COVID – 19 pandemics have had a huge impact on the world at many levels. India is facing the major nationwide lockdown in history to contain this outbreak. Businesses and jobs have been directly impacted by this. While many businesses could opt for ‘work from home’ solution, there are many others who are completed shut. This has evidently put us amidst uncertain economic times, affecting cash inflows and delay in payments. If you have found yourself facing a financial crisis due to coronavirus pandemic, it’s no time to get worked up; instead here’s how you can deal with it –
It’s quite natural to be stressed when your income decreases or stops suddenly. The first step to deal with this situation is to look at your expenses. Create a list of monthly payments that are due. Create another list of all your savings too. Put them down in excel; this will help you understand and evaluate your financial situation better.
Once you are done with the list of payments due, mark the payments which are the most important to keep you safe. For example, your utility bills, housing payments, etc. Against it, jot down what’s the minimum payment due with the due date.
- Online Jobs
While most of the businesses are under lockdown, you can still explore to create a source of income through online jobs like content writing, data mining, etc. This will help you create a temporary income to sail through.
- Reach Out
If you are serving a loan, reach out to your creditors with moratorium requests. It’s best to let your creditors know about your financial situation beforehand rather than waiting for the payment to miss. You can discuss your deferment and payment plan with them.
- Avail a Personal Loan
If despite your best efforts, you still fall short on your payments, you can consider availing a short-term personal loan to take care of your important expenses. With basic documentation, you can avail a personal loan online quite easily.
- Be Informed
Stay away from fake news and rumors to stay positive. If you cannot ignore messages circling around on social media, it’s best to just stop using them. Instead, keep yourself updated on the relevant news and announcements by the government and markets. Use genuine national media sources for the same. This will help you plan ahead.
Above all, your financial health cannot be improved without taking care of your physical and mental health. So, take care of your health and prudently evaluate your finances and all will fall in place. And if you need to bridge the gap in your finances, let our team at MYFI help you! Know more about online personal loans. Click here!