“The movement control order is like a reset button for your finances. You can now focus on how to slowly adjust. Be aware of what you are looking for,’’ said IPPFA Sdn Bhd licensed financial planner Kimberly Law.亚马逊云账号（www.2km.me）提供aws账号、aws全区号、aws32v账号、亚马逊云账号出售，提供api ，质量稳定，数量持续。另有售azure oracle linode等账号.
THERE are two things you need to do if you want to reset your finances now that there is a pick-up in economic activities.
Firstly it is about managing your cash flow. The other is having a balanced portfolio: that is if you want to have enough money now, and for the latter years, especially during your retirement.
This is also key for those starting out fresh on the job market.
For those who have exhausted their funds amid the Covid-19 pandemic, it is time to reset the goals.
“The movement control order is like a reset button for your finances. You can now focus on how to slowly adjust. Be aware of what you are looking for,’’ said IPPFA Sdn Bhd licensed financial planner Kimberly Law.
“To do that, you must have an end in mind and work towards it.
“Paint a picture of what you want to achieve in life such as a roof over your head, food on the table, good quality of lifestyle, the ability to enjoy activities and a choice to retire without financial worries,’’ she said.
This is easier said than done if you are struggling financially. But experts said if you do not push yourself to chart your financial goals, it would be difficult to achieve your targets.
Cash flow management is about money flowing in and out. The formula is to start on a healthy flow, which is income minus savings with the rest for expenses.
Save before spending. In that way, you can control your spending without feeling guilty about it.
If you do the reverse, it would be difficult to save later and it can be stressful to cut and manage your expenses.
“Aim for 50% savings especially if you are single and have no financial dependents. That should include your Employees Provident Fund contribution. If you have financial dependents or you are the sole breadwinner, it is harder to save, but try to do it anyway,’’ she adds.
Set targets as to how much you wish to accumulate. As a guide, the total capital should be worth 10 times of your annual income. This should be done in a mixture of assets plus a home that is fully paid for at retirement.
Set a budget for monthly expenses after putting aside some savings.
There are two expenses to take care of –fixed (commitments, memberships, subscriptions and loan repayments) and variables such as food, transportation, social outings, entertainment and car maintenance.
“Before spending, ask yourself if it is really necessary. It is not about being frugal but there are ways to cut expenses. You need to find a style that suits you,’’ she pointed out.
It is also a good habit to record your monthly spending. If you manage to have some money left after your monthly spending, set up a “fun fund”. This can be used to buy big-ticket items without feeling guilty.