The novel coronavirus pandemic – COVID-19 has affected all countries in the world. It has left a bad impact in terms of health, wealth, finance, emotions, relationships and career.
Here are some new personal finance lessons I learned during the pandemic:
Always have a contingency fund:
It has become utmost important or say a necessity to have a contingency fund in place to deal with unexpected emergencies and challenges. Life can take a 360 degree turn at any point and hence, one has to be ready always. Contingency fund can be in the form of bank fixed deposits or a liquid mutual fund. It should be a total of six months of your monthly expenses.
Having a insurance policy is a MUST:
Insurance is a must in terms of both life and health. In case you thought it is not necessary before corona crisis, it is okay. But even during the pandemic and after coronavirus crisis, you should not waste your time and buy a insurance policy immediately to protect yourself and your family from health and monetary risks.
