UM Surabaya Lecturers Share Tips on Managing Finance at the Beginning of the Year

• 02 Jan
• 2023

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UM Surabaya Lecturers Share Tips on Managing Finance at the Beginning of the Year

• Article
• By Uswah Sahal
• Economy
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The new year 2023 can be the right moment to fix your own finances or your family's, including setting new targets for financial matters. So what are the tips for managing finances at the beginning of the year right?

UM Surabaya Economics Lecturer Fatkur Huda shared a number of tips on managing finances at the beginning of the year so that someone has healthy financial plans and targets.

According to Fatkur, the first thing to do is to recalculate. To realize healthy finances at the beginning of the year, it is necessary to recalculate the financial plans that have been made. This step is not only to reconfirm the plans that have been made, but also to evaluate the planning posts that have been made throughout the past year.

"We need to prepare savings for children, insurance, even for retirement preparations which need to be done early," said Fatkur Monday (2/1/22)

Second, review the investment. The moment of the beginning of the year is certainly an event for many investment service providers to give big promotions. But not all investments have a match with a person's character.

So maximizing the beginning of the year to review the portfolio or investment that you have is important to ascertain whether the assets you have are still adequate and maintained or even have to sell them to determine investment steps that are much safer and have high value.

"Try to reduce investments that are not going well so that someone can reduce the obligation to pay taxes," he added.

Third, make a monthly shopping plan. One safe strategy for maintaining finances is to plan monthly spending based on predetermined records.

"Monthly spending is one of the financial planning items that must always be maintained consistently, that way we won't be careless in spending. Especially with the promos that haunt us at the beginning of each year," he said.

Fourth, allocate it for social funds. Most of us think that social funds can be issued at any time without the need to allocate. Even if it is well planned and allocated, it will make it easier for us to get it out.

“The allocation of social funds will not make someone more stingy or even too extravagant. Precisely the allocation of social funds will be carried out as recommended in religious orders, "Fatkur concluded.