Tango-Tiger

During the epidemic of COVID-19 Affect everyone Even among the company's employees, many of them have been laid off. Some people may have a little better luck, not being laid off. But the salary was reduced, the income was reduced, but the expenses were still the same, causing many people to have to adjust the way of managing their money. To address the problem of insufficient funds, here are five ways that can recover if the salary is cut during the COVID period.

Record income-expenditures
Let's start with organizing finances. By tracking our daily spending habits from the income-expense accounting, which allows us to see our own financial path. That we don't have much money From which way And how much money is flowing out What do we spend money on? When the income-expenses of each day are recorded. Do not forget to summarize the total for each month as well. That we spend most of our money on It could be by category such as food, clothing, socializing, hobby, etc.

Reduce unnecessary expenses
After we take the income-expense account and explore the overall use of our own money. Let's see what matters are necessary. And which is not necessary Enough to reduce expenses in what part Make better plans for spending money like this item is necessary. But can you postpone to buy next month? Because this month the expenditures are already large In which this method will not only allow us to cut unnecessary expenditures It also helps us to be mindful with each of our spending. It is another way to discipline your own spending.

Ask for a reconciliation with the bank
In addition to expenditures, but some people have Fixed Cost owed to banks or financial institutions. That have to be paid each month, such as home mortgage, condo loan, car loan, or even credit card debt Which if you try to sit and calculate Certainly unable to pay because of the reduction of the salary Income does not enter at all. Can go to negotiate a compromise with banks or financial institutions that are our creditors Because each has a policy to help the debtor in a crisis like this, such as a moratorium. Interest rate cut Or extend the repayment period Or we can choose a way to refinance with a bank or financial institution that offers better conditions. Whichever way you choose Should study the information and conditions carefully before deciding to enter into a contract Because perhaps it might not be worth it

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