Omicron Threat: How to  Stay Financially Prepared?

Omicron Threat: How to Stay Financially Prepared?

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The Omicron variant is spreading faster than any virus in history, according to Bill Gates. The Microsoft co-founder said in a Twitter thread that we might enter the worst pandemic in 2022. India has already detected over 100 cases of Omicron as of the last week of December 2021. The AIIMS director has also issued a chilling warning that the UK is already under the grip of this deadly variant and India must prepare itself for any ‘eventuality’.

As the country gets ready for what could be a third wave, you must also take effective precautionary steps in advance. This is necessary since the first and second phases of the pandemic hit salaries, jobs and livelihoods in disastrous ways. Take a look at how to cope without difficulty and soldier through the situation.

Ø  Instant Personal Loan

This is a versatile product that can help meet diverse financial needs. The leading banks of India offer instant personal loans without collateral or security. The fund is disbursed solely at the discretion of the bank based on your creditworthiness. It can help cater to immediate needs like hospital bill payment and purchasing medicines and equipment. Urgent personal loans are quite crucial amid an Omicron wave, if any. You can borrow up to ₹40 lakhsat pocket-friendly EMIs. The amount can also be used to sustain your lifestyle in case you lose your income in the coming days. Try to maintain a healthy credit score and good repayment history to be able to score the personal loan whenever required.

Ø  Create an Emergency Fund

There are a few smart steps to create a contingency bucket. This will help you tickoff your financial needs amid another virus wave. You do not have to break your FD, dip into your savings account or use your credit cards.

  • Create a realistic emergency target.
  • Keep allocating 20% of your income to the fund.
  • Try to stay consistent or simply automate the process.

Continue to do this till your target is achieved. You can review your allocation every 1-2 months. Try to stash extra savings or income to this fund as well. Park a significant amount to stay afloat during rainy days.

Ø  Cut Down on Expenses

This is the right time to start reducing unnecessary expenses. For example, a luxurious vacation or a big-ticket purchase can wait. You can also cut down on regular fancy dinners, excessive online shopping or 2-3 streaming platform subscriptions. These will not alter your lifestyle to a big extent yet can make quite a difference to your savings.

Ø  Reduce Your Debts

Use an urgent personal loan to repay credit card bills and EMIs of car, home, wedding or student loans over the next few months. Start with the high-interest debts. This will lessen your financial burden and help in better money management amid a crisis. Otherwise, debt becomes an added pressure amid a cash crunch. You can even direct more money to the emergency fund or savings account once all your liabilities are cleared.

Use an instant personal loan app to keep track of your loan status, download statements and calculate your EMI. This will help you manage the fund well. Further, start following the other simple tips right away to stay well-equipped before the next wave.

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