Covid has exposed us to such a situation that the world has become very uncertain about what is going to be our future. Any thing and everything can happen at any point of time. Anytime crisis can strike and many people have faced lots of financial crisis already. In order to meet the future needs many of us are badly wanting to save our money so that we have some support system in the future.
Covid has taught us that we have to rethink about our investment plans. We have lost one year in planning an investment and that's quite a loss for all of us.
Covid has also taught us why we need an early investment in our life. How we can tide over financial crisis and more such things. So this is high time to plan our savings and investment with proper knowledge so that we can make good use of our earnings and also get benefitted in times of unplanned conditions and emergencies.
How to save our earnings and where to save?
Creating an emergency fund is very important now. Expenses for about 3 to 6 months has to be preplanned and a fund should be made for it.
Planning a medical insurance is a must. planning an insurance plan for any types of medical emergencies is very important.
Planning an appropriate investment plan is important. Short term investment plan can include buying a care, travelling, For this you can go for fixed deposit, recurring deposit and liquid short term plans.
If you plan for long term plans, then like education of your child, retirement plan, you can think about long term plan like EPF(employees provident fund), PPF(public provident fund), Diversified equity funds and direct equity etc.
How will the middleclass plan?
If the other plans are not applicable then the middle class have to take calculated risk and there are many such investment plans which can be opted. If you are thinking about your daughters marriage, or other investments for future, you can opt for ‘Sunkanya Samriddhi’, SIP(systematic investment plan), Diversified Equity funds, Bond funds etc.
For retirement plan you can opt for Equity Mutual Funds, SIP, Quality Large cap equity stocks, Potential small and mid cap stocks, PPF, EPF, RBI bonds.
Investment strategy planning
Pay the money for insurance on time.
Don't waste money without reason. Plan and spend.
Do not take loan without solid reason. Do not take take loan at the starting of your career.
Pay the bill of your credit card on time.
Do not close SIP in the middle of the term.
And above all keep your eyes open and take help from financial consultants before jumping on to any investment plan if you need so. But do follow a savings policy in order to plan for your future.
