Do not forget to check in with your finances during the pandemic
The corona virus has been a part of everyday life in India for a while now. Its impact on society affects the global and private economies as well, all the more for some of us. The future can feel uncertain during times of crisis, and not everyone has been able to prepare for tough times and recession. So, it is time to check in with your personal finances. How are they doing?
For many, the pandemic means a deterioration in personal finances, due to, for example, unemployment and/or reduced income. Others have been fortunate enough to be able to keep their jobs but may have experienced struggles with their economy based on other factors.
There are tricks to succeed in keeping your economy stable, even in times of crisis. Especially how it is in the whole of India right now. Below we have gathered some aspects you should review within your personal finances to make sure that your economy, at least, stays healthy.
Can you manage on your monthly budget?
Of course, it is very important to make sure that you are managing on your monthly budget, especially in times like these. If you do not have a budget already, make one now! With a budget you get a quick and easy overview of your finances on a monthly basis. A budget helps you plan your incomes and expenses so that there is enough money to survive.
How are your investments doing?
Today, most people around the world are investing in securities to earn short- or long-term returns. Investments are crucial for those who wish to live economically independent in the future, or simply to retire without having to worry about not having enough money. If you are investing in stocks, bonds or even cryptocurrency (find out more about cryptocurrency here), it is worth checking in on your investments regularly, but even more during times of crisis.
Do you have a savings account for emergency expenses?
The pandemic has proven that crises occur, and that we must be prepared for them. If you do not have an emergency savings account dedicated emergency expenses already, this is something you should establish immediately. It is important to always have savings to use when bad luck strikes. The best thing is of course to prevent the damage before it occurs, such as boosting your immunity with these 9 lifestyle measures - but remember the importance of being prepared.
Are you drowning in debt?
If you have many different loans and credits, you probably have a lot of high interest rates and debt to pay off. If this is you, it can be profitable to collect all your debts in a larger loan, also known as a debt consolidation loan. By collecting your loans and credits, you not only get a lower monthly cost, but also a better control and overview of your expenses. At the same time a debt consolidation plan might help you. Even though it sounds scary to apply for a loan to pay off debt – it can pay off in the long run.