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Celebrating Indonesia Independence Day, Are You Financially Independent?

Dec 04, 2020
4 Minutes

17th of August is commemorated as Indonesia Independence Day. Nationally, independence means free from the control of colonizers. However, as an Indonesian citizen, how can you celebrate Indonesia Independence Day this year? Let’s start from within ourselves by liberating your finances. 

Most financial planners suggest that ideally someone can be declared “financially independent” when they have fulfilled their pension fund, health and life insurance, as well as their children’s education fund. In order to achieve all three of those, it takes a great amount of time and effort. Fortunately, here are several habits that will help you achieve financial independence.

Have More than One Source of Income
To be financially independent in the nick of time, you shouldn’t rely on only one source of income. For those who currently have a steady job or employed as an office worker, it’s better to find an additional source of income or applying for side jobs.

See this as an opportunity to develop your passion, but with profits. For example, you are working as part of a finance team in one company. On the other hand, you have passion in photography and have routinely honed your photography skills. As a side job, you can offer photography services like pre-wedding photoshoots, product, or food photography. Do this side job outside your working hours.

Make a Structured Budget Plan
“I’ve just received my paycheck, but why does it feel like I have no money left in my account and wallet?”

Have you experienced this dilemma before? It’s most probably because you don’t have a structured budget plan. A budget plan can help you fully understand and control your personal finances. As a result, you can optimize every single cent of your income for necessary expenses. With it, financial independence will be at the palm of your hand!

For each month, try to create an income and expenditure table. Note every kind of expense and plan your expenditures accordingly. Write down unplanned expenses as well. At the end of the month, do reviews of that budget plan. From here, you get to see which expenditure is the most money-consuming. You can also analyze whether that expenditure is necessary or not. Otherwise, allocate the money to other more important expenditures, like the emergency fund for example.

Have Multiple Savings Accounts
As you have more income thanks to your side job, the amount of money that you need to save in your savings account must be increased as well. That’s why you are advised to have multiple savings accounts based on your financial goals. For example, separate your account for emergency fund with the account for your pension fund. Then, differentiate the savings account for your family vacation with the account for your children’s education funds.

Savings accounts don’t always have to be conventional bank accounts. You can also allocate your savings to time deposits or investments like mutual funds and obligations. 

Differentiate Between Needs and Wants
The budget plan that you have tirelessly made will serve no purpose if you don’t abide by it. More often than not, your expenses keep increasing because you always do impulse purchases. In that case, you need to be able to differentiate between what you need and what you want. This happens when you least expect it, usually as you are hanging out with friends, walking around shopping malls, or browsing the internet.

When it happens, don’t rush yourself to the cashier and immediately pay for the items. Try to calm yourself down and let it sit for a moment. If you are in a mall, try to take a walk and visit other places. The same goes for online shopping, distracts your attention by watching YouTube videos or many other things. After a couple of hours, think again, do you really need that item or is it just an impulse buy?

Make these habits, so you can finally be financially independent. Light up your independence spirit to motivate yourself. Don’t forget to stay committed and consistent. Use the many banking products from PermataBank to help you reach financial independence. Start from a savings account, investment, and banking solutions for your business. You can use PermataMobile X, a mobile banking app, to help you manage your accounts, for daily transactions and other banking services. 

Let’s start now! Merdeka!

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