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Keep investing money in the right place in the coronal period, proper planning is needed to get out of bad times

Keep investing money in the right place in the coronal period, proper planning is needed to get out of bad times

Corona's chaos continues across the country. If a corona is treated in a private hospital, it could cost millions. In such a situation, everyone should be prepared to face this kind of situation. If you no longer have health insurance, you should start arranging money today. Personal Finance Expert and Founder and CEO of Optima Money Managers Pankaj Mathpal is giving you some tips to help you overcome this difficult time.

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needs to be invested in the right place Anyone can need money at any time in a corona epidemic. In that case, don't invest your money where there is a lock-in period. You should invest in a place where you can withdraw money at any time.

You can invest in Ultra Short Term Mutual Funds through SIP. This will allow you to continue to get higher returns from FDs and withdraw money if needed. You can take the help of experts to choose the right fund.

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Withdraw money from low return investments
if needed If you need money during the Corona period, you should withdraw money from your investment where you are getting a low return. Money should never be withdrawn from investments that give higher returns.

Get health insurance as soon as possible
Corona has explained the importance of health insurance to people. It works in your bad times and prevents you from running out of savings in getting sick treatment. Health insurance will help you get the right treatment. If you took out health insurance at an early age, you will have to pay a lower premium for it.

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The government has introduced two standard policies for corona - corona shield and corona protector. In this you will get cover up to Rs 5 lakh. The basic cover premium will range from Rs 447 to Rs 5,630 (excluding GST).

Creating an Emergency Fund
You should always be prepared for an emergency situation like going to work. This emergency fund should be equal to your minimum 5 to 6 months salary. This will help you to live well in bad times like Coronation.

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Spend less Save more You
should try to save as much money as possible in these difficult times because, in bad times this same money will come in handy to you. You just have to be more discriminating with the help you render toward other people. Financial discipline is very necessary to face any kind of financial problem.

For financial discipline you should prepare a budget for your monthly expenses and compare it with the actual expenditure of the budget at the end of the month. This comparison will give you an idea of ​​what you spent in vain that month.

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