Today, we are going to talk about a pandemic the whole world is worried about, “The COVID-19” or the infamous “Corona Virus”. The outbreak has spread like a wildfire that started from the city of Wuhan in China and then moved towards parts of Europe and eventually spread across 177 countries around the world. This is one of the biggest virus spreads that has been declared as a pandemic by all major countries in the world. All major cities and districts in India have been sealed, states like Maharashtra, Haryana, Uttar Pradesh, Kolkata, and Delhi have been issued a total lockdown.
On 22nd March the whole country came together to applaud the unmatched efforts of all the doctors, Police, Nurses, Labors and Public servants during this epidemic with a five-minute standing applause at 5 pm IST within their premises. Every person in the country has somehow contributed to stopping the spread of this deadly virus by initiating self-hygiene and social distancing.
We know that during these times it has become hard to manage finances, as none of us can move out of our houses, visit the bank or any other source. We would rather advise you to stay home for your family and maintain social distance in order to stay safe from the virus and therefore today we’ve got you a seven finger rule which will help you kill your financial problems during this time of crisis.
COUNT ON YOUR SAVINGS:
Your savings are your only savior during these times. The complete lockdown has been issued in all major cities which means there is no transportation, no going out, no source of acquiring funds. This lockdown could last days or months and we don’t know how many. These are times when you will have to count on your savings to see you through this crisis. We suggest you get extra careful with your savings
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COMPLETE ALL CREDIT PAYMENTS:
Missing your due pay dates can be fatal at this point in time, long tenure of a lockdown could mean a lot burden is already adding upon you, the last thing you want is an additional financial burden of liabilities. So, it is very important that you pay off all your debts as soon as you can. You can also check credit score online by sitting at your home.
The government has advised us to stay home to avoid the spread of this outbreak. At this point in time it advisable to use online methods to make payments, transfer money, making purchases or anything that can be acquired online. Load money in your online wallets so that you can make smoother payments and make sure you link your bank accounts to your E-wallets so that you can use those funds whenever required.
GRAB AN INSURANCE:
Most of the major countries of the world have declared this virus a pandemic nobody in this world has given a concrete timeline of this pandemic. We don’t know when this will end or stop spreading, if we believe medical experts, the Covid-19 is here to stay for more than a year at least. Getting yourself insurance is of utmost priority right now. Get health insurance for yourself and your family at this point in time so that all the expenses can be covered in the time of an emergency.
TALK ABOUT YOUR FINANCES:
During these times any emergency can occur at any point in time, therefore it is important that you discuss your savings and other finances with your family, give them important passwords and access to the savings and other funds. This is very important because, in case of an emergency where you are out of action, someone reliable can take care of everything.
THINK BEFORE INVESTING:
The whole financial market has taken a hit due to this virus, businesses are facing losses, the share market is down, Banks are losing money and insurance companies are taking a hit. This is not a very good time to invest your money in the market. At this point, all you must focus on is saving your funds for short-term as well as long-term expenditures. We suggest you kill the urge of investing in the market for a little while until the markets are up and running again.
REDUCE YOUR EXPENDITURE:
The last thing you would want in these bad times is a cash- crunch. Keep liquid money with you and save more in your bank account instead of spending it on things you do not need right now because sooner or later you are going to need that money. Buy only the things you need in this quarantine period and urge people around you to do the same.
Times are not as good as they used to be a while ago, this is the time for the people of the world to come together to fight a pandemic which has become a serious threat to mankind. If we can all just do our bit, we can help repair the damaged areas and protect the areas which are yet to be affected.
Also Read:- RBI Monetary Policy: 3 Month Moratorium
Source:- Financial Express
A better tomorrow awaits us.