With the second wave of the corona virus, millions are once again facing financial crisis. If you are one of those people, you must learn from this epidemic and change your financial practice so that you do not face financial problems in such situations in the future. We are telling you about six such practices by changing the bad times you can easily handle.
1. Make a Will – Add a Nominee
Thousands of people have died prematurely due to corona. There are many cases where Ich will not do anything for his family. Also, the name of the nominee was not included in his investment. Now the family is facing a financial crisis. To avoid this, complete the task of adding ich will and nominee to the time.
2. Make an emergency fund
The corona epidemic has revealed the importance of emergency funds. Emergency funds are very helpful in the event of a job loss or business breakdown due to a lockdown. Financial experts say workers must make an emergency fund of at least six months of their monthly income. If you have not yet created this fund, develop a habit of saving in your practice and start adding money to an emergency fund.
3. It is necessary to take health insurance
Corona has made people understand the importance of health insurance. Those who already had health insurance got a big relief from expensive treatment. Millions of people have taken advantage of insurance. So it’s not okay to delay now. Consider your family’s needs and buy adequate coverage health insurance.
4. Don’t put all the money in one place
Corona has taught to diversify portfolios. If equity investors suffered heavy losses last year, gold gave bumper returns. In such a situation, if you save for the future, then don’t invest all the money in a single investment medium. Include equity, mutual fund, gold and small savings plans in your portfolio.
5. Avoid overuse of credit cards
Amid the corona crisis, EMI default cases have increased rapidly. Most of these credit and personal loan cases have been reported. This will worsen the credit score and increase interest. That is why in the future, to avoid financial problems such as corona, one must avoid unnecessary borrowing.
6. Don’t delay taking a Term Plan
If you have not yet taken a term plan, do not delay taking it. Financial experts say that if someone has taken out a home loan and a car loan, they should not delay taking a term plan. The ordinary person should take a period plan of at least one crore rupees.