Due to lockdown, job or income is gone, then these 4 tips will work for you

.Business

Due to Corona, a large number of people are losing their jobs or there are many people whose income has either decreased or is on the verge of ending. There are many people whose salaries have been cut. If you are also facing such situation, then know what you will have to do to manage your finance.

Budget again

If you are also worried about losing your job or salary cut, then first consider your budget and prepare it again. You should know that your old budget can no longer work under these new circumstances. You should change your lifestyle again. The focus has to be on creating cash reserves. Spend very thoughtfully Make a list of all expenses and spend on them according to your income.

Do not close health and life insurance

Under no circumstances should your health be compromised, so do not cut life insurance and health insurance. It is important that in the midst of any epidemic, the value of your health and life is the highest. Keep paying your premium on time. To reduce your cash, you can opt for monthly payment of premium. Always do your own maintenance.

Borrow carefully

You can get into debt trap if you miss a job. If you do not have an emergency fund and have missed your job, you will have to borrow to meet your day-to-day expenses. Avoid borrowing more than you need. You should avoid high interest debt. Instead of taking more than one loan, borrow single loans that borrow.

If you have investments such as traditional insurance policies or PPF holdings, you can take a loan by mortgaging these investments. LAS has lower interest rates than unsecured loans such as personal loans and credit card loans.

Do not invest temporarily

After leaving the job you can temporarily stop investing to avoid cash shortage. This will help you to keep more money on hand to meet the expenses of the day. Once you get a job, you can resume your investment. Avoid using your credit card when you are not sure of a regular income.