Here's How You can Manage Your Monthly Expenses during Quarantine

This is an unprecedented time of trying to manage our lives, take care of our loved ones, help neighbors and strangers, and manage our finances based on the essential requirements. Many of us do not know how to adequately prepare for the pandemic. Since the entire nation is undergoing total lockdown people have been asked to practice social distancing by staying in their homes at all times to limit the viral spread. When it comes to your money, there are steps you can take today to make your life a little bit easier during the lockdown. The following are things you can consider to manage your monthly expenses especially if you need to stay home for an extended period of time.

Be Flexible

Not panicking during such uncertain times can be tough. But the pandemic outbreak is placing major lifestyle restrictions on our everyday routine. Having a financial plan in place is a good start. You will need to adapt to the current conditions. It’s best to stay in touch with your friends and family during these times. Mutual support can help your family and community persevere.

Prioritize expenses

Prioritizing your daily expenses is very important. But, there’s a very big difference between wants and needs. For instance, groceries, food, utilities and transportation can be critical to everyday life. But forms of entertainment, including internet and streaming services, expensive data plans, clothing, beauty treatments and other personal indulgences, may be optional. The first thing you want to do is make a list of all the things that are essential for you and your family’s well being. Address what’s most important, then decide what you need to eliminate, reduce or find creative solutions to other optional expenses.

Cancel Unnecessary Subscriptions

Your family may have more time to use digital video and music streaming apps during a self-quarantine. Reviewing the list of your monthly expenses is a prime opportunity to cancel unnecessary subscriptions. As quarantine is affecting many paychecks, temporarily cutting expenses can be an act of necessity to pay your important monthly bills.

If you’re on unpaid leave with your regular job until business returns to normal, you can search for a temporary gig with minimal public exposure. These extra funds can spare you from spending your emergency fund.

Get in contact with your creditors

Your debt payments like home loan or a personal loan will be an important part of your emergency budget and, fortunately. The RBI permitted all banks and NBFCs to allow a moratorium of three months on loan EMI payments that fall between March 1, 2020, and May 31, 2020. However, If you just want to be sure or have some queries regarding the RBI rules you can contact your creditors and confirm the same quickly as possible as they will be in a better position to be able to help you. Mortgage payment deferrals, skipping payments, loan extensions, revised terms or even reduced interest rates are all things your lenders can consider. What they’re able to offer you will largely depend on what it is you need help with, your payment history, how soon you contact them and your credit behavior.

Make use of Digital Payment Apps

Digital payments and online transactions have made it easier to make payments and transfer money keeping in mind the recommended six feet of separation between strangers in public, With paper money, it’s much riskier and there are higher chances of spreading germs along by paying with cash. You can always pay with a credit card or debit card instead of cash or check as well. Some stores let you pay with digital wallets.

Apps like the Bajaj Markets app permit a germ-free transaction. The app interface is smooth and user friendly. You can pay your bills, transfer money to your loved ones with ease. The online application process at Bajaj Markets is quite convenient and their personal loans require minimal documentation which makes it an ideal choice for getting a loan at attractive interest rates.

Once your loan gets approved the loan amount gets disbursed in your account instantly. At Bajaj Markets, you can avail flexible repayment tenure of up to 12 to 60 months on loans, customers can enjoy the freedom of choosing their own tenure. With the help of a personal loan EMI calculator, you get an idea of the exact monthly outflow of your EMI amount, which will make your loan repayment much easier.