COVID 19: Personal Evaluating Policy for Avoiding a Financial Crisis
COVID 19 – is a new virus which started at the end of December in 2019. The virus started to spread very fast, so all the people over the world became exposed to danger. Unfortunately, since this is a new kind of virus, medicine has not found an effective vaccine yet.
I thought life was already hectic with a constant struggle with savings and managing a personal budget but, I had no idea it was about to get insane when the COVID-19 pandemic hit! We are all being swayed by this crisis and I have been hearing from everyone as to how this has taken a toll on their expenses, personal budget and no one has a clue about how to channelise in an emergency fund.
As part of a curative journey, I wanted to put my feelings and also let other people do the same in the faiths that we all can fight this back together. I would like to hear how you’re coping with the financial crisis, so please feel free to share.
Work & Stay Healthy
Considering these are the uncertain times with everything under lockdown and sealed until COVID-19 is contained. Taking care of our health and maintaining a proper fitness of mind and body to prevent the spread of the virus has become eminent. With so much happening lately, keeping track of our mental health is equally important; which may involve making certain adjustments when it comes to our finances. At the end of the day, our physical, psychological and emotional health will play a role in our financial health.
Prepare an Emergency Budget
It could be late to save for this unforeseen emergency but, it is not too late to create an emergency budget. You need to start with the essential expenses, which includes your housing, medical costs, and food. As everything is shut due to safety reasons, there isn’t much to spend right now. If you don’t have an emergency budget right now, consider putting a section of money aside as depending on how the situation unfolds, you may need to rely on an emergency budget quickly than anticipated.
Go full-throttle, Digital
A light on the COVID-19 pandemic has driven all of us for changes in different circles unimaginable. With the current lockdown that prevails across the nation, going digital is the safest and a secured way of dealing with payments and financial transactions. An outbreak this big has brought us towards a technological movement in numerous boundaries of human activity.
Don’t get lured to credit
During this cynical time, try not to get lured into borrowing at the event of immense transformation. Withdraw yourself from using credit to pay for daily expenses and use the money from your emergency budget until you know you’ve endured this storm. If a need to borrow money arises, make sure you read the output various credit consequences before you make a choice, and borrow only what is required.
COVID-19 is one the greatest crisis than anything that most of the world has dealt with in a very long time. We are all in this together to endure it, be it in the financial crisis, healthcare system or public safety. Holding on to it and supporting one another is the only means to win it.