How to save your Money during Global pandemic situation ?
Which is the more secured way to save our hard earned money during the global critical situation? There is no field that is not effected with this Global pandemic attack. Almost, all the fields have comedown in its growth and profits. Employment got effected badly and few of the startups were closed due to lack of investments. But few people who is working through online medium are still getting paid with their salaries. And there are people who saved some liquid amount before the situation and kept the whole thing in their hands. The current condition of banks and the money in saving accounts is also not assured. So, where to save our money and be happy until we come out of this global crisis? We definitely can’t save it in our Mom’s Tadka Box 🙂
So, How should I save my money in this global pandemic situation? Many questions will come in to our mind
Should I keep the liquid amount or should I buy assets?
If it is in Liquid amount should i keep it in banks or keep the hard cash with me ?
If i keep much cash what if the Demonetization kind of thing happens overnight ?
What if i buy some gold with that cash to avoid keeping it in banks or keeping it with me ?
All these above questions must be running in the brain for most of us.
Not only the global pandemic situation… We have so many threats that are worrying our banks and savings in any form. The news of India and China war is going round and round in the news. The War of Grasshoppers is already declared and our former from different states are fighting for their crops. All these things are troubling our economy like never before. So, You can’t trust the bank as the government has the right to take funds from public during the situation of Global crisis. You can’t trust Sovereign Bonds, US Bonds and not the Indian Government Securities. You can’t trust gold either, as the gold rates are never standard and the ups and downs are again depends on global conditions.
Buying Assets ?
Coming to purchase of Assets, assets should be purchased only when we have sufficient funds for all our needs and this is definitely not a good time for any investment. We are not sure when this situation will comedown and when do we see the real light of the world. Property rates must be looking low at this moment, but this is not a temporary situation. So, Investing your money in them expecting them to raise up after lock down and after the vaccine will throw you in to troubles. You should always keep enough liquid money, with which you can survive the next 5–6 months, especially for now all savings should not be put into solid investments. If there is no source of income for now ,it will prevent you from panic rush to the banks and give you a sense of security in any worse situation or mishaps until everything calms down.
So, to plan… Keep the next 9 month of your expenditure in Liquid assets like liquid fund and/or short term bank deposit and surplus thereafter. If same amount not require for any other financial obligation /goal , you can plan for physical assets or financial assets depending upon you needs and objective of investment. That’s it.
Hope this helps … 🙂
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