The second wave of corona has increased the difficulty. Everything from ordinary customers to investors is terrifying. After a complete lockdown from March to May last year, there were problems on many fronts. Companies had to be fired because of closures and job opportunities were also reduced. In such a situation, you should move with extreme caution, to avoid any major problems.
Be the first to create an emergency fund
Those who were laid off last year could not find a second job for several months. The EMI of the banks was also immediately free, which increased the financial burden in the long run. In such a situation, first of all, you need to create an emergency fund. Spend at least six to 12 months on the deposit. However, there is no set standard for how long an emergency fund will be and it depends on your financial situation. Despite this, keep the emergency money for at least six months.
Do not interpret the savings account as an emergency fund
Generally, we make the mistake of treating deposits in a savings account as emergency funds. But the sum of all the work flows from it. Financial advisers say that an emergency fund must invest in several different options. It includes liquid funds and short-term FDs in addition to savings accounts. Liquid funds are also short-term. Keep the FDs separate for one or two months, so you don’t have to wait long or fine to remove them if needed.
All fields except Pharma
The pharma sector recorded a 23.10 per cent gain in March-April last year. In addition, all other major sectors recorded a two to 33 per cent decline. FMCG fell 2.19 per cent. On the other hand, IT fell by 7.26 per cent and auto by 14.52 per cent. Financial services fell 22 per cent, banking 26 per cent, media 30 and real estate 33.24 per cent. In such a situation, a second wave of the corona could again affect these areas.
Avoid panic shopping
Fearing a lockdown last year, people gathered food and drinks and other everyday household items. It ruined people’s budgets. There was no problem in the market for goods. Experts say that if your kitchen costs 15 thousand rupees a month and you buy it every three months, you will lose 30 thousand rupees. In view of the corona crisis, you must have money.
Keep corona insurance coverage
Insurance regulator Irda had to intervene last year to cover corona insurance. After this, the companies began offering three to nine months of corona insurance coverage, in addition to coverage on the old policy. If you notice the severity of the corona crisis, take corona insurance coverage. This will help keep your pocket lightweight and will prove to be very helpful in trouble.
The second wave is a big challenge for India
Experts say India led the world in the corona crisis of last year, but in the second wave the situation is different. Most of the US and most European countries have progressed significantly in vaccination and the majority of the population has been vaccinated. Although the pace of vaccination in India is slow. In such a situation, the second wave of corona is a big challenge for India.
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