Here are 8 ways that will help you in recovering from the economic slowdown
The Indian economy is going through a phase of Indifference these days due to the havoc of Corona. The deepening of the coronavirus crisis may worsen the situation in the coming days. At such a time, we can prevent our financial fortifications by taking care of some things. Let us know those 8 ways, through which we can strengthen our financial security.
When there is an atmosphere of market volatility, stop wasteful spending. Spend only what is absolutely necessary such as home ration, children’s school, and tuition fees, room rent, etc. Reduce the expenditure on eating out.
Create an emergency fund
In times of economic slowdown, it is necessary to create an emergency fund. Experts believe that this fund should be so large that you spend at least six months out of it. Financial and Medical emergencies do not come at your convenience. It can come anytime. Therefore, an emergency fund is necessary for this time.
Invest in a safe medium
In a sluggish environment, such properties should be chosen which are less affected by the market. Avoid investing in the stock market and invest according to the financial goal. Prefer bonds over shares. Also increase investment in small savings schemes and Fixed Deposits.
Do not close SIP
Investors often close Systematic Investment Plans (SIPs) in difficult times. But SIP investment made at this time gives very high returns in the long run. At this time, the price of units of shares or share-based mutual funds is low. Therefore, investors gain more value on small amounts.
Invest some money in Gold ETFs
In an uncertain economic environment, the prices of expensive metals like gold and silver increase. These are considered to be safe investment assets, which do not have much adverse effect on market fluctuations. Experts believe that investors should keep 10-15% of their capital in gold.
worry about repaying debt
If you have taken a car loan, home loan, personal loan or any other large loan, then you should worry about paying the EMI – monthly installment according to the future conditions. Think about those situations when you do not have a job or you are unable to pay the monthly installment due to some reason.
Get Medical Insurance
If you or your family faces a medical emergency in times of financial crisis, you will be able to overcome it easily on the basis of the health insurance policy. If you do not have a Medical Insurance or mediclaim policy then definitely take it.
Do not take jobs lightly
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Never take jobs lightly in times of economic crisis. Your slightest negligence can overshadow your career. These 8 ways can help you in recovering from the economic slowdown.