Most people use their bank accounts solely to receive their salary, and often, that money runs out quickly. Regardless of the situation, you can save—ensuring you have money left by the end aof the month and still reap the benefits.

Uncontrollable shopping habits, living beyond one's means, overspending, lack of financial goals, and laziness are some of the common reasons people struggle to save money. Even though there are many savings platforms available, both offline and online, and saving has become easier thanks to features like mobile banking, cardless withdrawals, and competitive interest rates, many still find it challenging to save.

Today, with the presence of digital banking services, you can open an account and start saving directly through an app—no need to visit a physical branch.
It should be easier, right?

Read:6 Reasons Why You Should Have a NOW Savings Account — Daily Interest Payments!

How to Save Effectively to Reach 100 Million Rupiah in a Year

Generally, people who save have specific goals in mind. To achieve these goals, it’s important to understand the steps required and stay focused on the process.

For example, if your dream is to travel around Europe with your family, you’ll need to save to make it happen. Start by determining the cost of the trip. Let’s say it’s IDR 100 million. Based on that target amount, set a time frame to save it. If you choose one year, then you need a strategy to save IDR 100 million within that year.

Traveling through Europe is just one example of a goal. You may have goals like renovating a house, starting a business, or getting married. Whatever the goal, here are some effective saving strategies to help you reach IDR 100 million in a year:

Do Detailed Calculations

To reach a savings target of IDR 100 million in one year, you need to break it down into manageable monthly targets. Divide IDR 100 million by 12 months, and you'll need to save about IDR 8.4 million per month.

Next, evaluate your sources of income in detail. Consider whether your monthly salary—after covering essential expenses—is enough to meet this saving goal. If what’s left isn’t sufficient, you'll need to look for additional sources of income or reduce costs to bridge the gap.

This could include taking on freelance work, cutting discretionary spending, or investing in a profitable side hustle. The key is to create a realistic, actionable financial plan that ensures you consistently meet your monthly savings target.

Reduce Your Expenses

Identify and reduce unnecessary spending to boost your savings. Here are a few practical strategies:

Limit dining out and social activities
If you usually hang out twice a week and spend around IDR 400,000 each time on food and drinks, try reducing it to once a week. This change could save you IDR 800,000 a month.

Bring lunch from home
Instead of spending around IDR 1 million a month on buying lunch, prepare your own meals. This can potentially save you up to half of your monthly lunch budget. With adjustments like this, you can significantly increase your savings without drastically changing your lifestyle.

Take on Side Jobs

If you’ve already reduced your spending but still can’t hit your savings goal, it’s time to find additional income streams. Consider taking on a side hustle to supplement your main income.

You can become an online writer, open an online shop, work as a dropshipper, or pursue other part-time gigs that generate extra income. IDR 8.4 million per month is no small amount—so be resourceful and seek opportunities to make extra money.

Read: How to Save Properly to Realize Your Dreams with Neo Wish

Sell Unused Items

Turn unused but still functional items into cash by holding a garage sale. Instead of letting them gather dust at home, take advantage of items that still have good resale value. There’s a growing market for second-hand goods, so don’t hesitate to sell them. Just take the first step—you’ll likely find eager buyers.

Use Manual Saving Charts or Auto-Debit Features

Get creative by making a savings chart that looks like a bingo board. Write various amounts of money in the chart. When you save—for example, allocating IDR 100,000 per day—just mark the matching number in the chart. This approach offers a fun and engaging way to increase savings.

If that sounds like too much effort, try using the auto-debit feature that automatically transfers money from your main account to your savings. That way, you don’t have to do it manually.

Find a Bank with Competitive Interest Rates

Banks usually offer different annual interest rates for savings. Some banks offer savings products with above-average interest rates—giving you better returns. For example, NOW Savings from Bank Neo Commerce via the neobank app offers daily interest payouts and a higher-than-average rate.

Don’t Rely on a Single Saving Instrument

In addition to regular savings, you can also keep your money in investment instruments that offer higher returns than ordinary savings. One option is a deposit account, which is a low-risk investment. Try WOW Time Deposits in the neobank app, which come with multiple benefits.

Saving IDR 100 million in a year takes patience, consistency, and hard work. But as the old saying goes, “No pain, no gain.” Keep going—you’ve got this!

Download the neobank and open a NOW Savings or WOW Time Deposit to start making your dreams come true!

Download neobank on PlayStore or App Store now!

For complete information and terms & conditions regarding neobank products, click the following links:

- NOW Savings: https://bit.ly/EdNOW

- WOW Time Deposit: https://bit.ly/EdWebDepositoWOW

If you want to try neobank products, click the links below:

- NOW Savings: https://bit.ly/EdNabungNOW

- WOW Time Deposit: https://bit.ly/DepositoWOWEdu

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PT Bank Neo Commerce Tbk is licensed and supervised by the Indonesia Financial Service Authority (OJK) and Bank Indonesia (BI), and an insured member of Deposit Insurance Corporation (LPS).