How to manage your money during coronavirus disease in India:
We are currently going through a difficult period. The coronavirus disease has unexpectedly caused cities to lock down, sick people have to be isolated, borders have to be shut down, and the market is volatile or unstable. In such a situation, it is important to manage your money along with taking care of your health. Amidst the outbreak of Coronavirus, it has become necessary for us to make some necessary preparations and adjustments in the matter of our personal finance so that any tough situation can be dealt with firmly.
How to Increase Your Emergency Fund during Coronavirus:
The coronavirus infection has already severely affected the global economy and the effects of this upheaval may persist for a long time. In such a situation it becomes necessary to increase your emergency fund. Normally your emergency fund should have money equal to your expenses of at least 6 months, but at such a time you can increase your emergency fund to fulfill your needs and responsibilities. If your insurance company refuses to cover the treatment associated with the coronavirus because it has now been declared an epidemic, then your emergency fund will be very useful in dealing with it. Manage Your Money During Coronavirus
What are the Useful digital approach to repay EMI of loan during disease of Coronavirus:
If you have taken a loan like home loan, personal loan or car loan and you are paying your EMI in an offline way, then you can use the online method to pay it quickly. This is because you may be unable to pay your EMI when your bank closes its offices due to the outbreak that may cost you late fees or default on your loan. To avoid delay or default in loan repayment, the best option is to set a mandate or order to auto-debit EMI from your savings or current account.
How you can do long term investment during Coronavirus infection:
There is already a lot of upheaval in the market due to the outbreak of Coronavirus in India. But, you should not be afraid of this and take investment decisions. If you wish, you can continue your Mutual Fund SIP to meet your long term financial goals. With the help of SIP, investors get the benefit of rupee-cost-averaging to face the shackles of market volatility and help in getting the desired returns.
How to protect from Coronavirus by using Health Policy:
Until the coronavirus was declared an epidemic by the World Health Organization, its treatment costs, including hospitalization, were covered under most health insurance policies. But since it has been declared an epidemic, the policies which do not include coverage of the epidemic may not settle the claims due to such cases under those policies. In addition, according to media reports, IRDA has requested health insurance companies to increase coverage of cases of hospitalization of Covid-19 in their respective policies.
How to control your budget and daily expenses:
If you want, you can also limit your non-essential expenses in such a situation. Keeping enough money can help you in the near future if the situation worsens. Keeping a check on any major amateur expenses will also help you in increasing your emergency fund. It is time to revisit your budget and make a list of your shopping needs based on the priority. Manage Your Money During Coronavirus
How it is good to take care of the Investments:
This is also a good time to take stock of your investments and take practical decisions. If you want, you can rebalance your portfolio if it has a lot of inclination towards equity or debt assets. Risk-saving investors can also choose to increase their investments in some risk-free instruments such as PPF and NPS.
In the end, it is necessary to keep the mind calm in the hour of such a crisis. Therefore, do not be intimidated and make sure that you and your family members follow the health instructions given by the government or the authorities, especially related to sanitation and social distance. Similarly, while remaining calm, make necessary preparations to strengthen your personal finance. The more disciplined you are, the better it is for your health and wealth.