Monthly income often increases when there's a performance bonus or other similar incentives. However, spending often exceeds usual levels during special occasions or celebrations. If finances aren't managed well, financial health can be compromised.
The key to managing finances is to readjust spending and the amount of savings used. Check out these tips:
1. Recalculate your financial condition
The first step is to recalculate finances from the beginning. Recalculate your regular income from your monthly salary and other sources. Then, adjust it to the mandatory expenses that must be paid each month. Create a priority scale for expenses and make sure to prioritize important expenses.
2. Set priorities
It might not be the right time to think about replacing your smartphone or laptop if your expenses are high for a particular month. Prioritize essential needs over secondary or tertiary needs. Also, reduce impulsive spending, such as going to the mall, hanging out at cafes, or taking a staycation in the near future.
3. Make financial budget based on categories
If possible, funds that are usually used for impulsive purchases should be saved. Try to return the savings amount to its previous value by increasing deposits. Don't forget about emergency funds. Continue to include regular monthly financial management in this category.
4. Avoid paying fines
Everyone has certain needs that must be paid for each month. For example, monthly bills such as electricity, telephone, mobile phone, internet, insurance, or pay TV. There will be a penalty if payment is late, and this will actually increase spending.
To make it easier to pay monthly bills, use the right solution to make automatic payments each month with BCA Autopay. With this payment system, bills that have been set up will be paid each month, which helps when you forget or are too busy to pay the bills.
Bills will be more organized and can be scheduled according to the due date, thus avoiding penalties if there is a delay. In addition, each scheduled transaction made through BCA Autopay can be seen through the monthly billing statement.
Using BCA Autopay makes transactions more practical because bills are directly debited to your BCA Credit Card. Another advantage is that every transaction using BCA Autopay at cooperating merchants will earn BCA Rewards, check the merchant list here.
Very practical and beneficial, isn't it? Use BCA Autopay now to manage your monthly bill payments more practically.