Alpha generation is a generation born after 2010. According to Mark McCrindle, the alpha generation is a generation born between 2010-2024. About 2.5 million alpha generations are born every week in the world and the number will increase to 2 billion by 2025.
This generation is accustomed to technology and is different from the previous generation. From their birth to their infancy, the alpha generation has lived in an environment that is dominated by high technology so that they can easily access various kinds of information via the internet.
With the globalized internet, the alpha generation is the smartest generation as well as the luckiest generation from the previous generation. Besides, the alpha generation has its own challenges to become a generation that is superior and isn’t complacent about technological sophistication.
Currently, it is time for the younger generation to improve their intelligence in the financial sector, especially during a pandemic to maintain financial stability in the future. A dynamic lifestyle plus a lack of income and knowledge of financial intelligence will make the alpha generation confused about managing finances. Then how to respond to spending during the Covid-19 pandemic? Check this out!
1. Create a smart lifestyle
In modern era, most people use the principle of "live only once, have fun". This will create excessive consumptive behavior to fulfill one's lifestyle. How do you create a smart lifestyle? One of them is by adopting a frugal lifestyle, in the sense of managing expenses as needed and reducing the wish list that is not too important.
In managing finances, you need to determine how much expenditure is needed to meet your goals and avoid consumptive behavior such as hanging out or traveling too often and other activities that are likely to harm you in the future.
2. Make a priority scale
A priority scale is a list of the level of a person's needs, from important to postponed ones. By making a priority scale, you can prioritize which needs must be met first and which needs can be postponed. By managing finances using this scale you can sort out every urgent need (clothing, food, and shelter) to make it more orderly, economical and also guaranteed for its future.
There are several things that must be considered in preparing a priority scale, namely: the level of urgency, the opportunities you have, future considerations, personal abilities, time, place, price, and guaranteed quality.
3. Using application help
In the era of the all-digital alpha generation, many young people use the internet on a daily. The use of the internet through gadgets based on android, iOS, and so on can make it easier for us to access applications, which can be useful in everyday life.
Several applications such as Mint, Cash Book, Level Money, Wallet, and so on can help plan, analyze and manage your expenses. This application will later work by displaying the budget that you have recorded in detail and periodic expense chart reports.
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