6 Tips for Managing Finances During the Covid-19 Corona Virus Pandemic

Kapanlagi.com - It cannot be denied that the emergence of the Covid-19 Corona Virus has affected many aspects of life, including the economy. Some companies have started to lay off some of their employees. In fact, some of them have even done employee layoffs. When it's like this, managing finances becomes very useful.

Not only for private employees, managing finances seems to be very beneficial for anyone whose income is disrupted by the Covid-19 Corona Virus outbreak. Including small business owners whose turnover is affected by the Covid-19 Corona Virus pandemic.

In times like this, any type of profession and business will definitely be disrupted due to the Covid-19 Corona Virus outbreak. However, whatever happens, various basic needs must still be met. This means that whether we like it or not, people must be smart in managing their finances. To make it easier, you can follow these tips for managing finances.

Here are some tips for managing finances during the Covid-19 Corona Virus outbreak.

1. Not Doing Panic Buying

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The presence of the corona virus covid-19 makes people panic. As a result, many people flock to shopping centers and engage in panic buying. Panic buying is the activity of shopping directly in large quantities due to panic.

However, panic buying is something that should be avoided at this time. Because panic buying can actually trap us into buying things that we don't really need. The impact is that we will become more wasteful because we buy things that are actually not needed.

2. Create a Routine Shopping Budget

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The second tip for managing finances during the corona virus covid-19 pandemic is to create a routine shopping budget. During this situation of the corona virus covid-19 pandemic, income is reduced. So, it is good for you to create a routine shopping budget.

This shopping budget can be made per week or per month, depending on needs and habits. The routine shopping budget should only include essential things, such as food, electricity, gas, and so on. This way, you will only use money to buy things that are truly needed.

3. Create a Priority Scale

In addition to budgeting, it is good for you to create a priority scale. What is the difference with budgeting? You can fill the priority scale with items that are actually outside of basic needs such as books, drawing tools, or other things that you consider important or quite important.

Just like routine budgeting, creating this priority scale will greatly help you in determining which needs are urgent and need to be prioritized, and which ones can be fulfilled later. In fact, with the priority scale, you can also identify items that are actually not necessary to be purchased during the COVID-19 corona virus pandemic.

So, with the priority scale, it will be easier for you to eliminate items outside of basic needs that need to be purchased and those that don't. By doing so, your financial condition will be more controlled.

4. Preparing an Emergency Fund

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Even though you are in a difficult situation, never overlook the emergency fund budget. Because, emergency funds are indeed important for preparedness in case of unwanted events. However, in times when income is not as smooth as usual like now, it doesn't matter if this budget is cut smaller than usual.

Especially in times like this when health is the most important thing. The emergency fund budget will be very useful to be prepared if health is disturbed at any time, and you need to buy medicine or get a medical check-up.

5. Record Every Expense

Financial tips during the next coronavirus covid-19 pandemic are to record every expense. Make a record for every expense that has been made, no matter how small it is. It is better to do this recording regularly every day.

Not only stop at recording, but you should also evaluate whether the expenses are in line with the planned budget or not. From this evaluation of expenses, you will also be able to conclude which budget or expenses can be reduced in the future.

6. Finding Other Sources of Income

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Although it may sound difficult, if possible, start looking for other sources of income. In times like these, we cannot rely solely on our income.

Urgent situations like this can sometimes force us to think more creatively. So, start thinking about businesses that can be used as a side income source. However, of course, businesses cannot be run haphazardly. Many things need to be considered, starting from capital to potential.

As an example, some businesses that are quite potential to be done during the COVID-19 pandemic can be seen in an article titled '6 Side Jobs to Increase Income During WFH (Work From Home) in the COVID-19 Corona Virus Outbreak'.

Those are among the 6 tips for managing finances during the COVID-19 pandemic. By following the tips above, financial conditions can be better controlled. Also, don't forget to pray that this difficult situation will pass soon.

(kpl/psp/gen)