Some Ways to Manage Finances Correctly During the COVID-19 Pandemic
The COVID-19 pandemic has been going on for more than a year and has taken a heavy toll globally. At the same time, many countries in the world are taking several measures such as lockdowns and social distancing. There is no doubt that we are all currently facing difficult situations. This pandemic period has an impact on many sectors, one of which is the impact on the economic slowdown. The economic downturn led to bankruptcies, pay cuts, and even many people losing their jobs. You may be able to find many finance tips on Google but we’d like to share with you some simple finance tips for surviving the COVID-19 pandemic.
In the following review, we will discuss tips on managing finances despite being laid off, such as:
Set Achievable Goals
Before starting money management, it’s a good idea to set concrete and achievable goals so that you have clear goals. This goal is useful for growing your motivation and confidence so that you can conquer this goal in the future.
Record Financial Transactions
To be able to manage finances, you should record all financial transactions that you do. Nowadays, many people make transactions online or cashless, beware of the fees you incur to top up your e-wallet and shop online.
You may not immediately shop in bulk. However, sometimes you shop quite often, so it can be quite a big expense. If you are confused about taking notes, currently many applications can help you to record all income and expenses. Why do you need to know financial transactions?
You need to know your behavior towards money. You will find it difficult to fix or improve something if you do not know where the error lies.
Do a Review
After recording all financial transactions, you should review and determine which financial activities are important and which are wasteful. If you already know which is a waste, avoid spending it in the future.