Top 5 Money Tips: How to save effectively in times of Coronavirus crisis
Ccoronavirus situation has not only brought a health problem before the world, but has also broken the back of economic growth across the world. This will have an impact on companies and individuals. Zee Business' Swati Kumari has some valuable money tips for you on how to manage your finances
Money tips: The new financial year has begun and we are already staring at a slowdown in the economy. The coronavirus situation has not only brought a health problem before the world, but has also broken the back of economic growth across the world. This will have an impact on companies and individuals. If you have still not become cautious about your spending habit, it is very much time to do so now. Zee Business' Swati Kumari has some valuable money tips for you on how to manage your finances:
Money Tip 1: Get Serious About Money
Swati Kumari tells viewers it is high time they become serious about finances. There could not be a bigger threat for everyone's financial status than the current situation when coronavirus has impacted the global economy in a big way.
Whether you are a self employed or salaried individual, you have to become aware about your financial situation.
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Money Tip 2: Stop Spending Indiscriminately
Control your expenses and do not plan any big investment or expenditure this year. See where you can actually save money. Every bit counts. Stick to the basics of financial planning.
Money Top 3: Create Emergency Fund Now
Make an emergency fund with a view of 6-8 months. If you don't do that you may be in trouble and may have to take out money from your existing investments which are already in negative because of the ongoing situation.
Money Tip 4: Take Out Some Insurance On Yourself
Take a term plan which is a must especially if you are the only earning member in the family. You should also take a health plan. Even if your company provides you, still a personal health insurance plan is a must.
Please share your financial plans amongst your family members.
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Money Tip 5: Don't Stop MF SIP
As far as investments are concerned, do not stop your Systematic Investment Plans (SIP). Continue with you equity mutual fund in case you have already invested with a long term view. Don't invest with a view of less than 6-7 years.
Invest in multi cap fund as there will be a lesser risk in that. You can also invest in small saving schemes as they are the most secured investments.
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