The Covid-19 pandemic has increasingly put pressure on the sandwich generation which has a big responsibility. The sandwich generation has a financial burden that must be shared for individuals and families are bound to be beset with various worries.
You need to start strategizing how to regulate your finances for a stable financial condition with the worst risks that threaten. Here’s how to manage finances for the sandwich generation in the midst of the current covid-19 pandemic conditions, quoting from Cermati.com:
Evaluating Current Income Sources
To prevent the worst, it’s a good idea to change your spending items a little in your financial planning.
For example, your expenditure items are: Living – Saving – Parents – Entertainment
For the current vulnerable conditions, it should be changed to: Living – Saving – Parents – Emergency Fund
In the current pandemic season, the existing money should be used for more important needs for a day -day and for emergencies in the future.
For those who are already married, they can reduce their savings account a little to be transferred to the emergency fund if there is a sudden household need so that your savings can remain safe and stable.
Avoid Purchasing with an Installment System
Postpone the desire to have a new cellphone or other item that you think is not very important, even though some payment options are in installments. For pandemic conditions like today, saving money and saving every money is much more important than buying something tertiary.
Find Sources of Additional Income
Business opportunities that arise because of this pandemic are actually quite profitable. Food delivery services, fast food, or selling frozen food online can be examples of businesses or side jobs that can be tried at times like this.
Reducing Unnecessary Purchases
This purchase can be anything, from everyday items to food items that can be consumed every day. So, as long as you work at home and don’t travel anywhere then toiletries won’t run out like usual, right?
Likewise with other costs that you don’t need to spend because you don’t leave the house you can allocate it for savings, or use it as an emergency fund such as funds for work transportation costs and eating out.
Set aside the remaining money available for investment
If your salary still leaves quite a lot even after being allocated to your various expenditure items, it should be used as an investment rather than shopping online.