[PRESS RELEASE] Financial Planning Rearrangement | Difussion #26

Yogyakarta, June 5^th, 2020 – Entering the third month of the pandemic and the phase of ‘new normal’, changes that occur in the economic and financial sectors certainly affect our financial planning, which also require to have some rearrangements. To deepen our knowledge on how to rearrange financial planning, Center for Digital Society (CfDS) has collaborated with Achie Mahfudloh, MBA, CFP as the founder of Stockgrow, to discuss about the aforementioned topic in the 26th Difussion series that was held on Friday (5/6) through Google Meet and YouTube livestream.

People’s Financial Habit in Times of Economic Crisis

In this time of economic uncertainty, consumers tend to be more selective in managing their spending. Instead of focusing on mere desires, now consumers are more concerned with needs. So, what about post-pandemic consumer behavior? “Hopefully, even after the pandemic ends, these consumer habits can be maintained and people can focus more on what they really need,” said Achie. Before we try to arrange our financial life, Achie believes that we should re-evaluate our financial condition. There are two things that must be considered in re-checking our financial condition, namely paying attention to our cash flow and net worth or assets that we have. After re-evaluating, setting our financial goals in the future becomes essential to limit our spending in order to achieve these goals.

Tips on Personal Financial Management

Achie gave five tips that we can use to manage finances better. First, financial commitment to yourself or your partner becomes the foundation for us to achieve good financial planning, because in the end all plans will return to our willingness to follow the plans that have been made. Second, we can count and manage all the income we receive, including passive income. Third, arranging expenditure and re-budgeting is crucial in planning because sometimes we are negligent in allocating crucial funds, such as emergency fund and health fund. Fourth, we can arrange a financial journey based on financial goals that we want to achieve in the future. Finally, Achie stressed the importance of investment in financial planning. “In choosing investment products, we must follow our individual needs and seek education about these products. It is better to diversify investment products, so it does not only depend on one product,” concluded Achie.

Writer: Christophorus Ariobumi
Editor: Raka Wicaksono