For many Gen Z workers, entering the workforce means facing a new reality: a paycheck that must be stretched across various expenses, from rent, food, and transportation to taxes. Unfortunately, the high cost of living and tax obligations often make financial management feel even more overwhelming.
A common dilemma is whether to pay for daily necessities or pay taxes on time. However, taxes are an unavoidable obligation. So, how can Gen Z survive without financial stress? Here are some smart strategies!
Understand the Taxes You Need to Pay
One of the reasons taxes feel like a burden is the lack of awareness about what needs to be paid. In Indonesia, common taxes for workers include:
- Income Tax (PPh 21) for full-time employees.
- Income Tax (PPh 23/25) for freelancers or independent workers.
- Value-added tax (PPN) is applied to the purchase of certain goods or services.
Many Gen Z workers do freelancing or side gigs without realizing they also have tax obligations. Therefore, it’s crucial to understand the taxes that apply to your work status and explore any available tax incentives or deductions.
Manage Your Budget Wisely
Proper money management is essential to avoid financial panic when tax season arrives. A useful budgeting method is the 50/30/20 rule:
- 50% for essentials like food, rent, transportation, and taxes.
- 30% for wants, such as entertainment, dining out, or shopping.
- 20% for savings and investments, including emergency and retirement funds.
Allocating taxes in your monthly budget prevents last-minute financial strain. Finance apps can also help you track income and expenses, making it easier to control your finances.
Look for Additional Income
Finding extra income can be a game-changer if your main salary isn’t enough to cover all expenses. Some options include:
- Freelancing in skills like graphic design, writing, or programming.
- Online selling, whether through your products or drop shipping.
- Monetizing hobbies, such as content creation, streaming, or teaching online courses.
Ensure your side hustle is flexible and doesn’t interfere with your primary job. With additional income, paying taxes won’t feel as overwhelming since you’ll have extra funds set aside.
Take Advantage of Promotions and Employee Benefits
To keep expenses under control, make the most of available promotions and benefits. Some smart steps include:
- Using discounts and cashback from financial apps or marketplaces.
- Joining loyalty programs that offer shopping points or special deals.
- Maximizing company benefits, such as meal allowances, transportation subsidies, or healthcare coverage.
Gen Z can save more by using the VENTENY Employee Super App, which offers employees financial perks, including V-Merchant access. This feature provides exclusive deals and discounts from partnered merchants, helping you cut costs without sacrificing quality of life.
Conclusion
Taxes are necessary, but that doesn’t mean your wallet has to suffer. By understanding your tax obligations, budgeting wisely, earning extra income, and leveraging promotions and employee benefits, Gen Z can stay financially stable without unnecessary stress.
Don’t let taxes drain your finances! Use the VENTENY Employee Super App and V-Merchant for the best deals and smarter spending. Manage your money wisely and live comfortably!
