Coronavirus pandemic is scary, and living through it is a bit difficult. But, when it comes to health and safety, it’s better to stay at home. However, you must have so many concerns while lockdown and personal finances should be one of them that might be simmering away in the background. Moreover, paying rent, fears of a salary drop, or no sufficient savings to live off might keeping you up at night.
But, instead of getting scared, it’s essential to know the reality of your financial situation and look out the possible ways to save your money. Here are five ways you can save money during a lockdown:
Opt for Health Insurance
Corona pandemic has created a situation that impacted the country’s economy drastically. This global crisis continues for long even if the virus will wipe out. It is expected that in the coming month's medical inflation will rise speedily, so you should better to back up with comprehensive health insurance.
It will cover your maximum medical expenses, such as pre and post hospitalization, medicines costs, treatment, diagnosis, etc. So, in future, if any medical emergency occurs, you can avail the best health care for yourself and your family. Opting for a customized health insurance plan offered by trusted brands like Religare Health Insurance is the wise decision to save your money during corona lockdown.
A mutual fund is perhaps the best money-saving investment that you can do online. You can double your money through regular dividends or interest and capital gains. Further, you can either reinvest the capital gains via a growth option or earn a steady income through the dividend option. Investing in mutual funds is a paperless and online process. As an investor, you can monitor the market and make investments as per your requirement while sitting at home. You can start it with a minimum amount and start saving your mutual fund earnings for your better future.
National Pensions System (NPS)
NPS is another way you can save money out of your earnings for peaceful retirement. You can open an account online, via the eNPS portal and enabled your internet banking. It is a long term investment plan for your retirement. After retirement, you can take out a certain percentage of the amount. As an NPS account holder, you will receive the remaining amount as a monthly pension after your retirement.
With the help of the above ways, you can save your money and give yourself or your family a secure future.
Now, if the question scorches your mind that from where you can get the extra money to save during self-quarantine. Here is the solution:
•Work from home helps you to save commutation expenses that you can invest in various options to secure your future.
•Avoid hoarding unnecessary grocery and invest that money in health insurance, mutual funds, shares, etc. that helps you to fight the upcoming inflation.
•In a lockdown, when all the malls, markets, and eCommerce brands are at a halt for some time, use your monthly shopping budget to invest in multiple options available online.
Most of you already have a mobile phone and an email account, with internet banking. You can initiate a transaction online without violating lockdown protocol and invest your money for savings that help you to combat corona after-effects in the near future.