Arranging Finances Towards the Month of Ramadan Amid the Covid-19 Outbreak
Author: Meliza Silvi., SE.,M.Si., CFP, AWP. (Dosen Prodi Sarjana Manajemen)
It's been 2-3 weeks we have done physical distancing… the Government will even implement the PSBB (Large-Scale Social Restrictions). This regulation was enforced to break the chain of spreading the corona virus or COVID-19. We have done several things at home, working from home, studying from home, studying from home, cleaning the house, cooking, trying new recipes, gardening, accompanying children to study, being active in social media, lying down and… which are very popular nowadays. is sunbathing, enjoying the sunshine and many other activities that you can do.
Well ... at this time there is another important thing that we need to do, related to our finances, namely how we are wise in managing our finances ahead of Ramadan when the Covid-19 outbreak is taking place. Some time ago we saw people panicking and making excessive purchases or panic buying. The problem is, the existence of panic buying makes spending more wasteful, the prices of basic necessities go up, and the goods are difficult for us to find.
This epidemic has also disrupted national economic activity, even the world has been disrupted. Should we give up on this condition? Of course not, you have to keep up the spirit, sure that you can go through all of this vigilantly and patiently and remain optimistic about preparing for the future.
Here are some tips that can be applied to manage finances in the midst of the Covid-19 outbreak:
1. Re-evaluate monthly expenses
Try to record monthly expenses. Mark needs if they are not important, for example a budget item for lifestyle: to buy clothes, hangouts, vacations, cosmetics, shopping malls, entertainment, even vehicle fuel costs for daily activities and consider a budget post for going home. The allocation of funds for these expenditures can be reduced as much as possible, even if possible, it is entirely cut for things that are more important to prioritize.
2. Determine the Priority Scale of Expenditures
Prioritize existing funds for basic needs, especially in terms of food availability. For now, some things that must be at home are food ingredients, such as rice, eggs, dry food, frozen processed food, vegetables and fruits for daily use and the month of Ramadan. In addition, personal care needs such as toiletries, cleaning equipment and light free medicines. However, don't panic buying, just buy what you need. Must be able to withstand shopping appetites, wisely shop as needed, including when shopping online.
3. Budget Reallocation of Evaluation Results and Prioritize for Health Needs
In these conditions, maintaining health is something that should be prioritized by anyone. It would be wise to divert part of the funds (budget reallocation) for health purposes. You can buy a multivitamin to increase the immunity of yourself and your family. There is currently a surge in the price of multivitamins, so buy just enough and drink it when you don't feel well. The intake of nutritious, processed food itself is the mainstay of meeting the body's needs to be healthy and more economical.
If we are at home, you should not use a handsanitizer, because it is better to use antiseptic soap with running water. So that we don't need to buy a handsanitizer excessively, besides being expensive, it's also hard to get now. Likewise with the use of masks, preferably at home you don't need to wear masks.
For those of you who have congenital diseases, make sure the drug stock according to your doctor's prescription is safe. Also prepare any fever-reducing drugs, as well as cold and cough medicines that are commonly used.
4. Emergency Fund.
It is at times like these that emergency funds can be used. The funds are then used to cover extra expenses. If you do not have an emergency fund, you should not use future funds or posts that are also prepared. Check your funds and savings again. Then make an estimate whether these funds are sufficient to survive the next 2-4 months. If you really doubt whether your savings are enough to meet your daily needs, then consider selling or pawning some of your assets, such as jewelry.
Those were some tips for managing finances just before Ramadan in the middle of the Covid-19 outbreak. Hopefully this is useful, keep your spirit to worship at home, gather with your family and don't forget to always take care of your health wherever you are.