COVID has had a terrible impact on the global economy. People have been furloughed, left unemployed or forced to shut down their establishments overnight.
So how can you deal with it?
Whether you are single, married, or paying EMIs, you need to make sure you are being prudent and spending only on needs and not on extravagant wants.
Now is not the time to splurge.
Take a look at your financial situation and analyse how much you have saved up, how much you are earning and how much you are spending each month.
Reallocate funds accordingly.
The best way to stay within budget is to clear bills and expenses on time so you can save more. Automating payments helps as it prevents you from incurring late fees.
Having a second income coming in from a side job can supplement your income in these uncertain times.
Passive income is money that is generated without you having to work for it - this could be rental income, investments like mutual funds, etc.
Mutual funds pool money from a group of investors, and that money is managed by a fund manager who does research to ensure the best returns and results for investors.
Putting your money into a mutual fund is generally a good idea - because even a small amount invested each month right now can grow into a significant amount over the long-term (5+ years).
At Scripbox, we have a range of mutual fund investment offerings to suit every budget and investment goal.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.