Personal Finance Lessons which Covid-19 Taught Us!!

2. Banking Banks have played a crucial role in helping consumers navigate the Covidcrisis. From providing special relief packages to offering moratoriums on ongoing loans banks have helped their customers in every possible way. Moreover, during this pandemic, there was a sharp increase in the number of digital banking users as there was a restriction on the availability of physical channels. This taught us the lesson that there is no need to visit our bank branch as most of the banking things can be done online. https://financebuddha.com/blog/personal-finance-lessons-which-covid-19-taught-us/

3. Importance of savings Savings is something which is even taught by our parents in childhood, but some ignore this and live in the present without worrying about the future. But, it was the savings that have helped survive many during this covid-19 crisis. Seeing the importance of savings should never be ignored and should be practiced on a monthly basis. Whatever be your monthly earning, a fixed portion of it should always be saved for future use. https://financebuddha.com/blog/personal-finance-lessons-which-covid-19-taught-us/

4. Importance of Health Insurance One of the most important requirements during this Covidcrisis was a comprehensive insurance cover especially Health Insurance. It doesn’t matter how much one has saved before, having comprehensive health cover can no longer be overlooked as a luxury because it’s a necessity. Here are a couple of things consumers should look for and have in their insurance portfolio. Health insurance Life insurance Term insurance https://financebuddha.com/blog/personal-finance-lessons-which-covid-19-taught-us/

5. Individual Spending  During this pandemic the behavior noticed in individual spending habits was: a) Sharp cut on spending  b) Save and stockpile c) No shopping, no dining out d) Investing whatever was possible https://financebuddha.com/blog/personal-finance-lessons-which-covid-19-taught-us/

6. Personal loans and credit cards can be our saviors in a tough time We often see people going for personal loans, but most of the time we fail to categorize if the reason behind availing the loan is genuine or not. But when you focus just on 2020 and 2021 you will see that the number of personal loan borrowers has increased. This is because in the financial crisis when people were dealing with layoffs and pay cuts, personal loans and credit cards were the only saviors for them. Availing personal loans and using money from the credit card not only helped people to meet their medical needs but also helped them survive.  https://financebuddha.com/blog/personal-finance-lessons-which-covid-19-taught-us/

7. Thank You