Financial Lessons Due to the Corona Virus Crisis

The Corona Virus caused many crises in various countries, including Indonesia. Not only health problems, productivity and the economy are also falling apart. Then, what can citizens like us do?

At the very least, this pandemic makes us learn about several principles for managing finances in a crisis. In addition, we also have to learn to save money to get through uncertain times like today.

The following lessons about finance we can apply because of the corona virus and also how to save money to get through this crisis.

Have emergency savings

You need to have money saved in a savings account at all times. The amount must be enough to cover three to six months of living expenses. This savings is designed to allow you not only to cover unplanned bills such as home or car repairs, but also to get you through periods of unemployment.

By 2019, the average American unemployed remained that way for 21.6 weeks. Therefore, having a healthy emergency fund is very important, because those who are now losing their income due to Corona Virus.

Of course, it is difficult to build emergency savings when you are already deep in the midst of a crisis. If you have just been laid off, you are clearly not in a position to start building cash reserves.

On the other hand, if you are still collecting your regular salary, take this time as an opportunity to save your savings in the coming weeks.

We don’t know whether COVID-19 will spur a full recession, but even if it doesn’t, it’s clear that the economic impact won’t be short-lived. The best way to protect yourself from many unknowns ahead is to have a full emergency fund.

Don’t return to your investment

Some people don’t save a lot of money in savings because they have stock investments and their numbers can withdraw it in a financial emergency. But the stock market has been beating in the last few weeks so anyone who tries to liquidate investments for cash now risks facing huge losses.

Investment cannot replace emergency savings. If you quit your current job and don’t have money in the bank, you may have no choice but to cash in a few shares while it is down. But it can be a hard long term blow to your finances.

After this crisis is over, remember one important rule: Never lock money in stocks that you might need to use within 10 years. Instead, increase your savings so that you have the flexibility to leave your investment alone when they are down and let it recover.

The Corona Virus Crisis shocked millions of people, and it’s too early to say when things will start to normal. If you are not financially ready for a situation like this before, promise to at least learn from this almost unexpected experience.

With a little luck, you will recover as quickly as possible and set yourself up to be financially safer in the long run.

Then, What Must Be Done to Save on Corona Virus Crisis?

We do not know how long the Corona Virus pandemic will be in Indonesia. COVID-19 has influenced many aspects including the national economy. For this reason, as long as things have not improved, we need to try to be thrifty.

Here are tips you can do.

Prioritize bills

Whether your work is affected or not, look at all your bills and identify which ones are important and which you may not need to pay immediately. Check-in with a service provider because some may offer help or an option to skip payment temporarily.

Reduce expenses

You have to start reducing unnecessary and free expenses in case things get worse. These expenses can include entertainment, certain foods, and luxury. The savings must be put into a savings account as an emergency fund if you lose income in the next few weeks or months.

Reach credit cards

If you have lost income and are having trouble paying debt, contact your credit card provider immediately. In general, credit card providers offer trouble programs, and some will even give a small period of not paying.
Remove automatic debit payments

If you feel you will experience a cash crisis, you should consider removing automatic debit payments for your bills and other utilities. This way you can give yourself more flexibility to prioritize expenses.

How to Manage Business Professionally with Modern Management

If you have a lot of businesses, do you manage all the businesses you have? Many business people may manage their business only to the extent of ability. Managing a business professionally is rarely done by business people even though they have many businesses.

Though professional business management can increase company turnover. Not only that, chaotic or careless business management can lead to failure in business.

If you manage your business professionally, of course, finance or administration will be tidy, employee performance can be optimal and product sales also increase. Business management is very important for the progress of your business in addition to the desired benefits.

Business sometimes becomes very important for people. Business can bring big profits and with that profit you can get what you want.

Managing a business professionally is absolutely essential for you as a businessman. Isa business is defined as the management of both production and services that aim to be marketed to people in need in return for services or money. Business is always associated with money and profits.

No one wants a loss in business so they must be very clever in running the business. To avoid loss, you must be able to manage your business professionally.

Management is all things that use an item or service to be used as new goods that provide more benefits and benefits for managers.

Managing this business is a way to get and organize a business so that business owners can get the maximum profit. From managing this business you can get profits but sometimes you have to bear the loss. Why is there a loss? Losses can occur if you manage a small business.

Managing a business professionally can be done in several ways including:

• Reliable HR
HR is the main thing for your business besides capital. Without reliable human resources, any capital will be used up because it cannot be used properly. Reliable and experienced human resources can manage the finance or administration of the company, manage the business well and plan all business needs for the present and the future. The right business plan is needed to find out how capable the company is going forward.

• Quality of production
If you have a business for the production of cosmetics, for example, to manage your business professionally, you certainly pay attention to the quality of the cosmetics you make.

Quality of production also indicates how capable you are working professionally. The better the quality of an item produced the better your business management.

• Finance and administration
Just like HR above, proper financial management and according to plan are supporting factors in professional business management.

If finances and administration are neatly arranged, of course business will be easily reported and checked. Checking the financial statements and business administration aims to find out whether the company is developing or not. As in the company’s profit or loss position every month. If the company suffers a loss the related party can make improvements to the quality of goods produced.

Tips to Manage Finances during Coronavirus Outbreak

Many things changed during the coronavirus outbreak, socially and economically. Reporting from tempo.co, the corona virus pandemic that has changed the lives of most people in Indonesia has an impact on economic conditions.

There are people who still get a normal salary in the midst of a crisis but there are also those whose income is drastically reduced because work is delayed due to social restrictions that have made lifestyles recently changed.

Financial planners provide tips on how to manage finances in the middle of the COVID-19 pandemic. According to some economists, the COVID-19 pandemic has a big impact on those whose income is blocked due to social restrictions, for example doctors who rely on income from practices or restaurant owners who are lonely visitors because people stay at home.

The important thing to do is evaluate the income earned while the corona virus outbreak is still spread. Record the amount of income obtained neatly.

Freelancers can evaluate the assets they have in the form of money to gold jewelry. Also calculate the income from projects that have been done. Then, make a calculation of any expenses for the next three months.

There are mandatory expenses, there are necessity expenses.

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Mandatory expenses that he meant were installments, children’s school fees, to salaries for household assistants. While spending needs can be adjusted to conditions, such as money to eat. In difficult situations, anyone can adjust the menu so that spending is more efficient.

The thing to remember is knowing which priority. Arrange expenses according to ability. Do not spree when income is limited.

For three months, the nature of desire to postpone first because we do not have the luxury to buy desires. The focus is obligations and needs.

If the amount of expenditure is greater than income, the difference can be overcome from savings or emergency funds.

If you are not sure how to make an income, you have to adjust your lifestyle.

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