In the midst of these conditions, you must be wiser in managing finances. Independent Financial Planner Bareyn Mochaddin shares some tips to help you with financial planning.

Avoid Additional Debt

During normal conditions, creating new debt often becomes a choice to overcome difference between our income and expenditure.

However, in the middle of uncertainty of income, we should really avoid creating new debt. New debt will actually become a financial burden in the future. Think of another way. Your decision to make new debt should be your least priorities during this hard time.

Map Your Financial Assets Based on Situations and Conditions

Reassess and recalculate all your current assets. Start mapping all of your deposits and savings, owned assets, and a variety of investments that have been made.

Based on that, you will have a comprehensive conclusion of your own assets. Are there any investments that already creates profit? if yes, these profits can be allocated as your temporary expenses.

Know Your Needs and Create Detailed Budget

Good planning is halfway to success. So does in financial matters. Make a priority based on your needs and how much budget is needed for them. Make a note from your detail budget. You can also create a budget limit. For example, shopping for basic daily needs, is limited to a maximum of IDR 3 million per month.

Put your basic needs as priorities. Further, you can also get through last month's expenditure. What items that are not your priorities so they can be reduced or eliminated? Can you complete your priorities without extra spending ? After determining your priorities and budget, you must also be committed and disciplined for at least one month. Do not easily change the budget for something that is not important and urgent.

Rule Out Your Prestige

While setting your priorities and budget, you have to be able to get rid of prestige. During difficult situations, you must be smart at adjusting between financial needs and abilities. Open all opportunities to get goods or services at lower prices without compromising quality.

Get rid of all the desire to buy goods that are tertiary. Put aside all the desires to look cooler and attractive just for the sake of social media posts.

Take advantage of Discounts, Not Being Exploited of Them

You can search and find various ways to get goods at lower prices. Compare prices in various e-commerce sites. In addition, you can also use various programs offered. Research and use all promotion codes, membership status, cashback, or free shipping promos that are currently available.

However, you also need to be wise and thorough. Avoid sellers who only offer discounts as camouflage to buy more. Consider and return to the budget plan that you have made. Try to be disciplined in obeying every detail.


The virus pandemic can be an opportunity to sharpen your creativity and skills. During WFH, you have more free time. Fill in with activities that are beneficial to yourself and your career. Who knows, your new skills would be a way to get extra income.

Various online education platforms or libraries are available to be accessed with no charge or free. Professionals who have lengthy experience also often share various wisdoms and tricks through live broadcasts on social media.

Use and Save THR Wisely

In previous years, you used to spend THR for shopping and fulfilling various desires. However, no one can guarantee when this virus pandemic will end. Therefore, manage THR that you receive wisely.

You can spend THR for basic and other needs that cannot be postponed. THR can also be allocated to pay zakat fitrah and alms in Ramadan. Usually for zakat fitrah, the amount is already set. Then, if you still have more allowance, it is fine for you to add portions for alms, sharing happiness with people in need. If you are one of those who routinely do mudik during Lebaran, then this year you can save your mudik budget. Use it to increase emergency funds or insurance for you and your family.

Stay healthy, stay positive and be #LebihBijak (wiser) in managing finances during the pandemic!