Managing Finances in a Healthier New Normal Condition

Once again, various banking customers are required to adapt to the implementation of the New Normal, especially regarding financial planning. The reason is, that this has an impact on changes in lifestyle, changes in various habits, and changes in the economy. Apart from that, the economic conditions before the pandemic, during the PSBB, and the New Normal were completely different, including regarding a person's income. 

Financial Planning in the New Normal Period

Changes related to how to manage finances are needed to adjust income to various needs using financial tips. The reason is, that the pandemic causes various changes, such as increasing prices of necessities, widespread layoffs, or even you experiencing a decrease in income. So, how do you manage your finances properly and correctly in the New Normal era like now?

Managing Finances in a Healthier New Normal Condition

1. Start Evaluating Income Amounts

The economic sector experienced paralysis during the pandemic. This has an impact on people's income and purchasing power. Therefore, income evaluation is the first step that should be taken. You can find out your income during the New Normal to determine your priority scale. You can also record various transactions, including bank-related electronic transactions.

2. Rearranging the Priority Scale, from Primary to Tertiary

If you are the breadwinner of the family, then rearranging your priority scale is the main thing you should do. The reason is, the pandemic has an impact on various aspects of life. When reorganizing, you may have to abandon tertiary needs and focus on meeting urgent primary needs. Unfortunately, not everyone can meet these needs.

With a priority scale, you can manage your finances in a structured manner. The reason is, that you are required to fulfill primary needs first, then secondary needs, up to tertiary needs if there is enough budget during the New Normal period. However, you are advised to save money in times of crisis like this.

3. Don't Get into Debt

The next financial tip that you should pay attention to when managing your finances is not to go into debt. This can be avoided by not buying various credit items which have an impact on consumer loans and affect financial planning. Financial stability is the key to meeting primary needs in the New Normal period and beyond.

4. Use Savings and Emergency Funds for Various Urgent Needs

New Normal is the right time to use savings to meet various urgent primary needs. It doesn't matter if the savings are intended for recreation, because it feels wiser to minimize risks by still paying attention to health protocols. So, enter savings funds to manage finances.

So, if you save at the bank, you can get various benefits. Especially if you invest using deposits before the pandemic according to general financial tips. Then, the interest rate and investment profits that have settled can be used to meet financial needs during the New Normal period. Apart from that, you also have the opportunity to help others.

5. Looking for Additional Income

No one knows whether the New Normal can restore the economy in the next month. Thus, you are in for months of uncertainty. Therefore, don't just sit there cursing the situation, but start taking initiatives to earn additional income, such as investing wisely or trying your luck with certain websites.

That's how to manage finances properly and correctly in the New Normal period using financial tips. Apart from that, it is also recommended to start discussions about financial problems with the people closest to you to get a solution. Then, there's no harm in asking for professional help in times of crisis. In essence, good management involves wise financial planning.