Worried about Protecting your Finances During the Pandemic? Here are Few Tips for You
No one is accurate about predictions as to when COVID-19 will end. While the word is under a dilemma over the general way of life once this phase ends, people are more worried about the effects of this prolonged break on their finances. To ensure they have some savings to look forward to, everyone must navigate the financial crisis with patience and hope.
Let’s learn about a few tips that can help us better handle finances and protect our families in these tough times:
The first need of the hour in the current scenario is liquid cash. To ensure you have enough of it at hand, be extremely careful while spending. Use cards or online payment methods where possible, but avoid spending too much cash. You might have to monitor your expenses and essential requirements keenly.
Home loan revising idea
Although job security and financial sustainability are the only options everyone is looking at, in a way, this is a good time for people repaying home loans. Loan interest rates have recently dropped to historically low levels. Considering that you’d want to cut back on some expenses, revise your home loan terms. Look out for refinancing options with different financial institutions.
Capitalize and consolidate
Your existing debt in the bank could be burdensome for you, and staying on top of repayments might seem harsh. Hence, with the low rates at hand, you may try to consolidate your pre-existing debts like a personal loan or credit card. It is advisable to combine all the loans into one with a lower rate than the current one. This way, you might end up saving quite a bit.
Invest in insurance
You may find insurers offering a lower price according to the weight of risk on your home (property) or your car. You may also ask your insurer to negotiate your level of cover in case the situations have changed. If you already hold many policies with the same insurer, you become eligible for a multi-policy discount.
Protect your income
As hinted at earlier, secure employment is an only concern at the moment. Be on the lookout for insurance companies’ income protection policies, which might help if your income gets impacted because of reasons like poor health. Few insurers also offer the additional facility of covering involuntary redundancy for people suffering from the loss of jobs due to illness or injury. There is a possibility of buying a cheaper insurance policy as well. Ensure you have regular health insurance, too; otherwise, things might get worse.
To wrap it up
Eventually, every drop matters. Therefore even if you can save a minimal amount from one option, grab the opportunity to do so. You and your family will be at ease in case you take cost-effective steps today.
More in Personal Finance
Tom Brady Sparks Retirement Rumors After Putting His Brooklyn Mansion for Sale
At 42, the Patriots’ star quarterback Tom Brady is still a force to reckon with. Considered by most fans, pundits, and...June 30, 2020
Ready for College? Here’s Are a Few Ways to Seamlessly Pay for Your Education
It’s that time of the year again when parents are faced with the monumentous task of paying their kids’ college tuition. Regardless of whether...June 30, 2020
Airbnb Taking off in Travel Industry with Its Secret Plan!
Airbnb has been working on something big and the secret has recently been revealed by CEO and co-founder Brian Chesky who...June 30, 2020
After Being Named the Richest Female Music Artist, Is Rihanna Contemplating Retirement?
For Rihanna, 2019 was the year she has been looking forward to all her life. How many times has the singer...June 28, 2020
Uber and Starbucks Strike a New Partnership That Will Have One Major Focus
Finally, after months of speculation regarding the much-anticipated partnership between Uber’s delivery division Uber eats, and one of the largest coffee...June 28, 2020
Real Estate Market Unscathed after Recent Economic Dips
In the last decade, Pakistan’s realty market has undergone considerable maturity. At present, their housing economy has developed the ability to withstand...June 27, 2020
Kim and Kanye Flew in a Special European Crew to Install the Floors in Their Hidden Hills Mansion
Each time we’ve had a glimpse of the home Kim Kardashian shares with her husband Kanye West, there has always been...June 25, 2020
Arctic Ice Shrinking at Alarming Rate as Scientists Reveal Shocking Figures
The ice caps and glaciers around the world are melting at an alarming rate, making scientists extremely worried about global warming...June 22, 2020
Steven Spielberg’s Remarkable Transformation from Struggling Film Student to Hollywood’s Creative Genius
Hollywood is indeed a hotbed of celebrities, and billionaire Steven Spielberg has mastered the art of wading through the industry’s murky...June 22, 2020