Ramadan is over and Eid al-Fitr has passed again. However, there are still many things to take care of upon returning home after a trip to your hometown or enjoying the Eid al-Fitr holiday, one of them the monthly expenses. You planned to spend the Eid al-Fitr holiday allowance to celebrate the festivity, but you forgot to set aside some of the money for living expenses after the holiday. As a result, you ended up in a difficult financial situation.
To prevent that from happening in the future, learn about five things you could do to manage your finances after Eid al-Fitr with digibank by DBS.
The first step is to examine your available money. List all the funds you have, but make sure not to disturb your investment fund. Determine your priority and non-priority needs, emergency and non-emergency needs. Make a list and jot down the things you can do to improve your financial health.
The good news is that with the Virtual Assistant Chatbot service supported by artificial intelligence technology on the digibank by DBS application, you can easily make inquiries about services and information, transfers, examine list of bills and transaction history using the chat feature.
Once you finish assessing your financial situation, list the expenses you still have to cover, at least until the next pay day. Use digibank credit card and the Spending Tracker feature in the digibank by DBS application to monitor your spending in real time.
If your monthly cash flow cannot cover all expenses, you may use some of the emergency fund to cover those expenses provided you replace it when you earn additional income so that the amount remains at an ideal level.
Set your spending limit and avoid buying things you don’t need so that you can cut your spending. Create a good spending habit and don’t break it easily.
Engage in important and useful activities to curb the urge for shopping, such as opening a deposit account in digibank by DBS. Investing with digibank by DBS is easy and uncomplicated. Moreover, you can enjoy an attractive interest rate with a minimum initial deposit of Rp1,000,000.
Most people think that saving is setting aside whatever money is leftover after taking care of your daily needs. This mindset must be changed. If "shopping" is a priority, then we will never be able to save money.
The right mindset is the secret to saving. Save first, spend later. Whatever happens, saving should be the main priority after you receive your pay. Spend whatever is left afterward, not the other way round.
Now, there is no reason to say saving money or opening a saving account is hard because with digibank by DBS, you have all banking conveniences in your hand. All you need to do is to download the digibank by DBS application and open a saving account via your smartphone.
Practice makes perfect, as the saying goes. At first, you may have to force yourself, but later you will get used to it. To make it easier to discipline yourself to manage your finances, know yourself better. If you are a type of person who cannot keep a large amount of money, divide it into smaller amounts. Divide your monthly income into 30-day sums so that each amount is smaller. Afterward, you can save money consistently.
DBS is a leading financial services group in Asia with a presence in 18 markets. Headquartered and listed in Singapore, DBS is in the three key Asian axes of growth: Greater China, Southeast Asia and South Asia. The bank's "AA-" and "Aa1" credit ratings are among the highest in the world.
Recognised for its global leadership, DBS has been named “Global Bank of the Year” by The Banker and “Best Bank in the World” by Global Finance. The bank is at the forefront of leveraging digital technology to shape the future of banking, having been named “World’s Best Digital Bank” by Euromoney. In addition, DBS has been accorded the “Safest Bank in Asia” award by Global Finance for ten consecutive years from 2009 to 2018.
DBS provides a full range of services in consumer, SME and corporate banking. As a bank born and bred in Asia, DBS understands the intricacies of doing business in the region’s most dynamic markets. DBS is committed to building lasting relationships with customers, and positively impacting communities through supporting social enterprises, as it banks the Asian way. It has also established a SGD 50 million foundation to strengthen its corporate social responsibility efforts in Singapore and across Asia.
With its extensive network of operations in Asia and emphasis on engaging and empowering its staff, DBS presents exciting career opportunities. The bank acknowledges the passion, commitment and can-do spirit in all of our 27,000 staff, representing over 40 nationalities. For more information, please visit www.dbs.com.