For young families, the biggest challenge after the Lebaran celebration is how to recover their financial position. Moreover, the post-lebaran moment this year also coincides with the moment of children's school registration. Therefore, some adjustments must be made until things get back to normal. Here are the steps:
- Make a Budget for Commitments and Obligations
Please keep all payment commitments for at least one month ahead. If the next payday is still far away, then we must be creative to look for additional funds for living expenses. Try to check emergency fund balances and investment fund balances that may be available. If they’re still available, I suggest taking only a number of daily living expenses until the payday arrives.
If it turns out that the account balance does not help, then try not to take online loans to pay for other loans. At present, it is recommended to use the cash loan facility from the housing loan feature. The loan costs are generally still more friendly.
In addition, try to make room for additional expenses such as administration to take on new assistant services, child daycare services, house cleaning services, and others. Usually, this addition can increase by 10% -20% of the normal budget. - Make a List of Debts Due
Try to evaluate, why were we able to make credit card debt during Ramadan and Lebaran (Eid)? If it's because of too much consumptive spending, wow, it means we must do shopping-fasting for the next two months!
The next step is to make a list of the obligations you have. Thus, you can determine which credit card debt should be paid off first. Pay attention to credit cards that charge the biggest interest expense. Well, this is the priority of payment. - Focus-for-repayment Strategy
Ideally, you will pay off the highest-interest debt first, then slowly repay the remaining debt one by one. However, if the debt list has more than three credit cards, then it is better to focus on the repayment for the smallest debt balance. Well, one by one the list of debts will slowly wither away. We also need to postpone our investment for the sake of debt paid off. The allocation can reach 30% of the salary to pay credit card debt. - Decluttering and Selling Pre-loved Stuff
If the amount of the bill has exceeded income, it means you cannot afford to buy items purchased with the credit card. The best advice is to sell the consumer goods that were already purchased and use the funds for repayment. - Negotiations with The Issuing Bank
When it feels hard to pay bills, you can negotiate and request for relief with the credit card issuing bank. The issuing bank can provide a debt settlement option that can be negotiated with you. One of the right programs is the termination of interest calculation with the condition that the payment schedule is fulfilled and the credit card is no longer used.
For future financial improvements, it is strongly recommended that you need to plan your Lebaran needs at least six months earlier. If the annual problems that arise are post- Lebaran’s debt, then it means the old mistakes are always repeated. One effort to overcome the problem is to ensure the adequacy of emergency funds for Lebaran’s needs.
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Written by: Prita Ghozie from ZAP Finance
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