Well! It is a clear fact that the medical crisis has flipped the whole world. From the most powerful countries to under-developed countries, the crisis had managed to curb almost every part of the world. The termination of the transport industry, fluctuations in the global market, the global economic recession, and business shutdowns had surged the poverty and unemployment rate, compelling people to reduce their expenses from 2 to 0 to nil. But as said, there always comes a ray of hope after darkness, we together managed to discover the new ways to once again bring the normality with the vision of new normal and new reality.
The journey towards the new reality for a common man wasn't easy at all. Initially, with inflation, low purchasing power and no or minimum income, it was quite difficult to manage financial stability while ensuring sufficient savings. In June, as the nationwide lockdown began to uplift, the situation improved a little and we unconsciously adapted with the situation. Now after one year, the circumstances and our priorities got changed to a certain extent.
Nothing is permanent, everything is uncertain and amidst this uncertainty, it is a challenge in front of individuals to manage finances in a way that they are able to withstand again. It is natural to get worried about money during hardships, but with the right strategy, you can always improve the situation much better.
Ways to plan personal finance after one year of COVID-19
In the present scenario, many financial institutions such as banks and NBFCs have lowered their interest rates to reactivate the flow of money volume in the economy. This is the best opportunity for all those people who have taken the debt before the pandemic to transfer it where the interest rate is comparatively low. Moreover, if you are planning to take on debt in the future like buying a house, you can consider taking it now after making necessary changes in your priorities but only if it is possible. Bit make sure you won't end up making your financial stability rigid as in the juncture of uncertainty liquidity is a must.
Second thing is to look through your investment portfolio. From investing in shares to putting money in bank FDs to buying gold, all these things come under investments. The one-year of this medical emergency has interrupted our regular source of income; hence, it is very crucial to balance expenditure and savings. At present many banks have lowered their interest rates on FDs so for once consider taking it out and putting it in a bank where the rate is high, if not full then a certain portion of the FD will also do well. Similarly, if you had invested in share markets, you can always shift your funds from one company to another but before that make sure to analyse the past trend of the companies.
Setting out priorities is the thing in which we are pro. Right now focus only on necessary spending. Find small ways which might help save a little money. Consider using online payment apps as they provide cashback, reward points, and other offers like discounts on making an online purchase, etc. Every single penny matters in this time. If you want to buy something right now, search for attractive discounts or deals that would be on offer. Make sure you won't do any impulsive buying, think a little before spending money.
The one thing that pandemic taught us is that health matters the most. Indeed the time is difficult but it doesn't mean that you avoid focusing on your health. If you already have a health insurance policy, make sure to renew it and if your financial condition is decent you can extend it's basic insurance amount. And if you do not have the insurance, take it now. Look for government schemes and plans for this. It is also a kind of investment plus it provides tax benefits either. If needed use an emergency fund for this but do take health insurance for the family.
Maintain a positive outlook, things will change. Relook at your budget and needs and plan accordingly.
However, do not in any condition forget to take care of your health. The significance of effective and accurate health control measures can't be ignored. It now becomes a necessity rather than an option. The manual approach will drive you nowhere for it is not accurate and when it comes to accuracy then what can be more effective than the technology.
Hvantage brings an effective tech solution and wearable device "H-Guard".
“H-Guard” safeguards your health and safety by maintaining & monitoring social distancing and records the contacts to do proper contact tracing at your workplace. It is a wearable device connected to your phone via Bluetooth. The primary objectives of “H-Guard” are:
Monitoring and Maintain Social Distancing.
To Control Community Spread.
Significant features of “H-Guard” are:
Alert History Reports
Let H-Guard…safeguard you!