Apart from health fears and continued uncertainty, the COVID-19 pandemic has caused economic consequences that none of us could have foreseen. Amidst job losses, salary cuts, and a significant drop in incomes, how can people ensure financial stability and health?
Financial experts Gaurav Dua, Senior VP Head, Capital Market Strategy and Investments, ShareKhan; Satheesh Krishnamurthy, EVP and Head – Affluent Business (Wealth Management and Private Banking), Axis Bank India; and Rohan Arinaya, Co-founder, Merican Consultants; weigh in and decode the steps one can take to manage personal finances.
Be prudent and disciplined
The first advice for anyone is simple and well known: go into saving mode and cut out discretionary spends. “Be very choosy on what you want to do and what you should avoid,” advised Rohan Arinaya, in his conversation with Shradha Sharma, Founder and CEO, YourStory.
He explained that the lockdown had taught most people that there were several spends we could do without, and life could be led differently, “at least in the current situation”. “The more you save the better it is to weather the storm,” Rohan said.