The economy of the whole world is undergoing a crisis. Sluggishness has now begun to slow down, affecting the source of income of the people. With this, unemployment has reached an unprecedented level. As experts say, there is uncertainty about the time to come, and it is not easy to say anything at this time as to how long this crisis will be. Experts believe that at this time, people, especially the youth, should take full care of their health as well as financial health, and avoid doing anything that would make them difficult in the future.
Use credit cards wisely
The situation is fragile now. In such a way, youngsters should use their credit cards very thoughtfully. You cannot think that you spend now and will pay the money later. It may be mentioned that the outstanding credit card bill takes an interest at a hefty rate of 36-48% annually. The credit card bill will become a huge financial burden for you after a while. So spend as much from the credit card that you are able to pay every month.
Spend as per necessary required
This time is not on luxury but only on very essential things. The time to come is fraught with uncertainties, and nobody understands how long this crisis will last. So, we should be prepared for a large-scale wage cut and job retrenchment situation. In such a situation, whatever money you have, spend it on very important things.
Focus on emergency funds more than investments
At this time, people should pay attention to their emergency funds more than investment. Those who have not yet prepared the emergency fund should prepare emergency funds by taking lessons from the present circumstances. At present, the stock market is down, and the shares of many companies are down, so people should be tempted to invest in emergency fund money in the market.
Don't forget to stop insurance
No one should make the mistake of shutting down term insurance and health insurance at this time. People should make a list of their essential expenses and non-essential expenses and include insurance in the list of necessary expenses.
Invest money by thinking
At present, it is time to avoid long-term investment. You have to assume that you may need money at any time. In this way, you can keep your money in places where you can quickly redeem them in a very short time.
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