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We asked you, dear readers, to tell us how you are preparing yourself for the dark economic days ahead.
The most essential and necessary things should be on top of the list and others which we can do without should be avoided, says Nandini Anandkumar.
Zen living also means that one has to be grateful for what one has and where one is in one's journey. And that gratitude is the key to manifesting abundance.
So, when this becomes our philosophy and approach in life, then the dark economic days will not have an impact on our lives.
Our ancient scriptures have given us profound wisdom on what wealth management is all about.
If we understand it at a deeper level, the teachings will guide us in financial management during the Post COVID-19 times too.
Here are some practical examples to follow:
1. Set priorities
The most necessary things should be on top of the list and others which we can do without should be avoided.
For example, prioritise spending on food and groceries over make up accessories.
Post COVID-19, it is important to focus on things which will help take care of your health and boost immunity than clothes.
2. Make a budget
Make a list of how much money you can afford to spend in a week/month/year.
See where you can cut costs and try to stick to the budget. Try not to overspend.
3. Build an emergency fund
If you can save a little money by cutting down expenses on extravagant and luxurious items, you can use the money saved as an emergency fund.
You may use this to help someone in need or for your own family's medical emergencies.0
4. Avoid debt
It would be apt not to borrow money to avoid getting into the debt trap.
One of the best ways to manage money would be allocate 50 percent for your daily needs and supplies, 30 percent for your wants (the extras) and save the remaining 20 percent
At the same time, we all must strive to spend 2.5 percent of our annual income towards charitable causes.
How are you financially preparing for the dark days ahead?
Please share your plans with us at getahead@rediff.co.in. Do share your name, age and profession with us. Please mention MY POST-COVID FINANCIAL PLAN in the subject line.