Get Set, Save

With the current pandemic, an approaching economic slump is inevitable. Aishwarya Acharya brings you expert tips on how to get cracking on your financial planning in this period

- Aishwarya Acharya

The sudden lockdown is placing significant pressure on the global economy, rendering many people jobless, causing small time industries to shut shop, and leaving daily wage workers and employers with no choice but to pull the shutters down. In this time of crisis, one needs to plan, invest, and spend equivalent to one’s earning. It’s time to dust our finance survival kits. Recent reports from a leading financial daily suggest that sectors such as tourism, aviation, hospitality, and trade are facing the first brunt of the severe travel, assembly, and activity curbs imposed by the governments across the world. In contrast, sectors such as consumer durables, automobiles, and pharmaceuticals will feel the brunt of supply constraints. During this time, evaluating your financial standing and working on a plan to smoothen it out until the situation goes back to normal is paramount.

In this light, we bring you expert tips on how to plan and manage your funds in the advent of approaching a potential economic slump.

Prioritise and plan