These times that we are living in are bad, a faceless virus has turned our life upside down. Times that aren’t in our favor are the best teachers. Bad times teach us to worry only about what we can control and leave the rest on time to fix itself.

Right now we are facing the pandemic, working from home, trying & practicing social distancing, trying to handle ourselves amidst the volatile equity market, companies are facing bad debts and thus are facing huge losses, and all this is resulting in us losing jobs, facing pay cuts, and threat on lives.

The only good news, for now, is “this time shall to pass”, “we shall overcome”.

We were caught in this pandemic without being prepared, nobody was prepared to see the world fall apart, lives tossing upside down, people losing jobs. This time has given us time to reflect on ourselves and our preparations for a hard time.

We must promise ourselves to come out of these hard times financially fitter and stronger.

• We all have people dependent on us, it is time to cover them with term plans. The insurance amount should be adequate to cover the need of all those dependent on you.
• This time has affected our health and the biggest drain of our finances is the illness of self or people whom we care for. Fool-proof your personal finance by taking the right medical insurance covering you and your family properly.
• It’s must have an emergency fund, set aside money which will cover your expenses of at least 6 months in any case of contingencies as job loss, delay in salaries, or any unavoidable needs of the family.
• This time has made us realize that the life we were living before this pandemic had many unnecessary expenses, without which our life turned out to be completely fine. Thus, we are left with a lot of self-realization after this pandemic. Now is the time we learn to live in less. Stick to the rule of making only critical and most necessary expenses.
• It is advised to cut down on your outstanding loans. If possible, prepay your loan/ EMI amount if you are left with a surplus.
• Be disciplined about your investing, try not to default/ stop on your monthly expenses. Remember that at these discounted levels SIPs make sense. If you are facing losses in your current portfolio but your goals are 5 years away, please hold on to your investment. Don’t convert your portfolio losses into real ones.
• If you haven’t this is the time to appoint a nominee to all your investments, insurance policies, Demat accounts, and bank accounts.
• It’s time to prepare your will because as you can see life has no surety.

This time is out of our hands, the best of minds, the richest countries, the most powerful one, all seems helpless currently. So, you automatically shift to the supreme power, so just pray to god so that this time passes without hampering much.

Happy Investing!

A mutual fund is subject to market risk, please read offer related document carefully before investing.