No one knows whether our income will be decreased or not. Risks are everywhere; a deducted income or a lay-off for a salaryman. Being freelance or doing business has a high and low point. However, as we see the overall contracting economy, surely, we have to adapt and reduce any expense. Especially for those who were affected by the crisis, with no money, and less income. Here are the handling methods to get through the crisis.

1. Be calm and accept the truth in order to find a solution. We are not the only person who is in this hard time.

2. Check your household account whether how much we spend, what the balance is, will you get paid for this month, and is fully paid or half-paid, or how many percentages for the payment. After getting all financial information, planning the daily expense, and saving for any emergency is a must. We do not know how long we will be in this situation.

3. Cutting any unnecessary expense. Only necessary items are left. Prioritizing the expense type is a must. Those are unnecessary such as luxury items; from driving a car to public transportation whether BTS or bus, to taking a motorcycle to walk. Interest expense from borrowing or loan needs to be negotiated with the lender as soon as possible because debt is a big issue. You cannot pay if you are on a lower wage.

4. Find an additional job. This seems hard to do in this difficult time but there are some in-needed jobs somewhere. The first thing does not be shy to do. You have to be brave, think positively that we work honestly, and take jobs in order to live. For example, an elderly caretaker, au pair, pet supporter, or online-skilled jobs such as translator, mask maker, online baker, or cooker. This will increase your income.

5.  Income management. After cutting off those unnecessary expenses, let us take a closer look at your balance and income. If you cannot control the budget by yourself then additional support is needed such as limiting your daily expense method.

6.  Record income and expense detail. This household account method is another effective way because we can see clearly on every monthly basis which one exceeds your limit. This is the starting point of changing when less income happens and becomes a good financial habit.

7.  Stop buying a lotto or any lucky draw. You may think that it is a small amount of money but in this situation, those 90 or 100 Baht are valued. You could buy a meal or two with that money. Stop purchasing lucky draws because there is a low chance to be that lucky person. Saving that money for spending later is better.

In this crisis, we are not the only person who faces a difficult time with less income. After finished the financial planning, do not forget to save some for saving or investing. We suggest that at least 10% of your income should be saved. Once the situation is getting better, you can increase a saving amount. Saving or investing can be in many methods whether contractual deposit, bond investment, SSF or RMF for tax reduction, or saving life-insurance for saving and covering. There are many products for your investment from SCB. More detail from here https://www.scb.co.th/th/personal-banking.html