It’s been more than 50 days since the World Health Organisation announced the Coronavirus crisis as a global pandemic. Nations across the world have gone into lockdown, causing great deals of disruption to almost every single aspect of human life. What’s worse? It may not be over any time soon. Not to create a panic, but it is essential for us to be informed of the situation and the prognosis, to help us make optimal decisions. Even amidst all this, it is extremely possible for each and every single one of us to remain financially hopeful. Here are our top takes on ways to remain financially hopeful.
#1 Complete Your Taxes Faster
The Covid-19 pandemic has left most of us with one luxury that we probably didn’t have before – lots of extra time. We can use this to our benefit and save every penny that we can. Apart from budgeting and rationing efficiently to save money, one of the best ways to ensure that you save as much as possible is by ensuring that you plan for your taxes with this time and file your ITR at the earliest. We have a separate article on tax-saving tips, which you might want to read if you want to learn some tips on how best to plan your taxes.
#2 Take Advantage Of Discount And Freebies
Covid-19 has not only affected individual lives but has also disrupted businesses (big & small) all across the world. Many companies are forced to sell their products and services at low prices to just stay alive and kicking. This has given rise to lots of outrageous discounts, offers, and freebies by various organizations across the globe. There are also several apps available on the internet which lets you keep track of all the offers currently available. If you see something that catches your eye which is on offer, now might be the best time for you to purchase them.
#3 Take Bold Health Decisions
Now that we have a lot of time in our hands, along with the undivided attention and support of our family, a pleasant side effect of an otherwise dire situation, it is highly recommended that you make health decisions that you didn’t or couldn’t make otherwise. You may consider quitting smoking, reducing alcohol consumption, that you weren’t able to do previously.
With the calm and comfort of home, it is probably the best time for you to quit your vices, and develop healthy habits in their stead. This may not seem like financial advice, but when you think about it, by taking better care of your body and mind now, you save yourself quite a fortune that you might end up spending on hospitals and medicine. And this is apart from the money you save which you’d otherwise spend on your vices. Take your time, talk to your family, and work out a regime, and stay healthy!
#4 Consider Investments
We, at EarlySalary, have emphasized the importance of Investments plenty of times in different posts in our blog. Investing small amounts of money regularly and religiously results in huge payoffs down the line. It is, however, essential that you take time and decide on what instruments you want to invest in, how much you want to invest in each of the instruments, and how better to diversify your portfolio. Generally, we don’t have enough time to analyze the various instruments available in the market, thus shying away from investing, losing us a lot of money in the long run. With time being in abundance now, it is high time that we start creating a long term strategy that will help us save and profit a lot more in the future. Right now, with the markets looking to recover, most of the instruments are available for purchase at very low rates, deviating from their fair market values, making this the perfect time to start investing.
#5 Build an emergency fund for the future
COVID has taught us plenty of financial lessons, one of them being the importance of building a savings buffer. We had talked about the 50 30 20 rule in our post on International Happiness Day, and how it can be best used to build an emergency fund for the future. Ideally, building a safety buffer worth 2 months of our income should be enough to face out any emergency situation that may happen in the future, considering even the worst of the situations. If the safety fund is not enough for you to meet the emergency, we, at EarlySalary, are always happy to help out by disbursing cheap instant loans with zero hassles.
The Coronavirus has created a dire environment for all of us to live in, but we human beings have the unique tendency to always look on the bright side, to hope, and this tendency is one of the key traits that we share which will help us plow through this dark periods. This too shall pass.
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