6 FINANCIAL PLANNING TIPS FOR THE POST-PANDEMIC ERA
The Covid-19 pandemic has made many people understand that if there are not enough cash reserves, once the cash flow is disrupted, the holding power in business would be difficult.
Therefore, we must regard financial management as vital knowledge, let’s talk about six tips for financial choices and planning in the post-pandemic era:
1. Build a Passive Income & have a Side Business

- We should build passive income streams early and/or continue to upskill, earn extra income through side jobs and extra money, and build wealth to deal with unexpected situations such as layoffs or other financial distress. You can check out websites like Coursera or Udemy to upskill, or if already have a particular skill, you can offer your services through sites like Fiverr.
2. Make sure you have adequate insurance coverage and a sound inheritance plan

- This will ensure that you and your family can continue the same lifestyle in the event of an unfortunate incident. Make good use of your salary and savings and invest in life insurance or investment-linked products to enjoy protection while achieving your medium- and long-term financial goals. If you’re a Muslim, you should also take note of the Islamic inheritance distribution and plan your inheritance around that.
3. Set aside sufficient emergency funds

- Set aside at least three to six months of expenses, and more if there are dependents who need support. Doing so can help you and your family get through a difficult time and avoid selling your investments at an unfavorable time and price. Also, monitor discretionary expenses carefully, and pay your bills in full and on time each month to avoid penalties.
4. Set a budget and save more

- Set a realistic budget while reducing unnecessary expenses. Distinguish wants and needs and adopt a budget-conscious lifestyle. Use excel to gain a clearer picture of your saving and spending habits. This will enable you to save more money.
5. Use digital tools to track spending

- After budgeting, you can use digital financial tools that allow you to stick to that budget. You only need to spend an average of about 5 minutes a week to count the balance of each account and check your financial situation regularly.
6. Being frugal

- In the new normal, many people have adopted to change their lifestyle. It could be as simple as more cooking and dining at home to moving to a different city entirely for a cheaper cost of living. These are some examples, and this won’t work for everyone, but it just gives an idea of what’s possible and what may also work for you.