New Delhi. The market is changing during this period of Kovid 19 and lockdown. People also worry about their financial condition. There is an atmosphere of uncertainty around. Experts believe that people will now have to focus on increasing their savings and reducing expenditure. In such a situation, economic planning and money management are the need of the hour. Experts are telling how you should plan your financials now-
1. Go Digital
Do all bank-related work online and digitally. This will prevent you from going to ATMs and banks frequently, which will also reduce the risk of infection.
2. Do not buy non-essential items
Do not buy a lot of goods due to any fear. This will not lead to unnecessary expenses. Buy only what is necessary for your everyday life.
3. Pay EMI or not
Experts believe that if you can pay EMI, then you should continue paying. Those who are not able to pay due to any reason should take advantage of the rules of not giving EMI. Yes, if you want to stop investing in SIPs and mutual funds, remember this does not happen immediately. It takes 15 to 30 days to stop SIP. However, experts are advising to continue investing in SIPs.
4. Emergency Fund Required
You must have an emergency fund of at least three months. This includes full month expenses and EMIs. Try to keep some cash with you and also in the bank.
5. Buy Health Insurance
If you want to get health insurance then you can take it. In addition to the company’s health insurance, you should also have a personal health policy. This plan should be at least five lakhs.
6. Organize banking and tax-related papers
Update and organize your banking and tax-related papers. Collect all your papers in one place. Collect all your online and offline account numbers and passwords. Remove old and non-essential account statements. You have a little time for tax, as the time has passed till June 30 for tax saving investment. If PAN is not linked to Aadhaar, then it has got time till June 30.
7. Create Short Term Financial Goals
This is a good time to sit down and analyze your expenses. According to experts, short term goals should now be made regarding investment and expenditure. After planning your financial plan for the month, six months and one year, move towards a long term goal.
8. Investment decision
Experts have different opinions about investment. Some experts say that this time avoid making new investments. Even if you do invest, consult a good investment advisor. At the same time, other experts believe that since the stock is currently at a low level, one can invest.
Create fresh life goals and financial plans
– Explore your bank account, Demat account, mutual fund, and insurance policy.
– Set your economic priority and goals anew.
– You have to decide how much money you can spend in a changed environment in a month.
– See how much debt you have and how much investment you have. How much is the cash?
– See what your expenses have increased and which expenses have decreased.
Due to this, money spent in malls and cinema halls will also be saved.
– The office and school travel expenses have been closed due to the lockdown.
Plan how you will manage the money spent.
