Jakarta, Armfalcon.com – The amount of spending on Ramadan and Eid al-Fitr 2023 can disrupt your finances in the long run. Therefore it is very important to do a financial health check as soon as possible.
After doing check-up financial health, then the next step is to develop a strategy to recover your finances going forward.
But what is often the question is, how to start this one effort? Is it directly by reducing expenses so that you can easily save? Reduce debt first, or what?
Here are easy steps you can take to recover post-Ramadan finances.
Start with debt
One of the things that often becomes a financial burden is debt. When you are an individual who has debt and installments that are regularly paid, it is very important not to increase debt in the following month.
Your focus until the end of the year, of course, is to pay off your debts. You can pay off all or part of it right after you receive your April salary, or pay for it gradually like paying installments but without adding new debt.
Focus on adding income
Increasing income can certainly be a solution to solving all of your financial problems. You can use the increased income to pay off outstanding debts.
Or, you can use this to increase the availability of emergency funds that have been used due to Ramadan or Eid needs.
When you use extra income instead for consumptive needs or self rewardsthen it will not help you in this financial matter.
Evaluation of income and expenses
Don’t just reduce spending because you want to save money. Saving can reduce your quality of life if what you cut is expenses that are necessities.
Reduce or eliminate spending that is desire or lifestyle in advance for a month. The goal is for you to have a large net cash flow surplus, which you can use to save, invest, or even buy the insurance policy you need.
Regular financial health checks
The last step you can take is to check your financial health at the end of the second quarter of 2023. Routinely check debt ratios, savings, and so on.
If you experience difficulties, don’t hesitate to consult a certified financial planner.
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