips?

What are you waiting for? Start applying these tips from Transfez now and see how much you can save!

Want to save even more? Always choose Transfez as your partner for international money transfers. With Transfez, sending money abroad is easier, safer, faster, and more affordable.

Download Transfez App

Transfez App can help you transfer money abroad more quickly and efficiently. Transfez Business can also help your business in making transactions abroad. For those of you who want to send money to relatives who are abroad because they are studying, working, or traveling, Transfez will be ready to help. This app is available on Android as well as iOS.