Smart Financial Decisions to Make in The Wake of Coronavirus PandemicBy Toby Tunwase October 12, 2020
The coronavirus pandemic swept the world of its feet like a lady in red dress. We are all trying to live with the effect of the coronavirus pandemic on our lives. What we never saw is this coming at all. Cities got locked down, businesses were shutdown, schools were closed, and many other everyday activities stopped.
As much as we want to stay safe and keep ourselves in good health, there is also a need to adjust our finances to the situation we are in. Individual decisions will help you smartly save your funds in the wake of this pandemic.
- Boost your emergency fund reservoir.
With the amount of volatility the present situation might bring upon us, it is only smart to boost that your reservoir of an emergency fund. This fund might just be your lifesaver when the time comes. With a robust emergency fund, you have rid yourself of the need to live on borrowed funds when in dire situations.
- Start repaying your loan EMIs now.
There is no better time to start repaying your loan EMIs than now. More so, your surest way to do so presently is paying them off digitally.
- Go on with your long investment plan.
This is not the time to stop your investment plan at all. Don?t make panic-stricken investments at this moment. Keep to your long-term investment plan.
- Check on your budget and daily expenses, and make necessary adjustments.
- Ensure that your investments are well monitored, and you can add to your investments sensibly.