The unexpected pandemic has shattered many households due to cash-crunch leading to stress and pressure for regulating their expenses in a way that the future plans are not shaken. Individuals are aware of the fact, low liquidity in the market with leading to low salaries, job losses, and the overall destruction caused.
With this in mind, we’ve some effective ways that could alleviate some of the financial anxiety you may be feeling and help you analyze what you really NEED vs what you WANT in these anxious and nerve-recking times. However, this could be useful even after the end of this pandemic.
- Cut out the non-essentials
There’s a lot of fat you must trim from your everyday spending. And unfortunately, this also means you have to make some sacrifices.
Skip takeout and keep it simple when grocery shopping, keep it low-cost by being mindful of what you’re putting in your cart.
Cancel subscriptions you don’t need, such as streaming services, meal subscription boxes or cloud storage.
This doesn’t have to be permanent but could free up some much-needed cash in the meantime.
Say goodbye to worthless payments
While locked up inside your apartment, there’ll be a few things you might still be paying for that you can no longer use. Such things must be cancelled, or you must ask the provider if they can postpone or suspend your payments until you can use them again. Many of them will be more than willing to comply with your request. Ex. Redundant broadband connection, extra television channels which you have not been watching for a month or so.
Take advantage of financial assistance available
All financial institutions have hardship assistance teams to help you during difficult times, and many of them have expanded these teams or relaxed their criteria to help customers impacted by COVID-19. Helping a customer get by short-term so they can remain a customer long-term is more beneficial to the financial institution than just turning you out without warning.
Central and state governments, as well as private institutions themselves, have all made various concessions and schemes available to affected. One of the most beneficial is the RBI initiated moratorium scheme. Initially, it was applicable for 3 months, now it’s further extended to 6 months (till 31/08/2020). Majority of the Indian financial institutions have offered the same.
- Take control of your credit card
At this moment, with so much uncertainty going around, now is not the time to have an unsuitable credit card, particularly if you’re facing financial pressure. Paying a high annual fee or exorbitant interest rates can really set you back, so now is a good time as any to take control of your credit.
Remember, this tough period will go away at some point. Make the best of this short time to come out financially stronger and give you benefits that will last a lifetime! These ways will not only save money but also help to keep you financially safe and happy.