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Go Digital: As per Government health guidelines we need to keep social distancing to avoid COVID-19. So, it is better to use a digital wallet as much as you can. Completely avoid going to your Banks or ATMs for any financial need and use. “Use online banking, cards, UPI, or wallets for payments and managing investments. Avoid using cash, keep ATM visits minimum".


Life and health insurance should also be our priority: Try your best not to compromise on adequate insurance protection at this time. If you have a term plan, ensure you pay its premiums timely to prevent any policy lapse. Your life insurance plan will come to the rescue of your dependent family members in the event of your untimely demise. Similarly, ensure you have a medical insurance plan for yourself and your dependent family members with a coverage amount of at least Rs 5 lakh to protect your money from getting drained in footing steep hospitalization bills. If you’re dependent upon your office-provided group medical plan, you might want to go for an individual plan too as the office-provided one would stop working if you lose your job.


Maintain an adequate emergency fund: Having in place an adequate emergency fund is perhaps the most important thing to ensure during a crisis like Covid 19. Your emergency fund will come to your rescue if your income gets restricted or you encounter an unanticipated crisis like a medical or a family emergency. And while “adequate” may mean different things to different people, you’ll be well-advised to ensure your emergency fund is worth at least 6 months of your expenses. You can choose to park your emergency fund in a high-interest savings account or a fixed deposit for some capital appreciation.


Saving and paying your debts depends mainly on a few criteria which are: If EMIs interest rates are low then save money first before paying EMIs. Secondly, if your rate of interest is high then pay your dues first and then save money. Thirdly, check your income and spending together by making a proper budget plan, then decide how much cash you have. Due to COVID-19, people don’t know what will happen in the future so decide accordingly.