5 Simple Financial Tips To Survive Covid Strain

With these restrictions imposed in every part of the country, people are going to face a financial crisis after they are done fighting health issues. Last year, small cities and villages were not affected at all so the internal circulation of money was on. This year, every part of the country is affected. So once government lifts the restrictions then only we will come to know the real financial picture of the country.

Life is what happens when you are planning for other things. This pandemic has pushed many people towards gambling. People with no income during lockdown are playing different card games and are betting in cricket matches. If there is a third wave in the country then these things will lead to thefts and loots across the nation. Hopefully, we will not see the third wave but we should be prepared for the hardest of times in future. Here are a few tips to keep yourself financially sound in hardest of times.

Save more

In these times, the person who saves money has been the winner, not the one who wastes it in show off. This pandemic has taught us the most important lesson of saving. You should save more than you spend. Our elders always used to say that make saving money a habit. Indirectly, they wanted to prepare us for these kinds of situations. Even if you are least affected by this pandemic then also you should save most of your salary or monthly income. Balance in your bank account gives you peace of mind and that is the most important thing at the moment.

Reduce your expenditure

I feel this is the most difficult thing to do because once you upgrade your lifestyle, you get used to it. There no coming back from that situation. So to reduce the expenditure, you have to stick to a simpler lifestyle. You need to stop buying the things you don’t need. The term impulsive buying should be out of your dictionary. Only purchase the stuff which you need to satisfy your basic needs. For example, if you feel the current pair of shoes will last around 6 months then there is no need to buy the new pair now. Remember, simpler living is directly proportionate to lesser expenditure. You have a family to feed not the society to impress.

Invest wisely

If you are working in such a sector that you are not at all affected or are least affected by the pandemic then this is an opportunity for you to invest your money and multiply it. Before investing, read all the documents carefully and do it at your own risk. Last year, the highest number of people opened a Demat account and started their investment journey. Apart from investing in shares and mutual funds, I feel this is the best time to invest in real estate. If you want to buy a new house then this the best time to do it with the lowest housing loan interest rates. With decreased expenses, you can easily adjust your life according to the EMI. In whichever sector you invest, make sure you do it wisely and after doing complete research from your end.

Try and create new source of income

This pandemic has taught us that one source of income is not enough for survival. As we are in lockdown again, we should work on creating a new source of income. A lot of people started working on that last year only. So start from where you left last year or start this year. Remember, it is never too late to learn a new skill or start a new business. It can be anything from content creation, graphic designing to opening a grocery store. Nothing will be demeaning or will make you small in stature because if you lose your job then no one else will come to feed your family.

Help the needy one

People have lost jobs, local shops and stores are highly affected. A chunk of the population has entered the category of below poverty line. Now the situation is, people are sitting at home with no money and nothing to eat. They are drawn towards shortcuts like gambling and it will lead to domestic violence. You should help such people. Don’t simply give them the money, give them the jobs. For example, ask your house help to send her (jobless) husband/son to clean the cars in society. It will keep them occupied and they will earn as well. Provide a helping hand to needy ones by taking responsibility for their medical expenses or provide them the grocery for a week or so. Remember, we grow by helping others. So help in whatever or whichever way you can.

These were the financial tips to survive the covid strain. If you follow them then you can survive not only covid but any difficult phase of life.