Deepawali is also considered a festival of new resolutions and new beginnings with lights. In the era of pandemics, the biggest problem has come on the economic front. If you too are facing this kind of problem, then this Diwali can start afresh with eight resolutions. If it is followed strongly, there will never be a financial crisis in the future. The most important thing is that your savings are at least 20 percent of the monthly earnings.
Understand the difference between needs and wants before spending
During the epidemic, there has been a decrease in people's spending due to reduced demand. This has impacted savings. Even after this crisis, you can control your expenses if you want. For this, it is necessary that you make a monthly budget and spend accordingly. Understand the difference between need and want of something and then spend it.
Must buy health insurance
Not taking health insurance at the time of the corona epidemic is the same as going out without a mask. Take health insurance to protect yourself and your family in times of epidemic. This will not only provide relief from the huge expenses of hospitals but will also not put a financial burden on you.
Life insurance up to 20 times of annual earnings
This epidemic has made us aware of our own and family's safety and health. It is very important to get insurance in case your family does not face a financial crisis in the future. It should be at least 10 to 20 times your current annual earnings.
Keep a better credit history
During the lockdown, millions of people struggling with the financial crisis took advantage of the Moratorium. This facility has been provided only to those whose credit history of payment capacity is also better. To maintain credit history, it is important that you pay your debts at the right time.
Take care of inflation
Inflation is continuously increasing with time. It is important to keep in mind the rising inflation rate while investing. Not doing so can spoil your investment and financial planning.
Start investing soon
Many people start investing in several years after the job. Most people start making financial plans in 40–45 years. If he starts this investment at the age of 24-25 years, he gains more in the future. They are able to accumulate more funds.
Do not panic in equity
When the stock market falls, people withdraw their money in panic. Investors should exercise restraint while investing money in the market and withdrawals should also be done consciously. Fluctuations are common here.
Avoid investing in an asset class
When investing money, it should be divided into different asset classes. Some invest in gold property in one place but must review their portfolio separately after a certain interval. This keeps your investment safe.
Keep six times the salary for emergency
In this era of economic crisis, keeping money in hand is considered equivalent to keeping gold. This is possible only when you have enough savings. During a crisis like Corona when jobs are in crisis and businesses are affected, it is important that you have at least three to six times your current monthly earnings to make a better living.