The second wave of the pandemic has affected both the entirety of the human population and the healthcare system. The sudden peak in the number of people affected by the pandemic during the second wave has resulted in a shock for the healthcare system as well as individuals. Along with this second wave, the number of people losing jobs has peaked. In addition, several businesses have shut down as a result of poor economic performance.
Besides, as many people have been infected with the virus, they have been unable to get back to the workforce. All of these scenarios have resulted in financial distraught for several individuals. Here’s what you can do to stay financially prepared during the second wave.
The entire planning process is three-fold. Let us have a look at it.
To start preparing financially, you need to start with understanding where you currently are from a financial standpoint. Given the second wave, it is only natural to expect a third wave if the spread of infection is not curbed effectively. So, it is always best to plan ahead so that you do not face dire consequences due to poor financing later on.
So, start with building an emergency fund. This fund is basically for times when there is no source of income whatsoever from any source. Ideally, your emergency fund should cover 6 to 8 months of your basic expenses. So, strategize a financial plan and finally revisit it to see how plausible and achievable the plan is.
The next step is to review your current financial sources. Doing so would help you gauge the different streams in which you have financial sources or debts.
Review your tax
April can be the month of surprises for you. Several people are not aware of tax returns. By filing your tax returns, there are chances for the government to refund a portion of the money that has been withheld to you.
Review your insurance
Especially during uncertain times such as a pandemic, it is very crucial for you to have insurance coverage. It can help you mitigate expensive bills and hefty costs. It can ultimately offer you coverage for your expenses. So, ensure that you have all the necessary kinds of insurance active and valid for yourself and your family.
Review your portfolio
Finally, review your portfolio. If you have invested in equity or commodity, it is important to keep an eye on how they are currently performing. Due to the current unstable economic condition, the volatility of the stock market has increased. Hence, the price points of stocks may vary and there is a high possibility for their prices to vary drastically.
Finally, once you have planned and reviewed your financial requirements and needs, the final step to get the entire plan in action. You can get started with improving your financial journey in several ways. You can also opt for a Personal Loan to get some financial aid that you require. It can also help you during your times of need.
Personal Loans can be beneficial to you in several ways. To begin with, it can provide you with instant capital that you can use for your financial needs. And, if you are a salaried professional and have 2 to 3 years of work experience, you have a better chance of availing a Personal Loan. A Personal Loan can however help you with addressing your financial needs. You would also have the option to repay your personal loan during a tenure that is financially sustainable for you.
You can apply for a Personal Loan on Finserv MARKETS with these simple steps. Finserv MARKETS is an online financial service platform, where you can calculate personal loan EMI, compare and avail a loan that suits your needs the best.
You can prepare yourself financially in several ways. However, if you are in need of a large sum of capital immediately, Personal Loans that are available on Finserv MARKETS, are the best way to prepare yourself financially. Meanwhile, continue with your financial plan as it can help you in the long run.