Jul 04, 2020, 06:35 PM IST
RK Gupta, Finance Specialist. This era of the Corona period is difficult. Many people have become unemployed, there are many for whom it has been difficult to run the expenses of the house every month. This is the period when a lot can be learned and handled. This is an appropriate opportunity to correct the financial condition of the house.
At this time, taking care of some things related to money, finance management can be kept right.
Fix cibil score
Keep paying EMI on time or bank choose the option of EMI Moratorium i.e. time relaxation in installments. In no case should there be an overdue. This may cause the cibil to deteriorate. If the CIBIL is fine, then you will not have any difficulty in taking a loan ahead.
Learn the digital process
It will no longer be appropriate to go to the bank again or run to the ATM. Take care and learn the process of payment from ATMs and banks in the form of mobiles in your hands. Digital backing will help to protect you from unnecessary part of your life.
Be it insurance or investment, bank accounts or any scheme, collect all your related documents in one place. Whatever is not online, convert it to online and secure the password of everyone’s account. Save all your documents to DigiLocker.
Do not pull from the input
Many people are withdrawing their money in chaos. Remember it is easy to withdraw money from ATM or Bank. But depositing this money will be difficult for you in this period. It would not be appropriate. Actually, this is the right time to think about long term investments. Choose safe investment options.
Keep your health covered
This is also the time to get serious about insurance. Be sure to insure a reasonable amount for your health and life so that you will not have to spread your hands in front of anyone if needed. Your small and correct planning can easily pass this time.