5 Ways to Manage your Money during Tough Times
What an investor should do when the country fights the corona virus and protecting the citizen through lock downs. When most of the economic activity has stopped and the current situation has taken a toll on the lives like Job Losses, variable pay & Salary cut, practice these hacks to navigate this hardship and tide over situation with lesser pain.
Handle the cash with care
Cash is King. Try to be frugal with cash with no Malls, Cinema, Entertainment, Eating out even after the lockdown for 3 Months. Be mindful when you spend your resources. Remember when you do the underwater swimming the utilisation of oxygen is very important. If you want to swim longer, it is better to preserve your oxygen. Here the oxygen is Cash, remember go frugal and spend only on essentials. It’s the time to identify and differentiate between Want Vs Need.
Prepare for pay cut or Variable pay
Don’t complain on the current situation. When you are prepared for the worst, it is easier to recover and act. The quicker we adapt to this new norms, the easier for us to take decisions and move on. Cash flow is a problem for both employer and employees.
Managing your existing debts
Try not to add new debts on this situation. It is not the home loan that put you in the problem. The credit issues always revolve around with unpaid credit card outstanding and personal loans. If you have too many high cost debts to be serviced, you can even consider liquidating some of your assets and pay off your high interest loans.
Upgrade your skills to stay ahead
Look ways to learn new skills online and remember this – Old ways never bring higher profits. Pick up some skills which can compliment to your job and current line of work. This might open some new opportunity in and outside of your current job.
Review your Asset today
The difference between a Rich & Successful person and ordinary person is knowing what you own. Categorise your assets into Fixed Income, Gold, Financial Assets and Real Estate. Check your asset allocation and diversification of your assets. Analyse and observe that whether you need to alter or your portfolio is matching the model portfolio and finally – Review your Money principles
- Check whether you have sufficient Health Insurance and Term Insurance for yourself.
- Try not to opt for Moratorium
- Set aside & review you have Emergency cash for 6 Months
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