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Thread on Budgeting during a pandemic based on inputs from @ithoughtadviser. Thank you @shyamsek
1. Budgets are one of the most empowering tools in personal finance. You decide where your money goes and how you’re going to save and invest.
1. Budgets are one of the most empowering tools in personal finance. You decide where your money goes and how you’re going to save and invest.
2. Normally we have difficulty containing discretionary expenses. During lockdowns entertainment, dining out, retail therapy, etc. reduces. You could resort to shopping online, but here’s why it may be more worthwhile not to.
3. Every rupee counts – you may face financial challenges like reduced pay, loss of bonus, or unemployment. What you cut back on can directly go to your emergency fund and providing financial security.
4. Be prepared to spend more on essentials and healthcare. Supply-demand imbalances could make everyday items more expensive. Medical emergencies could strike any family – so Insure BeSure
5. Your financial priorities right now are:
Medical Insurance
Emergency Fund
Budget
Short-Term Goals
Long-Term Savings
Medical Insurance
Emergency Fund
Budget
Short-Term Goals
Long-Term Savings