Financial Tips To Brace For COVID-19 Impact
The impact of COVID-19 on the world economy has been severe and it isn’t over. There is a lot of uncertainty about what the future holds for all of us. In such times, one key area of concern is personal finance. More specifically investment-related worries.
But worrying doesn’t help unless you find solutions! So, if you’re wondering what you should be doing to ensure your portfolio and overall finances stay in shape, you’re in luck. Here are some simple tips to help you prepare for the future!
Don’t spend money on non-essential things. It will be essential to cut down on any spending that seems wasteful. Whether it’s eating out, shopping online, or spending on subscriptions you won’t entirely use. Use things judiciously and be your thrifty best.
Big global events often call for a quick portfolio check. This is a good time to analyze your portfolio. Check if you need to rebalance your portfolio or switch over to better quality options. If you get on top of your finances now they go on auto-pilot for the next few years. Work towards building a Perfect Portfolio for yourself and your family.
Health care is essential, unavoidable and often expensive. If you don’t have good health insurance, make sure you buy a simple health plan to cover you and your family. Also, consider a top-up cover for critical illnesses if your basic insurance is covered by your employer or basic insurance plan. It’s best to spend on insurance now than worry about money during trying times.
We make our biggest investment mistakes when the markets are extremely bullish or extremely bearish. That’s why it is wise to automate your investments via direct debits and SIPs. This ensures you don’t make any impulsive decisions that you may regret later. Investment should be strategic & long term – every market change should not impact your investment approach.
Our episode of the Cube Wealth Show on Why it is a good idea to Automate your SIP Investments, explains this in detail:
There is no one better than an expert to look at your individual situation and dispense advice. Take this time to find a Wealth Coach who can help you save for emergencies and also work towards your future goals. If you want to speak to a Wealth Coach for free, just head here: https://bit.ly/2UYz5Za
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