Working in the New Norm

by Harry Izzdin & Hidayah Hisham

On June 10th, the Recovery Movement Control Order (RMCO) was set in motion by the Malaysia government, allowing for the reopening of numerous sectors after four months under the MCO. For health and safety guidelines, resources and information on symptoms and risks, visit the Malaysian Ministry of Health portal or the WHO website. Follow @NewsBFM for the latest developments.

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COVID-19 might show signs of slowing down especially in its mortality rate in most countries but it doesn’t mean all of us is going to make it out alive.

We witness the economy hitting an all-time low in the new decade due to the outbreak, and as Malaysians are left facing a massive layoff, leaving more than 778,800 Malaysians (as of April 2020) unemployed with no reliable source of income. Chief statistician Datuk Seri Dr Mohd Uzir Mahidin mentioned that the unemployment rate in Malaysia will rise from 3.5% to 5.5% this year due to the virus’ impact, with it currently standing at 5%.

With the Recovery Movement Control Order (RMCO) in motion, as many of us are unemployed, what can we do to help ourselves to get back into the game and secure our future as individuals? For all we know, telling each other to ‘have savings’ isn’t going to help anybody – how can we save when we don’t have any income?

So, I talked to Nirmala Supramaniam, a senior executive from the Credit Counselling and Debt Management Agency, or commonly known as Agensi Kaunseling dan Pengurusan Kredit (AKPK). I managed to learn a lot of useful tips but what piqued my interest the most in our interview session was the introduction of the C.O.M.E.B.A.C.K theory.

Now what is the C.O.M.E.B.A.C.K theory?  Nirmala defines the C.O.M.E.B.A.C.K theory as a string of actions dedicated to tackling one problem at a time with each and every one of the letters representing a solution to (in no particular order really). So how do we put this into practice? Before we get into the deets of this theory, you must first understand and write down your financial problems. If you don’t know what issues you are having in your life, then you might want to sit back and give it a thought.

Cut expenses.

As pointed out by Nirmala, we can begin putting the theory into practice by listing down our expenses first. Jotting down your expenses is mighty helpful especially when it comes to identifying any trivial expenses.

You can do this by simply tracking down your purchases daily in your journal or phone application. Cutting down unnecessary expenditures will give you more financial power. Plus, you’ll have one less headache on your plate.

Open up and ask for help.

Now this part right here is a testament of a person’s ego. Do not – I repeat – do not shy away in asking for HELP! Why should you allow your pride/ego get in the way of you surviving? Asking for help is not necessarily a bad thing, in fact it represents humility in human nature.

It goes without saying but, I can’t stress enough on this warning, but you should never, under any circumstances, ask for help from a loan shark or suspicious establishments bearing malicious intentions. Sorry to break this to you but unfortunately there is no such thing as fast money – we wish.

Make a list of inventories.

Once you’ve got that worked up, make a list of inventories of your liabilities/assets. You need to pinpoint on the amount of loans, you are obligated to pay and what assets you have in your hand that can act as your back-up capital.

With that on the deck, you are now fully aware of your strongest and essential assets in your disposal and the most weight-bearing liabilities in your account.

Explore and review opportunities.

While you wait for the situation to mellow out a bit, take this time to venture on new options and opportunities that lie ahead. I mean sure, we all have that dream job that we’re hoping to score but, in this economy, we can’t afford to be choosy with the choices presented to us.

It’s okay to do something different than what we’re used to. Take it as an opening for us to break free from our comfort zone and hey, you can never know that you’re actually good at something without trying. Truth be told, I have never expected myself to be doing Digital Marketing but here I am. However, Nirmala strongly advises against diving headfirst into something that you totally have zero knowledge or experience of.

Build on your emergency fund.

I can’t emphasize on this point any harder than this, but it is with utmost IMPORTANCE than one should be prepared and save for an EMERGENCY fund (a.k.a savings), no matter how much you make. Why save? Your emergency funds act as your safety net – your favourite cushion to soften the blow – in case your source of income has been severed.

Nirmala has also pointed out that by having secured reserved funds on standby, we can prepare ourselves in utilizing those funds for any case of emergencies. If you don’t have any savings now, once you start gaining income, start saving – every ringgit and sen counts.

Additional income.

In this newly revolutionized world, we can no longer find ourselves working one job at a time. It’s not an unfamiliar practice for most but with the uncertainty that comes along in this ever-changing world, it is highly encouraged to pick up a side hustle as our secondary bread and butter.

You do what you have to do to ensure that you have enough to get by day by day and a place to call home for yourself. And who knows? That newly acquired side hustle might just be a new takeaway for you.

Correct and adjust.

Before you attempt to brace yourself in this new working environment, it would be best for you to adjust and correct your attitude towards money. Wait, what do you mean by this? You must know things like how much of your money goes in the bank, what drink should you get at Starbucks today, or should you get the latest iPhone or Samsung model?

Superficial things can only help you in a limited capacity, but when it comes to surviving, you’ll need to be certain on what your priorities are. Once you are at the stage of understanding the value of money, you’ll know how scarce and precious it really is. As Nirmala would say, “Prioritize on your needs rather than your wants”.

Knowledge is power.

It goes without saying but knowledge is power. Never stop your journey in pursuing knowledge. With most companies & educational platforms adopting a digital approach, why not make the most out of it?

Join webinars, learn a new skill online, sign up for free classes in sites like Skillshare, Coursera, EdX, Future Learn. Take this as a life changing opportunity by allowing it to be your stepping stone in the new norm. It’s never too late to learn something new.

Looking back, it has been a couple of weeks since the RMCO became our newly adopted ‘standard operating procedure’, and yet there are still Malaysians who are struggling adapting to the new normal due to the paranoia built from the skirts of the outbreak. Even I had my doubts in setting foot into this reformed environment due it’s elusive nature that requires utmost attention and care at all times. And, I do understand that it can get overwhelming from time to time, staying at home for a prolonged period of time.

Without a doubt, the best thing we can do right now is to muster our courage, slowly, one step at a time, making our grand comeback into the post-pandemic world.

This article was written with additional assistance by Rahmah Pauzi and Shary Jimie. Graphics by Sabrina Yusof.