We all are terrified and locked in our homes. Like you, even we are afraid about our health and economy in general. Living a life in the coronavirus crisis seems to be like a hell.
Millions of people all over the world are out of work. This seems to be a tragedy for many out there. As we all are scared about the uncertain future, we discuss here some pointers to protect your financial wellbeing:
1) Should you withdraw all your cash from the bank and keep at home?
Well, no. Your money is safe inside the bank and you should withdraw only that is required for your daily expenses for the next few months. Keeping an emergency fund handy is also a good idea.
2) What should you do about your investments?
Talk to your financial planner. Don’t become panic and allow your emotions to take your financial decisions.
3) Is it a good time to buy life / medical insurance?
If you don’t have a life insurance till now, then don’t buy now. Life insurance companies need your medical check-up done before providing you an insurance policy, which is now a huge challenge due to social distancing measures.
4) How can you reduce your expenses?
Chalk out a plan and try to understand where you are spending for what. Considering the economy we are living right now, it’s quite evident that the expenses of daily consumption might have shot up. But it doesn’t mean you starve or don’t take the required nutrition to sustain a living. Have a conversation with your family and take help and things will find a way.
5) Should you make a will?
Definitely yes because it will give you a peace of mind. Will is a way of ensuring that your assets goes to the right people at the right time. If you don’t get a consultant or lawyer to make a will, then approach them as soon as lockdown gets lifted.
