COVID-19 and Your Personal Finances

In March 2020, WHO declared a state of emergency worldwide due to the Coronavirus Pandemic. This is clearly something the world had never seen, and thus was not ready for it.

Worldwide, the number of confirmed cases has crossed 8 lakh while the number of deaths has crossed 40000. In such an alarming situation, governments around the world including India have taken steps to slow and stop the spread of the virus. In India, the state governments have been instructed to do likewise.

One of the steps the government has asked people to take is to avoid public gatherings, and to work from home. Some companies were forced to shut down and allow ‘work from home’ because some of their employees were found Positive with the virus. Other companies followed suit, clambering to take new measures in this emergency situation. Right now, most jobs apart from the absolutely necessary ones are to be done from home.

All of this is certainly alarming. One of the fears that people are having now is about their state of finances. What if their salaries get halved? What if there are no incentives, bonuses or even yearly increments? What if the company shuts down?

Worried about your finances during Covid-19 lockdown? Here are 5 things to help!

To ease your fears, mymoneykarma brings to you some personal finance tips to aid you in these uncertain times.

1. Get an insurance cover: The government is doing its best to provide healthcare to affected patients. While the number of affected cases may now seem like small, no one can say what the future will bring. It may happen there won’t be enough medical facilities for the rising tide of patients. To prepare for such a time, it is more prudent to take an insurance cover. This shall ensure your hospitalization at medical facilities that are otherwise very expensive. In such cases, there is no need to worry about funds.
   

2. Get a high data limit broadband or internet package: Most people are working from home. Are you? Well, if you are, you may want to consider having this. It ensures that your work is seamless without any data breaks. This can be spent not just on work, but also for family entertainment.

3. Do online transactions: Going outside is strictly prohibited, unless it is absolutely necessary. As such, there is very less need to do hand-to-hand transactions. Perhaps you are already making transactions online. If not, consider that when you need to buy something. Stay safe, and buy from home.

4. Subscribe to study and entertainment packages: Nowadays, there are many of these like Amazon Prime, Hotstar, Netflix and more. Education channels include Udemy, Khan Academy, and more. This quarantine can be a great way to level up your skills.

5. Buy health items: One more thing to do is to stock up on health items including sanitizer, masks, handwash, and others. This shall keep your immunity strong and help to keep the virus away. Besides that, have home-cooked food. Have plenty of green vegetables, dairy products and other nutritious items.

 We hope that these tips shall help you during these tough times.