The second wave of COVID-19 is day by day creating a drastic situation all over the country! The sudden increase in new cases on a large scale has deprived a number of people of basic hospital facilities. Hospitals have run out of beds, oxygen cylinders, and many other basic amenities. People on different social media timelines and WhatsApp groups are asking for medicines and oxygen cylinders and in return, there are many individuals who have volunteered to help.
They are helping in various ways like there are some that offer to deliver home-cooked food at the doorsteps of isolated patients, while a few others are willing to donate money.
If you also want to help through money, do consider these points before.
How Much You Can Give?
Well, how much to give has rarely any answer to any individual but if you go planning it financially, you can definitely reach an answer.
Experts advise before you plan an amount to give away for help, consider your own monthly income, expenses, and the number of people in your family who are financially dependent on you. There are certain expenses which you will incur even if you have the best intentions to help out others, so take out some amount for that. Make sure you pay out all the equated monthly installments (EMIs) on loans taken as you cant skip them.
If you have saved up a corpus for “really long-term goals” like retirement planning, you can make a withdrawal from such a kitty and contribute.
From Where To Get The Cash?
You already have planned the expenses of each penny of salary you get monthly, so from where you will get eth cash to contribute for help. Well, you can arrange then if think wisely. Experts say after you pay out your committed EMI’s do look towards paying your insurance premium commitment. However, experts say, in times of crisis, it’s okay to suspend your investments. Hence you can use this amount to contribute to others' help.
Most mutual funds allow you to pause your systematic investment plans (SIPs). No need to stop them altogether; the ‘pause’ feature allows you to just take a break. Some funds allow you to pause for 3-6 months, others allow a break for just a month or two. All you need to do is fill a form online and state your folio number and scheme name. Make sure you specify the number of months you’d like to pause your SIP for. You are now set to divert this money to a cause you like.
To Whom To Contribute?
Well, you can start this with the person that offers the service for you, yes with your staff that gives you domestic help. Due to lockdown-like restrictions at many places, and an increase in the covid cases, your domestic helper and staffs are unable to report at their work. You can start the help with. Simply do not go cutting their salary if they are not reporting for their work as this is the most crucial time when they need the money.
Next, you could try and give to institutions, such as non-government organizations (NGOs) or hospitals. But experts say it’s always best to do your homework before you donate. Look out for recommendations coming from your own circles. If you are giving it to an NGO, check who the trustees are and the people running it.
Basically, time is hard for each ad every person, and for some, it is much harder, those who can offer help must come forward. The help can be in any form, contributing food to the needy, medicines, and medical equipment to those who need or monetary help will go a long way to help those who desperately need it in these COVID-19 times.
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(Mutual Fund investments are subject to market risk Illustrations are for example only, there is no guarantee of returns. Past performance is not an indicator/guarantee to future returns).