Let’s face it, you're stuck at home for the past few weeks. For many Indians, this will be a reality for the next several weeks or longer. If there’s an advantage of being at home, it could be some spare time to spend on your money. In the face of financial uncertainty, it can feel good to take some concrete action. Here’s what we recommend.
If you don’t already have a crisis fund, now’s the time to make one. If you have money set aside for voyage or non-essential spending, consider earmarking it for emergencies instead. Any amount you can tuck aside now will support you and your family during an emergency later. Now is the time to pledge to invest in easy-to-access savings of 3 to 6 months’ of your monthly income.
Now is an excellent time to take a closer look at your spending pattern. Adjust your budgeted spending accordingly wherever possible. Money may be tight going forward, so saving wherever possible will only help you in the future.
“No one can envision what will happen short term, but over the long run, the economy and markets will bounce back.”
Several people are irrefutably unnerved about their fortune. Some investors may be tempted to liquidate their holdings, while others may be susceptible to overtures from improper sources. Thus to avoid repenting in the future contact your wealth advisor and reevaluate your investment strategy.
No one needs to tell you why you should have life insurance and health insurance, at least not in these situations.
Many insurance products protect you and your family from 3D’s- Death, Disability & Disease.
Contact your insurance providers to see if you can get a discount or lower rate.
Many financial institutions now offer the option of online banking. This option gives you the opportunity to manage your money online. This helps you better manage your finances when you are not supposed to step out. Along with online banking make yourself familiar with other digital transactions as well.
Make sure you take care of yourself so that you can come back stronger than ever before once all of this is over. So, take advantage of online resources to bulk up your knowledge in areas of finance and money along with other areas.
In this instance, nobody knows the full effects of this global pandemic. Implementing these steps can help bring some degree of normalcy until it subsides. We recommend, continue practising these recommendations so you are ready for life’s next surprise.