Tue. Jan 18th, 2022
Expert Advice Avoid This Mindset on Money During Pandemic

Finance in the middle of a pandemic becomes one that becomes perudition to be observed. Financial decisions should be chosen despite being in an uncertain situation. Making the right financial measures a new challenge, let alone if you are one of the people affected from the impact of COVID-19. The expenditure was spent so much, but the income received was actually decreasing.

The division for each need is no longer the same as before luminate the presence of a pandemic. Given the many uncertainties that occur, allocation to emergency funds has a very important role. If you are not wise in regulating finances, problems to get entangled with debt become natural and common to occur. Commenting from CNBC, financial expert Patrice Washington noted some common mindset from either the positive or the negative side.

Avoid This Thought Pattern During Pandemic

That mindset will eventually affect how decision-making and personal cash flow that you have. Washington judges there are some mindset that people should avoid if it is to remain successful during the pandemic.

Negative Thought Pattern

There are various people who are fixated only on achievement or the nod of an income receivable in a month. Instead of taking advantage of government aid programs, community outreach, or even payment suspension plans.

Few people can cope and take a swipe appropriate financial decision. “Do not do this (the above example) if you have saved money for the past few months,” said Washington, Monday (27/09/2021).

Referring from safeguards, during sufficient economic recession hit every country globally, Washington believes that it does not need help and can cover its own needs with the money it has.

Unfortunately, as time went by, he had to close the real estate by ending up having a debt of USD 2 million or equivalent to Rp28.5 billion.

“One of the things I make me regret is not letting myself get faster support,” Washington added.

If you have savings even though there’s only a little left, do not wait until it has to run out to make plans or next actions to deal with economic shocks. Instead of suggesting to seek help immediately.

“We don’t know how long this will last, so spend your savings and don’t spend all the alternatives you have just yet,” he explains.

In addition, try to start utilizing the assist program before reaching the lowest point in your finances. Some of the government’s fund assistance programs are still in place, as well as suspension of payments and interest on loans for students.

Then, some credit card or banking companies also the offer of a payment assistance program so that you and the rest of the general public can still meet their core needs in a daily manner.

“Make sure you’re constantly researching and finding out any how where you can leverage the various programs available and suitable for you,” Washington explained while recommending to use government assistance services.

Positive Thought Pattern

A positive mindset also prevails and needs to be done at times this. Pandemic seems to amplify the message and impression for everyone that wealth is more than just material/money/treasure alone.

“It became a season where I saw people more happy spent time with their families,” Washington explained.

When morals and values that become principles of life utilized, that’s when most people today realize that matter is not a source of happiness or a measure to judge a person’s happiness.

There are still a variety of life values that have a pen roleting. People lately have started saying ‘I have more things to offer to the world’.

Such attitudes and decisions that make people can its purpose. Avoid defining yourself based on the balance or amount of savings you have in the bank.

Closure

That’s the article on Expert Advice Avoiding Mindset Problems This Money During Pandemic. Hopefully this article will help those of you who are financial management in times of pandemic. Good luck to you!

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