financially secure

Want to be financially secure all year round? Use This Financial Resolution

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The following resolution points can be applied to those who don't have a financial improvement plan in 2022. Take notes, commit, then do it.

The Covid-19 pandemic, which has been rolling in the past two years, has admittedly made many people live in uncertainty. One of them is related to financial problems. Due to the pandemic, various plans that have been designed and compiled as perfectly as possible finally disappeared in the middle of the road.

The beginning of 2022 is finally your time to organize and recalculate financial matters. Although it is reported that the spread of new virus variants is still ongoing, the pandemic can be said to have subsided. Social restrictions have begun to be reduced. It is proven by implementing PTM (face-to-face learning) 100% for schools in several areas.

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This moment is an excellent first step. So, for those of you who have faced bad financial periods in previous years, now is the moment to get up and commit to achieving your financial goals again.

The following are some resolution points that can be realized so that in 2022 you can regain financial maturity that was delayed.

Collect more emergency funds

Why is there the word “again” in the point above? Because, maybe during the last two years of the pandemic, the emergency funds that you had previously collected finally had to be used to cover financial needs.

You are someone who is experiencing a bad condition due to the impact of the pandemic—starting from illness, debt crisis, declining business income, job loss, and so on. Although painful, these conditions ultimately teach you about the destructive possibilities of the unexpected.

In fact, because of these dire conditions, you can finally learn and believe in the importance of an emergency fund. That is funds that you can use when experiencing bad conditions or urgent circumstances.

Therefore, starting 2022, the first commitment you must make is to collect back the emergency funds used yesterday or even run out. In theory, you need to set aside 10 per cent of your income in one month.

Then the funds set aside must be separated in a particular account that is not touched. Because if it is not separated or put into an account used for daily expenses, you too can be tempted to use it.

To be safe, you are also required to have a nominal target of emergency funds that must be collected. The theory is that it is adjusted according to the basic expenses you spend each month.

Ideally, if you are not married, the minimum amount of emergency funds collected is 3 times your basic expenses per month. However, if you are married, let alone have children, then the minimum emergency fund you have is 9-12 times your basic expenses per month. Quite challenging, suitable?

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Calculate and calculate debt

In theory, there is productive debt, and there is consumer debt. The definition of productive debt is debt made to purchase productive goods or assets. That is, the goods or assets that you buy in value are increasing day by day and can even increase your income.

This debt is usually in the form of instalments for purchasing a house through KPR (House Ownership ), instalments to increase capital and develop a business through Business Loans, or Working Capital instalments.

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On the other hand, the definition of consumer debt is debt in the form of instalments to buy goods whose value one day decreases. For example, new car loans, electronic goods instalments, credit card instalments for shopping for daily needs.

Indeed, it is sometimes difficult for you to avoid consumer debt because of the temptation of desire. But this is where your wisdom towards finances must be proven. Stop buying and repaying items or items that are not needed, even just for prestige reasons.

Your commitment this year is to improve finances, not add to the burden. Try to close the old credit before you desire to open new credit. Moreover, credit is included in consumer debt.

If you are a businessman or business owner, then making a business capital loan for business development can be a priority. With a carefully designed business resolution, additional capital injections can make your business progress and have the potential to earn additional income.

Calculate and calculate a budget

You have committed to raising an emergency fund and managing debt. Those two steps can be a good start. However, how do you manage finances for other needs, such as daily needs or fixed bills such as electricity, water, and others?

You have to know where your is going. Therefore, you need a budget plan to keep track of all your monthly expenses. The instalments or bills are the most important.

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Once you have the list, you can sort it. The mandatory expenses are expenses every month, which are the budgets needed for personal expenses. So, each of your spending allocations can be known through this list. You can also feel safe with the finances you have.

Don't forget to invest.

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After knowing each allocation of funds from the finances you have, if possible, start investing. Consider adding them to your investment instruments if you already have these points.

The choices are many. Even now, various investment platform technologies can make it easier for you to choose instruments and manage the amount of that can be invested. The variety of investments can be deposits, gold, stocks, mutual funds, crypto, and others.

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It must be realized, and every investment is not always profitable. That's why you must learn about each type of investment, from the benefits to the risks. Choose the type of investment that suits your profile.

Are you a conservative investor who only wants to choose safe investments and have minimal risk? Examples such as mutual funds, deposits, or gold. Or, you are an aggressive investor who always pursues investments with fast and large profits such as stocks or crypto. All have advantages and disadvantages.

Make sure there is additional income.
This point is essential for those of you who only work as employees. But it is also possible for those of you who are businessmen to do it. In the internet age like today, there are many other income gaps that can be done.

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For example, by working part-time (freelance), which is done online. If you have a hobby and share information about your hobby, you can write a blog or create a video uploaded to Youtube. You can also become a reseller or drop shipper through online shopping sites.