Eid is over, the moment of togetherness and joy with family and relatives has passed. However, often, the euphoria of Eid also has an impact on our financial condition. Expenses that swell during the festive period become a natural thing. From homecoming, giving THR, to various delicious dishes, it all costs a lot of money.
However, don't let the “dry” financial condition after Eid drag on. It's time to reorganize your finances so that your wallet is thick again and your financial condition is healthy again. Here are some tips to make your finances stable again after Eid:
1. Evaluate Expenses and Income
The first important step is to evaluate your expenses and income during the Lebaran period. Think back, where did you allocate your money? How much was spent on homecoming, food, new clothes, etc.? By understanding your spending patterns, you can identify items that can be saved in the future.
2. Reorganize the Budget
After evaluating your expenses, it's time to reorganize your budget. Make a new budget that is more realistic, adjusted to your current financial condition. Prioritize basic needs such as food, shelter, and transportation. Postpone less urgent desires.
3. Get Back to Saving and Investing
Lebaran may have drained your savings, but don't let that stop you from getting back into the good habits. Start saving and investing again immediately. Set aside a portion of your income every month to achieve your long-term financial goals. You can also look for investment opportunities that suit your risk profile.
4. Reinvigorate Emergency Fund
Emergency fund is a very important financial “fortress”, especially in times of trouble. If your emergency fund is depleted during Lebaran, replenish it immediately. Set aside a small portion of your income regularly until your emergency fund reaches the ideal amount of 3-6 times your monthly expenses.
Source: idntimes.com
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