To understand the financial problems of the customers and providing appropriate solutions for the same is our main motto at Credit Bazaar. Believe us when we say that we understand what all the people are going through during this Coronavirus Pandemic. This crisis is having a huge impact on people financially and the economies globally are suffering due to it. People do not have money to pay their bills, EMIs, monthly instalments for credit cards, and in some cases, even to buy the basic necessities. In such cases, where all the plans are getting derailed, savings are getting used up, preparations for the future are getting altered, and there is havoc and confusion all around.
We understand that you do not know how to handle your finances currently. Some people are not even getting their salaries deposited or are getting only a portion of it. The rest of the salary amount is either put in arrears or skipped altogether. Amidst all of this financial trouble, one might feel stuck, just not knowing what to do. Here, we come into play! Credit Bazaar provides complete assistance during this lockdown period to help you manage your finances well and take appropriate decisions that you do not regret later. Right from loan EMIs to day-to-day handling of finances, we provide expert advice for your overall queries. So, yes! You are not alone in this; we are going to sail through this together. Here are some quick financial tips for you to smoothly navigate through your finances during this crisis:
- Go digital!
First and foremost, we would advice you not to go to your bank time and again during this crisis. There is a reason why social distancing is being practiced currently and you must follow the norms too. If you want to make any transfers, banking transactions and any other such tasks, just make use of the mobile banking option or the banking app. Since the Government health guidelines are urging us to follow social distancing for avoiding the COVID-19, it is better that you use your digital wallets. Just avoid going to ATMs or Banks altogether for any financial use or need. Utilize your cards, wallets, UPIs, or online banking for managing investments and making payments. It is advised not to use cash so keep ATM visits to a bare minimum. See, even in the lockdown, finances run your home. So, money is important, but the choice of using hard cash or going digital is in your hands. So, choose safety first and go for electronic money.
2. Always keep an Emergency Fund:
Well, you remember our ancestors used to give so much emphasis on the importance of saving. Most of us would still be able to recall our grandmothers telling us to save as much as we can for any unforeseen circumstances. And, we as carefree teenagers used to mock and say just live for today. Well, guess what? Now their words seem pretty wise and perfect. How we wish that we had kept a special emergency fund aside!
But even if not, even if you have been a hand-to-mouth kind of a person depending on the regular salary to arrive every month for conducting your expenditure. Worry not! It is never too late to start saving. Be thankful you realised now and just move ahead with perseverance. We understand that an emergency is very unpredictable, can happen at any moment, and becomes a task to manage. But, with great difficulty comes great courage and knowledge for the future.
Start saving as much as you can from now! Just prioritize your lists of necessities and don’t go even a pin overboard to what you need at the moment. If you don’t require a think do not purchase it. Even if it costs a bare minimum, just skip it until it moves to the necessity list. When you do not spend on the little unimportant things, you will eventually end up not spending at all on the things that are just pleasing to the eye and are not counted in essentials. Maintain a specific budget and just stick to it no matter what. Even if you are tempted for an expensive thing, the best choice currently is to let it go, just because you might need that money in the future. And when that time comes, you wouldn’t want to borrow from others, right? So, just avoid unnecessary expenses at all costs, and maintain an emergency fund just for the sake of future. You do not know till how much time this scenario is going to go on, so better be on the safe side.
Just by controlling needless expenses, maintaining a proper budget, and spending only what you actually need at the moment, can help you to create this emergency fund which you will thank yourself for. It is never pleasing to ask or borrow money from people, and by doing this, you can avoid that situation altogether.
3. Insurance Cover:
Remember, we used to hear that be prepared for the worst, but hope for the best. This is the time to put that into practice. We are not saying that you might get contract the COVID-19 sitting at home, but as of now, the circumstances that we are seeing, anything could happen. And why not prep yourself for the worst? At least then, when something better will happen, you will be happier. And if not, you will be prepared for the nastiest situations. Being flexible is the key, and whatever happens you must be prepared for it. Checking your insurance cover is one such thing.
So, you got a health insurance in hand, just go through all the details of it. If you are finding it difficult to understand, call your insurance provider, he/she will be able to help you by answering your queries and letting you know the terms of the insurance. Anybody can contract the COVID-19 these days, and it is here to stay. So, what if any such situation arises for you or your family? What are the health coverage benefits? How much will it cost you for any critical illness? Could you increase your premium amount by opting for more coverage? Being aware of all these queries and getting appropriate answers for them is very important. Now when you and family are fine, be aware of all these aspects so that even if something happens, there is no panic as you are well prepared. Remember, this is not a pessimistic behaviour, but the thought process of a well-prepared person. Make sure that you have proper health coverage for your family. You need to do an honest assessment for the same.
See, government authorities are doing their best for providing facilities at government hospitals for the infected people. However, you can just imagine the rush in government hospitals. Let’s be honest to ourselves and be aware as the news is flashing about the shortage of beds. To avoid such a type of rush, you are required to take a health insurance cover so that you can opt for hospitalization at any of the costly private hospitals without having to worry about your finances. And as a matter of fact, the Insurance Regulatory and Development Authority of India (IRDAI) have asked the insurers to expeditiously concentrate on the claims for treatment of the COVID-19.
When you take an insurance cover, you avoid the financial distress too that is involved in unfortunate casualties because of outbreak of the COVID-19. The main purpose of insurance is to provide financial assistance to people in unfortunate situations for helping them to meet their life goals without facing any kind of financial barrier. The costs of hospitals these days are huge; it costs a bomb when a person gets admitted. The cost of the entire treatment too may be way more that what was expected. Sometimes, it is even thrice the expected treatment cost. In such situations, due to money problems, we must not be forced to let go off a treatment that could save our life or that of our loved ones. Hence, insurance cover is very essential to not let money come in the way of good health.
4. Taking benefits of a Line of Credit:
Well, during such a crisis, not many people are willing to borrow or take loans. But what if all your cash reserves along with the emergency fund are depleted? Relax, as it can happen to anybody.
Trust us when we say that losing money is not a big deal, but losing hope is! Credit Bazaar encourages and provides robust support to our clients during any circumstance. Even during the worst of the crisis, there is always a solution to everything and things can and will get better. So just keep your cool as we are here to assist you even in the darkest of the storms!
So, you are out of money? Your emergency funds are showing the NIL signals? So, what? We got this. Due to the COVID-19 pandemic, many banks and lending institutions are taking steps for making lines of credit more extensively available. Some banks are even offering payment deferrals for small businesses and start-ups in requirement for a line of credit. Even for MSME-registered businesses, the government is coming up with schemes such as loans with EMIs starting post-four months of the loan taken. Such schemes and more give you a relaxation time and also help you financially at the moment. Companies are even coming up with innovating credit card deals so that your current expenses can be taken care of. So, don’t worry, even if you are out of cash, we can come up with some or the other ways so that you can be saved presently. And after the lockdown, we can again come up with ways in which you can again start paying your instalments, EMIs and other expenses. Remember, if your will is strong, you will find a way, and we at Credit Bazaar will help you navigate through this. We do not say that this pandemic is easy to handle, but what we do say is that we are here to help you find appropriate solutions to your queries. In even the worst of the scenarios, Credit Bazaar holds your hand aiding you to find a way.
5. Refraining from panic buying:
Okay, you might have heard from your parents, that if everybody is jumping in the well, you need not do so. You got a choice and mind of your own. Even in such a scenario, you don’t have to follow the herd if it is illogical. Most of us might have seen the news of people buying heaps of toilet paper to be safeguarded against the COVID-19. It did not hold much logic. Moreover, even if a person realised that piling up toilet paper is not of much importance during this time, still just not to feel left out, people stock-piled it.
Again, remember to purchase and spend only on essential items such as medicines, groceries, food, sanitization item, and other such necessities. Due to the fear of lockdown, you do not need to panic buy, as it could lead to a shortage of money for you too in the coming months. Even during this quarantine period, essential supplies will continue. So, just buy items of daily use that are vital and do not strain your finances by hoarding up.
Conclusion:
Overall, COVID-19 has led to a crisis, but with patience, perseverance, and assistance of Credit Bazaar you can sail through this too. Remember, it is just a phase, and with willpower and smart decisions you and your family will be able to get through this. Money is just a mode of exchange and there could be numerous solutions to even your most difficult financial problem. Our experts will help you by providing you a way out of your money issues. So, why wait? Contact us today and be relaxed as we are here to assist you!
For any queries regarding Credit Score improvement or Loan contact Credit Bazaar CR Arcade 2nd Floor, Opposite Delta Garden, Next to Shree Mahalaxmi Restaurant, Mira Road East, Thane : 401107