Since only essentials are available and other luxurious things such as cinemas, shopping mall, restaurants, travelling is prohibited, people are actually saving money.
A delhi based consultant said that she has saved around INR 5000 since this month. Earlier, she used to spend a big amount in travelling and eating out almost every alternate day.
Talking about one more case, Pradeep Kaushik, lives in Bengaluru has saved almost 30% of his income which he usually used to spend in things like eating out, buying fancy clothes and watching movies.
We all spend such things and they go unnoticed most of the time. But since you are not going out, not eating out, not buying anything, let us see what can be done with the money you have saved during this outbreak.
1- Build an emergency corpus- If you have saved money, you should be doing this as a priority.
According to Melvin Joseph, a sebi registered investment advisor- “Liquidity is a cause of concern in these trying times. I have seen people asking the question – how to get maximum return on an emergency fund. I always have one reply – keep it in a savings account and open a sweep account for the same or you can keep it in fixed deposits. Never expect any great returns on your emergency fund. You should be able to access the funds immediately. Learning from the ongoing crisis, one should try and have 12 months’ living expenses in the emergency fund. This will give you a peace of mind and confidence to face any untoward situation,”
2- Get a health and life insurance plan- If you do not have it now, you should get it. As per the Priti Rathi Gupta, founder of LXME and MD promoter at Anand Rathi group, “Make sure that you have a robust health insurance policy in place that covers coronavirus treatment,”
3- make an investment- Since the share markets and currencies are facing a big downfall these days, it is considered to be the best time to invest if you can.
So these are some of the ways through which you can use your money you have saved in this lockdown period.