Tips for managing spendings efficiently during difficult times 

We, True Money Myanmar, acknowledge that there are less opportunities to make money during Covid-19.

19 period. Therefore we would like to share these tips and tricks with our beloved customers for the betterment of spending and saving wisely.

1. Make a monthly budget planner

– Take A4 paper, pen, and ruler.

– Draw a line in the center.

– Title “Income” and “Expenditure” on a different side of the line.

– Under “Income”, list all the earnings you obtain in a month.

– Under “Expenditure”, list all the spendings from you or your family.

– Compare the total amount from two charts.

– Do the following instructions if the spendings outweigh the income.

– Make a list of monthly essentials and non-essential purchases. Essential purchases are the required assets for a household such as rent fees, electric bills, and bank loans. Non-essentials purchases such as clothes, furniture, and excessive food orders are what you should spend less to maintain a balanced monthly budget.

So, how to spend less?

– Point at an item under monthly purchases.

– Ask yourself if you will be able to survive without this particular item or not especially during this financially challenging pandemic period.

– Remove the item if you are sure of its necessity.

– Try to repeat the steps for as many items as possible to maximize the money-saving effect.

2. Purchasing goods

– Make a to-buy list before shopping.

– Purchase strictly to the list, no more or no less.

– Buy essential items in bulk in one trip as going out during a pandemic is not safe. (Can also get a better value if you buy in large numbers)

3. Saving 

– While listing expenditures, you should consider saving at least 20% to 30% of your income as a source for emergency needs. It’s important to have savings especially during this time as not everyone will be able to give you a hand since people are facing the same financial difficulties.

With our kindest intentions from True Money Myanmar, we present these tips for the sophistication of our society. We also highly recommended you share this article with your family members or your friends to also make use of these financial tips. Such good habits help better everyone’s life. Lastly, we wish you a safe and healthy life during this covid-19 period with lots of savings in hand.