List of contents
Jakarta, shesocial Indonesia
–
In a situation
economy
uncertain, many people can only survive with
income
mediocre like now.
This phenomenon is often called Job Hugging.
This is a condition when someone chooses to survive in the existing job even though the salary is minimal, for fear of losing the only source of income.
Although surviving is important, managing finances appropriately is the key so that financial conditions remain healthy.
How to?
1. Survive and but don’t stop trying
Financial Planner of Educational Plan Mitra (MRE) Andi Nugroho said that surviving in existing jobs is still better than not having any income at all.However, this condition should not be used as an excuse to stop trying.
“This survival must be intended not always. To improve conditions, must try to find other jobs that are more sufficient or more active in running a business,” Andi said.
2. Arrange financial priorities
Andi stressed the importance of making a priority scale in expenditure:
Main priority: mandatory needs such as debt installments, rental rent/boarding houses, electricity, water, to children’s school fees.
Second priority: important but flexible needs, such as eating, transportation, internet quota, and saving.
Last priority: entertainment or pleasure needs, for example snacks or me time.
In practice, Andi suggested a simple formula of 10 percent for savings/investment and emergency funds, 30 percent for debt installments, and 50 percent for the needs of daily life.
3. Emergency funds are mandatory
The financial planner from the Advisors Alliance Group Indonesia, Dandy reminded the importance of having an emergency fund of at least 3-6 times the monthly expenditure.
“The aim is to be in case of conditions outside of control, such as being hit by layoffs or even a crisis that makes the price of goods rise suddenly,” he explained.
4. Use the appropriate budgeting formula
Dandy added that there are many methods for regulating cashlows, for example 50-30-20, 70-20-10, or other formulas that can be adjusted to financial conditions.In essence, the order is clear:
1. Prioritize obligations (maximum 30 percent).
2. set aside for saving and investing (10-20 percent).
3. The rest is for consumption (50-60 percent).
He also suggested that all income and expenses be recorded, both using financial applications on smartphones or Google Sheet templates.That way, the flow of money can be more monitored.
5. Find additional sources of income
In addition to managing finances, increasing income also needs to be considered.Dandy suggested to start considering side jobs or additional jobs.
“Allocate some funds to upgrade skills, certification, or courses that can add portfolios and capabilities. That way, the opportunity to get a better job or additional income will be open,” he said.
[Gambas: shesocial video]
(AGT)
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