The COVID-19 pandemic has been a learning experience in financial management. He taught that one should always be prepared for such unforeseen circumstances.
Here are some financial tips that will help individuals keep their financial health safe and secure at all times:
Maintain an emergency corpus
According to Gaurav Chopra, founder and CEO of IndiaLends, an emergency corpus can serve as a cushion during unforeseen events such as medical demands, job loss, etc. Although individuals can opt for a personal loan in such situations, they should be prepared in case of extreme circumstances.
Also read: Take a loan? How to maintain the security of your documents, personal data
Differentiate between needs and wants
To maintain financial health, it is important to be aware of the difference between needs and wants so that individuals can make better spending choices.
“Needs are things people should have in order to survive: food, shelter, health care, a reasonable amount of clothing, etc.
On the other hand, desires are things they would like to have but don’t really need. Needs should be a top priority when making financial decisions. It is only once the needs are met that they should use the money for the needs, ”suggests Chopra.
Regularly check the credit report
Keeping an eye on credit reports should be a regular practice at all times in order to be vigilant about all the activities going on around finances.
According to Chopra, people should watch credit reports for …
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