5 Tips for Managing Finances During a Pandemic

Managing finances is a necessary ability so that income is sufficient to finance expenses. Do not let the income received has been exhausted, but the needs still cannot be fulfilled all. Extra effort and discipline are needed so that finances can be managed properly. Especially now that the world is still in the midst of the COVID-19 pandemic. Extra efforts are needed to maintain personal and household financial stability. CU Pancur Kasih will share 5 tips that you can use to manage finances during a pandemic.

1. Record Expenses

After getting a salary or income, the first thing you can do is prepare a monthly budget.

After getting a salary or income, the first thing you can do is prepare a monthly budget. There are many theories regarding budget management, but we can share summary results from various sources, in the following order:

  • Calculate total income
  • Save
  • Complete obligations
  • Fulfill your kitchen needs
  • Entertainment
  • Prepare an emergency fund

After the monthly expenses are budgeted, the next step that really requires discipline is to record every expense made. You can record expenses immediately after making payments or at the end of the day before the break, please choose the easiest to do. Expenditures can be recorded in a small notebook that you can take anywhere, or through expense recording applications that are widely available on smartphones.

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By keeping a record of both your daily budget and expenses, you will know what your money is being used for. This will make it easier for you to track your monthly expenses.

2. Set Priority

Managing finances can also start by setting priorities. The ability to determine shopping priorities is also one of the steps that can be used to prevent impulsive or uncontrolled shopping. Make sure you can distinguish between wants and needs. Although many discounts are offered online and offline .

Especially during this pandemic, spending may be greater than before, especially for the allocation of medicines and personal hygiene equipment. While income tends to remain or even decrease for some people

It could be that the item you want turns out to be something you already have and it’s still in good condition. It’s best to postpone buying new items and just use the existing items, because what’s more important is the benefits.

3. Take advantage of discounts or promotions

Continuing from the previous tips, discounts or promos. If you really need the item you want, there’s nothing wrong with buying it at a discount or promo. Because that way your shopping expenses can be more efficient. Even though it is cheap, it is still adjusted to the budget that has been prepared beforehand, so that you don’t spend more than the budget.

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4. Creating Additional Income


If the monthly income feels less, in addition to saving, the steps that can be taken are to increase the source of income. There are two sources of income, namely active income and passive income.

Active income is income earned by working everyday or in other words this income is obtained by exchanging time, thoughts and energy. Which means if you stop working, your income also stops.

Passive income is income that is earned without having to work or do business, for example the results of savings investments, property rentals and so on.

The ideal is to be able to get both types of income, but if you can’t get both, please determine which priority will take precedence, active or passive income.

5. Setting up an Emergency Fund

An emergency fund is a sum of money set aside from income, which can be used in times of unforeseen circumstances (emergency).  the amount of emergency funds is 3-6 times the monthly expenditure. During this pandemic, even the preparation of an emergency fund should ideally be up to 12 times the amount of monthly expenses. This is because situations full of uncertainty require more extra preparation in dealing with them.

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Unexpected events such as job losses due to layoffs or bankrupt businesses require this emergency fund to be prepared as early as possible. Because the need to live cannot be postponed, while the source of income is no longer there.

Emergency funds can be stored in a savings account that is easy to withdraw, at any time. Pancur Kasih Credit Union has a product that is suitable for accommodating emergency funds, namely Daily Interest Savings (Pangari) . Pangari has additional features such as ATM and CUPK Mobile, making it easier for account holders to take and use their money when an emergency occurs.

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