Managing Finances in the Face of a Pandemic

The COVID-19 pandemic has changed many things in habits and daily life. The recommendation for physical distancing also has an impact on the work system that is encouraged to be done from home (work from home / WFH).

This condition inevitably has an impact on various industries and the economy as a whole. In order to survive, various efficiency efforts have been made by the company, which will result in your income becoming increasingly full of uncertainty.

In the midst of the COVID-19 pandemic, you must be wiser in managing your finances. Financial Planner Bareyn Mochaddin shares some of his tips:

Avoid Adding Debt

Under normal conditions, creating new debt is often an option in overcoming the difference between income and expenses.

However, in the midst of uncertainty, especially in terms of income, avoid creating new debt. The new debt will actually be a financial burden in the future. Think of another way. Place the decision to add debt at the very end of your priority scale.

If you have debt, get out of debt immediately and pay it off to reduce the burden.

Map Financial Assets Based on Situations and Conditions

View and recalculate all your assets today. Map out in detail the amount of your savings and savings, the assets you already have, and the various investments you’ve made.

From there, you will have a more complete and comprehensive picture. Is there a job or investment that pays off? These funds can be allocated for your temporary expenses.

Know Your Needs and Create a Detailed Budget

Good planning is half success. Likewise in terms of finances. Scale your needs and how much budget you need for it. Record the budget in detail. You can also set a budget limit. For example, spending on basic daily needs is limited to a maximum of IDR 3 million per month.

In making a budget, prioritize basic needs and priorities. In addition, comb again all expenditure items last month. What expense items are not a priority so that they can be temporarily reduced or eliminated? Can you fulfill your obligations without spending money on the budget?

After setting priorities and budget, you also need to be committed and disciplined. For at least a month, try to stick with it. Do not easily change the budget for something that is not important and urgent.

Make peace with prestige

Before making a budget, you should also do an evaluation. In setting priorities and budget needs, you must be able to get rid of prestige. In the midst of difficult situations, you must be good at adjusting between your needs and financial capabilities. 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 in nature. Put aside all the desire to look cooler and more attractive just for the sake of social media uploads.

Do an Evaluation

Evaluate the expenses that have been made, see the financial records, are the expenses according to the plan or are there hidden expenses that were never planned? In the future, get rid of these stealth expenses, don’t repeat them, so that our financial condition is maintained

Finances will be easy to manage and evaluate if we use the management of a financial regulatory company as described in

Take advantage of discounts, not be used

You can search and find various ways to get items at lower prices. Compare prices across various e-commerce sites. In addition, you can also use the various programs offered. Research and use any ongoing promotion codes, membership status, cashback or free shipping promos.

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


The virus pandemic period can be an opportunity to hone your creativity and skills. During WFH, you have more free time. Fill it with activities that are beneficial to yourself and your career. Who knows, your new skills may actually be a way to earn extra income.

Various online educational platforms or libraries are available to access free of charge or free of charge. Professionals who have high flying hours also often share their experiences and tricks through live broadcasts on social media.

That’s an article about managing finances during a pandemic. You can learn more about managing finances click here.