With the reopening of public places such as malls, offices, and restaurants, the new normal will automatically change your daily ways and habits. The reason is you must still follow a fairly strict set of health protocols, from wearing a mask to maintaining a minimum distance of one meter.
Changes that will or have already happened will certainly affect your financial condition. Perhaps you even have experienced financial problems, forcing you be in debt or take out your savings and emergency funds.
This is usually caused by poor financial management prior to the pandemic. Add that with decreasing income and rising expenditure.
However, you must not give up easily. Try to make changes to your financial management by adapting the habits of successful people. Here are four tips you can try:
1. Sort out your debts
One way to change bad habits in financial management is to study your debts and see their impact on your financial health. Try to sort out your consumer debt, which is the purchase of goods that don’t generate revenue and have continuously declining value.
That way, you can reduce it in the future and focus on productive debt, such as property or business.
2. Check and evaluate your assets
Make a list of assets that you have, ranging from mutual funds, stocks, to property. Having lots of assets doesn't mean you can stay calm and forgo evaluation. Try to analyze how it has grown over the past year as your consideration for choosing your next investment. Also decide which assets you should sell if there is an urgent necessity.
3. Prepare an emergency fund
An emergency fund is a special budget that you must prepare to deal with unexpected things, such as falling ill or being terminated from your job. Regular budgets usually can’t cover these unexpected needs, so emergency funding should be your priority.
4. Create your financial resolution
Having a clear financial resolution every year is quite important in personal financial management. Even more so as we don’t know for sure when the corona virus outbreak will end. Separate your resolutions into three categories: what has been achieved, what can be achieved this year, and what can be postponed. Leisure-related expenditures such as holidays or new gadgets can surely be postponed.
Meanwhile, the resolution you want to achieve must be in line with your priorities, such as paying off your debts. Other resolutions that you should consider are having financial protection and adding investment instruments that suit your capabilities.
For protection and investment, leave it to Sun Life Indonesia, which has a variety of insurance products with different features and advantages. One of its prominent products is unit link insurance that offers multiple benefits, including protection from life risks and minimal risk investment with maximum profit.
Good luck and stay focused on making profits during the pandemic!