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    Atma Jaya University Professor Shares Some Tips To Manage Finances During Uncertain Times

    These days, the coronavirus pandemic is a source of global concern, including Indonesia. It changed society’s daily activities. In order to flatten the curve, the government appeals the society to apply physical distancing and stay at home (study from home and work from home). This policy has impacted many businesses: reduction of benefits, salaries, and even layoffs due to temporary shutdown, or even permanents, of various forms of business ventures that eventually cause new problems in the community.

    Few issues relating to  Covid-19 phenomenon such decremented income,  job loss, skyrocketing goods prices of items like masks, vitamins, hand sanitizers, even onions, has led us to pay more attention and start reorganizing the family’s finances. Dr. Christiana Fara Dharmastuti, from Atma Jaya Management Study Program of Atma Jaya University shares tips that may benefit lots of people.

    1. Do not panic

    Declining financial market often causes unnecessary reactions: withdrawing investment, deposits, and selling stocks. Investment funds are for future necessity. Keep it only for an urgent situation.

    The panic buying phenomenon often causes prices to go up. It only makes unnecessary spending from savings, which necessary for an emergency fund in difficult times.

    2. Emergency Fund

    In this situation, it might be a good idea to have a look at emergency funds and where did we keep it. It is best to wish not to use it, but it is much better to have it in cash that is enough to meet the daily need for the next few months.

    3. Revised the House Budget

    Daily necessities should the on the top of the budgeting list. While, other budgets on entertainment, vacancies, transportation, night out dinner, et cetera, should be reserved for emergency funds. Reconsider and evaluate needs and desires.

    Lately, to avoid direct contact with anyone and to support #Stayathome policy, we choose online shopping as an option. However, we often buy things we do not need. Make priorities on what we need to avoid any possibilities on unnecessary debt or deficit.

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