Stay Home, Work Safe

The world is reeling under the coronavirus pandemic. Many people are experiencing job losses as companies across globe shut production. Needless to say, people are concerned about their finances due to COVID-19 pandemic. With so much uncertainty around, it’s important now more than ever to focus on saving and reduce spending. Here are few tips to stay financially healthy during the outbreak: Keep Emergency Fund: Emergency is unpredictable and difficult to manage. Save as much as possible. Maintain a budget. Avoid expenses that you can. In short, keep an emergency fund. Insurance cover: Situation and instances like COVID-19 can happen anytime. Do check that you have proper health and term insurance cover. Check your health coverage benefits and know how much it will cost you during any critical illness. Take proper health coverage for your family. Continue with SIPs: To keep you financially strong, keep saving your money by continuing your SIPs and long term investments. Don’t panic and redeem all your investments due to the huge volatility in the markets. It will help you in creating bigger corpus when the market’s rebound. Check your EMI/Installments: If you have not opted for the banks EMI moratorium, and not paid your EMIs instalments yet, your credit score might get impacted. Either you opt for a moratorium or pay your dues on time. Good credit score will help you in the future loan if needed. Go Digital: As per Government health guidelines we need to keep social distancing to avoid COVID-19. So, it is better to use a digital wallet as much as you can. Completely avoid going to your Banks or ATMs for any financial need and use. Use online banking, cards, UPI or wallets for payments and managing investments. Avoid using cash, keep ATM visits minimum. Refrain from panic buying: Don’t spend your money buying food items, groceries, medicines just to stock up things due to fear of lockdown. Essential supplies will continue. Only buy those items which are very much important apart from daily use items. Panic buying will put a strain on your finances.