The shifting nature of the COVID-19 pandemic has left us praying for normalcy to return. Anxiety and fear have reached the recesses of our collective psyche. Even thinking about tomorrow seems futile in the face of contagion. And with the economic slowdown and the financial crisis testing our survival, the world paints a dismal picture today.
However, this too shall pass! But until it does, how does one prepare for the future? The answer lies in the way we manage our finances – and availing a personal loan is one such solution.
Here are a few tips that can help with better finance management-
Frugality for the win
In such a difficult financial crisis, being frugal can be a colossal aid. Start by identifying the household essentials and separate them from household items that you can do without. Doing this will help you in keeping a check on your expenses. For instance, you can begin by cancelling unnecessary subscriptions that might be racking up the bills. By cutting down on such non-essential items, you can also save more.
Come up with a budget that cuts down on unnecessary expenses and focuses only on the essentials. Since the pandemic is still largely unpredictable, it is wise to control spending on luxury items. Any frivolous expenditure on entertainment or food items must be cut back. Allocate a budget for household needs that leaves enough money for the savings.
Avoid panic buying
It is understandable why you would want to stock up on groceries. However, you must refrain from indulging in panic buying. Overspending simply because of the pandemic’s uncertain nature will affect your financial health adversely. Even worse, it will lead to a shortage of supplies for other people. And right now, it is just as important to think of the community as you think of yourself.
Use e-wallets for making purchases
From safety’s POV, it is better to use e-wallets for making purchases. With the mandated practice of social distancing, e-wallets are ideal modes of payment. Minimise visits to banks or ATMs as these locations are frequented by many people. Instead, make use of e-wallets, UPI, or online banking facilities to make financial transactions. There are also several benefits and rewards that you can reap by merely using these modes of payment.
Keep an emergency fund
The unpredictability of COVID-19 cannot be emphasised enough. It has led most of us to rethink our priorities and concerns when it comes to creating a household budget. Therefore, seeing as the impact of the pandemic will last long, having an emergency fund can come as a blessing. By simply cutting down on non-essential expenses and optimising alternate sources of income, you can save up money for future needs.
The tips mentioned above can assist you in managing your finances better. However, no matter what measures we take, some of us might be unable to come out of the crisis. In that case, taking a personal loan can help you meet your financial needs.
Apply for personal loan with us. We offer instant personal loans at competitive ROIs with minimal documentation. You can also apply for a personal loan online by logging on to our website today!