The COVID outbreak has taken the nation’s economy on a ride due to which people’s financial condition have deteriorated because of loss in jobs and business, pay cuts etc. According to centre monitoring data, five million people lost their job and thousands of small business enterprises suffered a huge loss. As per our concern, with the help of this article, we are mentioning some key steps that can be followed in order to curb financial losses faced during this pandemic.
Timely payments of card and EMIs: There is great importance of making timely payments to the respective banks as nobody want to fall prey to bad credit score. Even if the bank gives you time to repay your bills, it will still charge interest on customer for late repayments and you have to pay extra for that. To address this difficulty, governing authorities have introduced moratorium with options such as increase in tenor or EMI and pay at the end of moratorium. It is advisable to opt this relief only if it is extremely necessary because availing of moratorium burdens the customer at the end.
Borrow Wisely: Whenever we face a financial crisis, the first thing that comes in mind is borrowing but here one needs to make a wise decision to choose the right type of loan for immediate needs. These loans are subjected to approval based on your credit history. The most appropriate option in such crisis is taking a "Personal loan or Gold Loan" because they are easily available and you do not need to specify the purpose. These loans come with various benefits like flexible tenure, quick processing, minimal documentation and competitive interest rates. They may also offer schemes based on your requirements like super saving, balance transfer and high value quantums.
More savings: It is always good to set aside a particular amount every month that can help you during emergencies in the long run. You can do this by curbing your luxuries, mobile bills, subscriptions, unnecessary usage of cards etc. Try to cut short these expenses and limit to basic amenities where you are sure to save some cash.
Control your Expenses: Everyone needs to identify their genuine necessities and wants. There is always a difference between needs and wants because irrational wants can be upholded until the basic necessities are being fulfilled. One should avoid unnecessary shopping, fancy dining etc until the time you have enough funds in your hands.
Pause the other Investments: It is a tough task to pause on investments that you have planned for your future plans such as retirement, education, home etc. but you can use extra bucks that you are getting with Pf contribution from your salaries. Hence, save wisely in order to deal with current scarcity.
Adapting to such pandemic crisis, you will definitely make a great difference in stabilizing your finances with these simple tips and one will be able to deal with such situation smartly until the whole nations come to normal terms.
Comments
Post a Comment