Millennials realize that their future begins with what is done today. Plus, nearly three out of five millennials say that parents are an example that greatly influences how they handle their finances today.
Finance is an important foundation in life, especially for the future. Proper financial management will certainly have a good impact on your life in the future.
But unfortunately the generation of millennials who tend to enjoy life for the time being, most do not really understand about financial preparation for a better future.
Even though over time, there will be many things that need to be realized. So it’s important for young people today to study the right financial arrangements.
The following are some tips for millennials in managing finances and preparing savings for the future:
Have Clear Objectives and Financial Plans
Planned finance will certainly be very good for your financial condition going forward. This is what the millennials must do now. It is important to have clear and detailed goals and financial plans.
The most important thing is that you must determine in advance about the financial goals that you really want to achieve, both in the short and long term. So that later the proportion for your expenses will be right.
Financial Planner Through Fintech
Fintech is also present in the form of a financial planner, who can provide education and understanding of financial products in an integrated manner. Fintech financial planners not only provide connections to various bank accounts so that users can record cashless transactions automatically, but also offer financial settings or auto budgeting services that can help users estimate the ideal budget for each expenditure.
For millennial generations who are used to living in the digital age, technology should help them manage finances, whether to save or get the funds needed.
Prepare a Pension Fund Starting Now
Even though it’s still at a young age, it’s important for you to start preparing for retirement funds from now on. Surely you won’t work for life, right? For that, you will need a pension fund to meet your needs in old age. So it never hurts to start preparing pension funds early on.
Even the earlier you start, the more funds will accumulate in your savings.
Have Savings and Investment
Having savings and investment will greatly guarantee your financial life in the future. Currently there are many types of savings and investments that are provided and can be tailored to the needs of users, such as deposits, time deposits, mutual funds, stocks, and others. An example is MAKSI Savings from Maybank. Savings MAKSI has a free cash withdrawal transaction feature in any ATM network in Indonesia and free real-time transfer fees between Banks using Maybank Internet Banking / App.
With Tabungan MAKSI there is no need to worry about overdrawn savings because of the cost of cash withdrawals at other banks’ ATMs, being subject to transfer transaction fees to other banks / paying routine bills even at Tabsi MAKSI can get free insurance / additional interest up to 5%
The main key to the success of financial education is a large, long-term commitment from all parties, so that people are not trapped solely in consumerism but can make wise financial decisions for future welfare.