There are special financial ‘to-dos’ to tackle while you’re spending time at home mostly.
If you’re on house arrest due to the lockdown orders, then here comes your chance to tackle your financials like never before. You could just cover all the tasks put off till date.
Also, if you’re working from home and not travelling to work, then you’ve some additional hours to yourself. Though, you may not even feel it but it’s possible to give a boost to your current situation. All the tasks that improve your finances provide a certain sense of control & security.
Financial Planning During the Quarantine Phase
Consider the below 5 Important Things to Help Your Finances During the Quarantine Phase:
Implement basic financial planning: To make a difference to the overall financial heath, start with some concrete financial planning. This should bring substantial financial impact. Its best to create a budget, make a EMI payment plan and and preparing plan documents including solid directives.
You can end up making worst investing decisions and plough back from it. If your planning fails, it’s possible to make changes & correct it.
Trim your monthly expenses: Its good if you have saved a lot of money after reviewing all the ongoing expenses and observing the difference with it.
Let’s start with the example of streaming services, you may be saving some money by sharing the account with a friend/family member, or changing the “ad free” premium option. If you can do without these live streaming apps like Netflix, Hotstar,Amazon Prime video, then you can optionally choose to save like a drop in the ocean.
Bargain for better rates on bills: You can choose to particularly call your cable company, internet provider, and mobile connectivity carrier to negotiate their charges every month. As we know that the costs are spiking up every month , a slight bargaining can turn out effective along with introductory offers, you may be paying more than required.
You can attempt to keep this on the top of your list every year, if not more frequently.
Also read: Steps to Create an Effective Personal Budget that Works
Sit down for important money conversations with family: If you stay with your partner alone, keep a specific date to discuss money matters. Talk about loans & other components with your partner. Along with your personal money management tips to the journey ahead easy as a couple.
For couples, it’s really important to understand each other money philosophy or atleast their financial viewpoints. This could be their overall experience or money influences talking. Everyone’s partner has a financial backstory to learn from and make peace with.
Challenge yourself financially everyday: If you’re looking for effective ideas then you can fish out quickly. Start by checking out your credit report to ideating outside plans on daily basis. Every such activity helps to understand more & more about financials & make quick decisions with a big impact.
