The Covid-19 pandemic that struck almost all countries and has not subsided.
This pandemic now has new impacts and problems in various sectors of life, including the economic sector.
Not a few companies began to "repatriate" their employees because they were unable to pay them.
There are also artists who are forced to cancel a tour or concert schedule.
The large number of Indonesian people who seek income from trading activities are not affected by the effects.
The level of public purchasing power is sluggish to make the income of traders go down.
The issue of cutting ASN salaries is also still hotly discussed.
It is undeniable that worsening economic conditions are a clear evidence of the impact of Covid-19.
Managing and managing finances is an important thing that everyone must do, especially in the midst of the current Covid-19 pandemic.
Poor and even bad ways of financial management allow for serious financial problems to arise, such as piling up debt.
In the midst of the Covid-19 pandemic and the poor economic conditions, we must manage and manage our finances as best and as optimal as possible so we can survive.
Then, how to manage finances well now?
1. Make the financial budget allocation as clear as possible.
The financial planning budget is very important so that it can allocate income so that it can manage it well.
You can make a budget allocation based on 5 expenditure items, namely:
- Expenditures for debt (maximum 30% of income)
- Monthly routine expenses such as food, transportation, and monthly needs (around 40-60% of income)
- Savings / investments (around 10-30% of income)
- Alms / donations (about 5-10% of income)
- Lifestyle like hanging out, watching movies, etc. (maximum 20% of income)
Make your budget allocation as fast as possible, yes.
2. Tightly control your expenses.
In the midst of the current bad economic conditions you have to reduce or even stop unnecessary expenses, for example spending to hang out.
Then you can divert the budget to priority expenditure or allocate it to investment.
In these conditions you must strictly control all your expenses.
Make sure the saying 'bigger pegs than poles' doesn't happen, yeah. One way to control your expenses is to make a list of monthly needs and only shop according to that list.
3. Start to use emergency funds.
For those who may be laid off as a result of this pandemic, you can start using your emergency funds to survive in difficult times like this.
That is the function of the emergency fund.
If you do not have or do not prepare an emergency fund, you must start looking for other income such as becoming a freelancer or offering your skills / talents to earn an income.
4. Add a budget for investment.
Investment is a form of financial planning that is also important for you to do.
At present increasing the investment budget is the right course of action.
You can invest stocks, bonds, or mutual funds according to your investment goals.
Cultivate the mindset that investing is also as important as shopping.
You can postpone the pleasure right now to get financial security in the future from the results of your investment.
5. Don't forget to help others.
Remember, it is not only you out there affected by the pandemic, everyone is affected.
Maybe it's just the level of economic impact that varies from person to person.
If your current income is still enough to meet your needs and there is still a little left over, there's no harm in not helping the people around you who need it.
Help them with a sincere heart and of course in accordance with your current financial capabilities, yes.
Those are some tips on managing and managing your finances in the midst of this Covid-19 pandemic.
For you who can still enjoy enough income, save and spend the best you can, yes.
Immediately do a few tips above so you can avoid various possible financial problems.
In this Ramadan you also have to start planning and managing finances as effectively as possible.
Reduce breaking the fast together or buying various items or food.
Hopefully some of the tips above can be useful and this pandemic soon ends without leaving too bad an impact.