Times of crisis can bring uncertainty for many reasons…and the Corona Virus Pandemic is no exception! It has been 4 months since the Lockdown, the Economy has slowed down, Businesses have shut, and there is a wave of unemployment all over!
It seems that we are going to step into a new world once this pandemic is over. But, in this new world, suddenly Income has either vanished or reduced. We have been exposed to new risks which have led us to totally new dimensions of Saving & Spending!
We are gradually starting to normalize things by unlocking step by step, thereby hoping for recovery. The questions about Personal Finances are popping up in everyone’s minds. The basic pillars of Income, Saving, Spending & Investing have undergone a drastic change in last 4 months.
Millions of people are left without Employment & those are the ones who are most hit by the Pandemic. Many monthly income earners have been sitting without a pay or have settled with a significant pay cut since the Businesses are closed. Income has evaporated largely through various segments.
But with the Income, Spending has changed considerably too. Individuals are cutting back on lot of impulsive expenses. For Instance, expenses are not incurred on eating out, entertainment, travel, clothes…it is the NEW NORMAL, isn’t it?
Beyond the essential commodities & utility bills there has not been a single penny spent. It is wise to avoid any big purchases at this point of time. Create a priority based spending plan.
In case you cannot make your financial ends meet, contact your Creditors for assistance. Creditors might offer reduced payments & fees.
Just remember that we all are stuck in this Pandemic together & there comes a tomorrow with a ray of new sunshine & hope!