The COVID-19 Pandemic Taught Us 3 Important Personal Finance Lessons, What Are They?

1 March 2022

The COVID-19 Pandemic Taught Us 3 Important Personal Finance Lessons, What Are They?

The COVID-19 pandemic, with its various variants, has been with us for approximately two years and has had a significant impact on various sectors, such as the economic and social sectors. But, on the bright side, the COVID-19 pandemic has taught us 3 important personal finance lessons.

3 Personal Finance Lessons from the COVID-19 Pandemic

1. Emergencies do happen

No one predicted that the COVID-19 pandemic would happen and how long it would last. When the COVID-19 pandemic hit, there were many people who lost their jobs or experienced a decline in income.

The important lesson we can learn is that emergencies do happen and we must always be prepared. One way to be able to deal with emergencies such as the COVID-19 pandemic is to have an emergency fund.

Having an emergency fund can help us get through difficult times. When we no longer have a job, for example, we can still survive by using the emergency fund until we get a new job.

2. Cutting less important expenses

It turns out, during the COVID-19 pandemic, many less important expenses can be cut. We always thought we needed them, but actually we don't.

For example, some of us have reduced the frequency of going to the mall, perhaps to save money or reduce the risk of transmission.

With fewer visits to the mall, expenses will automatically decrease. When you go to the mall, you may buy some stuff, not because you need it but because of a spending urge.

3. Starting to save or saving more

The COVID-19 pandemic 'forces' us to save, especially for emergencies, to anticipate various situations that may arise, which we have never experienced before.

For those who never saved before the pandemic, now they have started saving. Those who have saved can save even more with a number of less important expenses being cut.

Saving Money and Managing Finances with Jago

The three lessons learned during the COVID-19 pandemic, if we continue to apply them, will be very useful for the future. If Jagomin may suggest, all that’s been discussed above should not only be done during the COVID-19 pandemic, Jagoans.

And, Jagomin would like to encourage all Jagoans to save money and manage finances smartly and practically with Jago.

You can separate needs into Pockets. To build an emergency fund, you can create a Saving Pocket and call it Emergency Savings. If you want to save for other financial goals, you can create other Saving Pockets.

Not only Saving Pockets, you can also create lots of Spending Pockets for various expenses such as paying monthly internet, electricity and water bills, paying house installments and daily necessities.

For the budget, all you have to do is allocate to each pocket. You can easily and quickly transfer funds from the Main Pocket to any existing Pocket. You can monitor expenses at any time. There is also the Spend Analysis feature that you can take advantage of. Really cool, right?

The Jago application can be downloaded here for those who don't have it yet.

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Download Jago App, select either Jago or Jago Syariah and proceed to complete your registration on your phone.

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