During the Covid19 crisis, Financial Emergency seem to be the foremost query juggling in every individual’s mind,
“How to organize finances smartly to manage capital and stay on top”.
Financial Emergency during Coronavirus pandemic, Thumb Rule is always say “YES” to Financial Investment either small or big an amount to protect your financial and mental health during any emergencies.
[*Financial stability makes a man healthy wealthy and wise]
- Consult Financial Advisor : Contact your financial advisor and discuss with him about various aspects of investments, debts excreta and ways to take step to improve financial footprints.
- Renew Insurances : With the Corona virus pandemic spreading havoc in the minds of every person ,it is necessary to go through your health insurance policy check for coverage and exclusions and get clarity from your insurer. Renew your health as well as life insurances. Checkout other insurance like Car, House, excreta and do the needful.
- Payoff Debt or Mortgage Payment : If you have debts such as personal loan, credit card loans excreta would suggest to pay and close it asap. Incase of any surplus funds available it would be better to reduce the burdened of mortgage loans. Meanwhile if circumstance goes from better to worse then only option is to contact loan source the bank and discuss for an extension and come to an agreement for repaying the dues.
- Emergency Funds : Are you those few percentage of people who save 20 percent of capital for any emergency ,It is always advisable to park your capital at such places were it can be easily liquidated in case of urgency. If you have not saved any surplus amount then it better to arrange some money for any emergency at such juncture.
- Reorganize Household Groceries Expenses : Recent Lock down must have woken you up on why household and grocery items are so important to store in sufficient quantities. The best method is to buy grocery and necessary household items quarterly period. This way you will be ready for any emergencies.
- Review Financial Investments : At this juncture it is important to survey and prioritize financial objectives. Review the impact on the income source and money flow it is better to pen down option’s to reduce expenses on monthly budget, travel expenses, Shopping, EMI , insurance premiums and others mandatory expenses which needs to be reviewed keeping aside the emergency fund.
- First Aid Medical Emergency : A must tool for all household. First aid box is completely necessary in a household or at work and even at your car incase of emergency. Even it is advice able to keep necessary mandatory medicine incase of emergency.
- Maintain Strict Healthy Hygiene : Nowadays hygiene is key source to a healthy life. It is absolutely important that we keep of surrounding’s clean and always wash hands after any contact. We should change our habits our living style and follow the path to maintain hygiene be super safe to keep a germ free environment.
- Passive Income : A passive income is so much necessary during emergency times. passive income can be in the form of and investment, a monthly income scheme or a money back return policy at an interval or even SWP (systematic withdrawal plan ). You can opt for any scheme with guidance of your financial advisor and be an anxiety free man.
- Standby Vehicle Transportation : Transportation is a important aspect of any emergency like situation. So it necessary to keep your vehicle always ready and on standby.