Getting Out In The Real World
So you’ve finished your higher education and you are ready to enter the job market. But getting a job that you want may take awhile, so start by doing financial math to determine how much money you need to survive after college.
Once you land your first job, you need to ensure that you have a reliable financial planning and system so that you can exercise control over your money. Now is the time to set up a good budget and to begin tracking your spending. It is a lot easier to make the changes now before bad money habits settle in.
Start by opening up a saving account. You should aim to allocate 10 to 15 percent of your income every month for saving. Developing a strong saving habit early helps you start off on the right foot.
As you might be occupied with your new job, you want an account that gives you the convenience of digital banking. With Danamon Electronic Banking you can pay all your bills online and conduct other transaction over the Internet, ATM or cellular phone.
Of course you deserve to enjoy the fruits of your labor. To support your social life, get a Danamon Credit Card, you can even show your pride and support for your soccer team with one of the English Premier League Cards.
Now that you’re somewhat settled, you can make use of other banking facilities. For example, sending money home to your parents or family can be done the fastest way through Danamon Western Union. Or you may call Danamon’s 24-hour customer response line for other services.
Retirement should be a time to look forward to instead of dread, and the only way to enjoy it is by planning it well in advance. While still many years away, figure out the lifestyle you want as a retired person and make your plan accordingly. If you want to travel a lot, for example, you’ll need to make sure you save enough.
Aside from Danamon savings products, you can explore other options of investment including the innovative insurance-linked investment products, Bancassurance. Danamon RencanaKu Syariah Pensiun is another investment product worth exploring. Remember not to put all your eggs in one basket, allocate retirement investment money to a mixture of stocks, advanced investment products like bonds and cash. And don’t touch the money you’re saving!
A few years before your planned retirement, begin the preparation and transition towards the time. Pay off major debts such as home mortgages and car loans, and make sure that expensive electrical are replaced, and your house repaired before retirement.
Check with the employee benefits department six months to a year before retirement to see how your health insurance will change once you're not a member of the company. You may have to look around for new or additional Insurance for yourself.
Most importantly, check what your income sources will be after retirement whether from your company’s own pension plan or/and your own personal savings. Make a budget to suit this approaching financial situation, taking into consideration new expenses such as your new medical insurance. Improve your money managing skills and cut impulsive spending, then take your time to ease into retirement over several years.
Starting a Business
Many people dream of having an independent way of earning a living by running their own business, but only a few actually go through with it. Starting a business needs careful planning and backup plans, or it will never take off.
Firstly, save up as much money as possible long before starting. It often take months or years before a business start making a profit, so you need to stay safe financially before the cash starts rolling in. For savings account with competitive rates and convenience in transaction, take a pick of one of various Danamon savings or deposits accounts.
You should be able to identify how your business is going to make a substantial profit. Know your costs and understand your profit numbers to create a breaking-even analysis. Get financing for your start-up costs or for expansion or short-term loan for trading activities with Danamon loan products.
For your banking and transacting convenience, open a Danamon savings or current accounts that offers competitive rates and the right financial solution and get connected to Danamon Electronic Banking to conduct all transactions on the Internet, ATM or cellular phone.
As your business runs, make your money work for you in various Danamon investment products, including some of the advanced products to give you the best return on your investment. Manage your daily business expenses with Danamon Credit Cards including American Express Charge Card, which offers the convenience of dual billing currency and no spending limit.
Lastly, always protect your business from the unexpected with Danamon Insurance, which includes motor vehicle, fire insurance, heavy equipment to money insurance.
Starting a Family
Every family should have a definite financial plan with a realistic budget, especially as the family grows. By allocating average monthly expenditures and savings you can track down your spending and prepare for your children’s future.
First, establish a short-term goal - such as saving for family vacation – or long-term goal - such as establishing a college fund – in your family budget. Divide the budget into important basic blocks: housing, transportation, groceries, clothing and household items, medical, childcare, education savings, emergency savings and retirement savings.
This may be the time for you to buy or build your first home, or renovate your existing home to make some space for the kids. Finding the right home loan that offers competitive rate, as well convenient process, flexibility and swift approval will make a lot of difference in achieving this goal.
You may also need a larger, safer or more reliable vehicle. Take advantage of Danamon’s Automotive Financing. Make sure that your vehicle is insured with Adira Insurance to anticipate unwanted suprises, and get connected with Autocillin Care customer response center for information on the car.
When you have children, you know the importance of being insured in the events of the unexpected. With Danamon Insurance products, you get to protect your loved ones while getting returns on your investment.
Ensuring that your children have the best education is the single most important investment for your family. Start saving up with Danamon savings account including Tabungan Pendidikan Danamon, which combines savings with life insurance. You can pay your insurance monthly policy with ease or book your family holiday with Danamon credit cards.
Finally, simplify your financial needs and errands by banking with a reliable institution with widespread network. For your convenience, Danamon network of branches and Electronic Banking will make sure your time banking will be well spent.
Syariah banking refers to a system of banking or banking activity that is consistent with the principles of the Islamic law and its practical application through the development of Islamic economics. It’s a growing trend all over the world as well as here in Indonesia.
Syariah products and services are offered based on the Mudharabah (profit sharing) or Wadiah (safekeeping) schemes, providing an alternative banking solution which eliminates speculative activities in financial transactions. Syariah banking can benefit everyone without exception, regardless of a person’s faith.
At Danamon, you can find a range of innovative products and services to meet your banking and financial needs according to the Syariah principles.
Save your money in Danamon Syariah Savings and Deposits account. For shopping and other transacting needs, you can use the Dirham Card, the first Syariah-based card in Indonesia that has the functions of a conventional credit card with zero interest rates. Through the Goodwill Investment, you can spend 10-percent of the card limit or use it for alms or zakat.
You can also invest your money through the Syariah mutual funds and retirement funds, which invest in Syariah equity instruments.
And, last but not least, you can prepare for the retirement life you’ve always wanted with the pension fund, RencanaKu Syariah Pensiun (Allianz).
Planning a Wedding
Whatever the style or budget, your wedding day should be a special day. However, preparing for a wedding day can be overwhelming if you’re not well prepared for it.
Setting a budget for your wedding from the very beginning will make it easier to plan an event that is within your means, otherwise it is easy to overspend. When budgeting, keep in mind what sort of wedding ceremony and receptions you want to have. Are you going to have a massive standing buffet reception with over 1,000 guests, or a more intimate banquet with handful of your really closest family and friends?
To establish a budget, first figure out who is paying for what. Will either set of parents be pitching in, or will you and your future spouse contribute or even pay for the entire wedding? Then come up with the amount that is realistic based on everyone's contributions, factoring in other costs such as engagement ring and honeymoon.
The good thing is that most weddings are planned a few months or sometimes a year in advance. This will give you - or whoever foots the bill - time to prepare yourself financially. Even before you set the date, you should already start saving. If you come up short with your budget, Danamon Multi-Purpose Loans will provide you with short-term loan facilities that can be paid in installments.
A lot of things can be purchased by credit now, from your wedding dress to the flight tickets and accommodation for your honeymoon. Use Danamon Credit Card to help you plan the perfect wedding. Keep in mind, however, that you should only buy what you can afford. You do not want to start off your marriage by accumulating a lot of wedding debt that you will be paying on for years to come.