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5 Strategies for Managing Financial Plans during the Pandemic

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How to properly manage financial planning during a pandemic? Find strategies that can be done to manage your finances below.

The Covid-19 pandemic in world has resulted in changes in various sectors that have affected the lives of many people in the country. One of them is the economic sector that is the most affected. There are many businesses that have to go out of business, cut employee salaries and get laid off.

Therefore, you must carefully plan your finances so that in an uncertain situation like now, you can still meet the needs of your daily life. To help, here are 5 surefire strategies you can do in making financial planning.

Try to check again the history of the source of income you get

Financial planning during a pandemic can be started by evaluating the sources of income that you have earned so far. Always remember that in uncertain times like now, the risk of decreasing income can occur at any time.

To anticipate things that will happen, change your items or spending habits so far. Try to think carefully about what expenses can be reduced in order to make a period of savings.

Prioritize using money for more important needs and emergency conditions first. The existence of large-scale social restrictions (PSBB) which is currently in effect in various regions can also be used to save expenses.

Arrange Priority Scale

In financial planning it is important to determine which ones are your priority scale and your family. Especially if you are among those who tend to be wasteful in managing finances beforehand. With this priority scale, it will make it easier for you to control yourself and can be a reminder of what to buy or not during this pandemic.

Trying a Side Job

Continue to the next financial planning, there is nothing wrong with looking for additional sources of income during this pandemic. This can help keep your finances stable. If you or someone closest to you has been affected by the pandemic by losing their job, this step could be a solution.

If you are interested in trying to sell, here are some business opportunities that can be done, for example food delivery services, selling frozen food , selling writing services, translating writing, designs, to selling custom masks .

Do not make purchases with the installment system

It is very natural to want to buy various tertiary items such as gadgets , watches, or accessories that are not really important. However, in a situation like this it is important to do financial planning by avoiding the installment system.

Don’t be complacent even if you have savings for the future or an emergency fund. Better to postpone it until the situation improves. Don’t use a credit card or anything that could make you tempted to buy something that’s not a priority right now.

Don’t Forget to Invest

If you have allocated all of the primary needs and emergency funds, and there is still money left over from your current income, try to allocate it into investments such as term savings. One of the advantages of term savings, you will get higher interest than ordinary savings.

Furthermore, investing in gold bullion is also a wise choice as a step to make financial planning. For example, invest 0.5 grams of gold first, which is not too expensive.