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Managing Your Finances During a Global Pandemic


Nearly 90,000 job losses have been reported so far this year, according to the Social Security Organisation (Socso). Staying on top of your finances and credit during times of crisis can bring uncertainty for many reasons, and the current of this global pandemic and economic recession to the mix.

Here are some ways to helps you plan your financial future during this pandemic.

Contact Your Bank

Government already announced a moratorium extension to the loan moratorium and targeted bank assistance. Individuals who are really in need of support and lost their jobs this year and have yet to find a new job can apply a targeted extension on their moratorium for a certain period agreed by bank. For those who still working but had received pay cuts due to this pandemic probably will get reduction of monthly installment payment on hire purchase or personal loan.

Cut off Unnecessary Subscriptions

The least you can do is to restructure and list down all non-essential monthly spending. Reduce your entertainment expenses. If you have a gym membership but during this outbreak you're unable go frequent, it may be time to cancel it. Reduce your mobile data plan, unsubscribe paid television program reduce it to free media or most affordable one. Remove the extra expenses you seldom use could make a significant difference in your financial.

Control Your Spending

Plan your budget wisely to ensure you're not overspend. Make a listing in what items you needed to prevent purchase unnecessary thing. Make it a habit to avoid buying things on impulse. In the meantime, try to find any offer like cashback, points, coupons, rebate or reward during purchase.

Save and Invest

The global pandemic taught us a lesson and as an eye-opener of having emergency fund. Unexpected thing happens let say if you lose your job, how you will pay all your fix monthly commitments. Set aside at least 10% of your income every month as emergency fund. Set your it at least 6 months of your monthly salary. Saving and investing your money to minimize financial risk.
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