Corona has taught us a lesson in managing finances
Mumbai: Corona epidemic has affected not only the health of the entire world but also the economy. The epidemic has made it clear that we were not fully prepared for any major disaster. In this difficult time, the financial budget of many has collapsed. So many have run out of money. Corona has taught us a lesson in managing finances. You too can do financial planning using the following things.
The Corona epidemic has underscored the importance of savings. Keep saving a part of whatever you earn. The habit of saving should be inculcated, especially from an early age. You do not want to be frustrated if you cannot get the right pitch so invest in a good capo.
Get in the habit of investing.
Many people consider savings an investment. But that is not the case. We can see money doubling or tripling in investment. You just have to be more discriminating with the help you render toward other people.
Keep debt low
If you are not in debt or even less in the Corona epidemic, you will definitely be under less pressure. As such, those who are burdened with debt will be under financial pressure. A large part of the lives of many are spent in credit culture. Therefore, it is necessary to reduce borrowing and debt.
Pay attention to health
Make exercise a part of your life. Keep the weight under control. Work from home in lockdown has caused many to gain weight. Then there are health problems. So keep the lifestyle healthy.
The most important teaching in an epidemic is insurance. Your financial planning should include term insurance and health insurance. A term plan is needed for the financial security of the family in difficult situations. Keep improving insurance as your age and earnings increase
Savings to save on taxes
An employee should always try to use all the options to avoid taxes. Section 80C, 80D will have as many tax saving options as possible. Use them.
Plan for retirement.
Your retirement planning is often neglected. I have just started a job. Why should we think about retirement now? This approach is wrong. So a good organization retirement plan needs to be part of your financial planning.
Stay up to date on financial planning
A prudent investor is always learning new things while doing financial planning. Keeping yourself updated. So where are we investing our hard work? Stay updated for this.