Now do not make these five mistakes even in the case of money and money, otherwise there will be a lot of trouble in the future

New Delhi, Business Desk. The economy of the whole world is going through a period of crisis. Slowness is now taking the form of recession, affecting the source of people’s income. With this, unemployment has reached unprecedented levels. According to experts, there is uncertainty about the time to come and it is not easy to say anything at this time how long this crisis will last. Experts believe that at this time people and especially the youth should take full care of their health as well as financial health and should avoid doing anything which will trouble them in future.  

1. Use Credit Cards Thoughtfully

Manikkaran Singhal, financial planner and founder of ‘Good Moneying’, says the current situation is critical. In such a situation, the youth should use their credit card very thoughtfully. You cannot walk thinking that you spend now and will pay money later. It is noteworthy that on the outstanding bill of credit card, interest is charged at a huge rate of 36-48 percent per annum. In such a situation, after a time the credit card bill will become a huge financial burden for you. So spend as much with a credit card, which you will be able to pay every month.

2. Focus on emergency funds more than investing

Financial planner Shilpi Johri says that at this time people should focus on their emergency fund more than investment. Those who have not yet prepared an emergency fund, should prepare an emergency fund, taking lessons from the present circumstances. Singhal also expressed a similar opinion, saying that at present, the stock market is down and many companies are down, so in such a situation, people should avoid investing money in the emergency fund by greed.

3. Make necessary expenses

Both Singhal and Johri warned the people that it is time to spend not only on luxury but only on the most important things. Singhal said that the time to come is full of uncertainties and no one can understand how long this crisis will last. Therefore, we should be prepared for large scale wage cuts and job cuts. In such a situation, whatever money you have, spend it only on very important things. 

4. Invest money wisely

The jeweler said that it is time to postpone long-term investment. You have to assume that you may need money at any time. In such a situation, keep your money in such places where you can easily redeem them in a very short time. 

5. Don’t forget to stop insurance

Both Johri and Singhal insisted that no one should make the mistake of discontinuing term insurance and health insurance even after forgetting this time. Singhal said that people should make a list of their essential expenses and non-essential expenses and insurance should include the necessary expenses in the list.

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