Prepare your mind, house and bank account during COVID-19

Blog TLDR

The coronavirus aka COVID-19 has taken over all the topics in the world and has impacted the world in more ways than one. In this blog, we take a look at how important it is to prepare yourself in terms of your mindset, house and bank account during this pandemic

Be in the right mindset during crisis

sense of wellbeing while remote working

It is easy to get carried away with the coronavirus updates all over the news channels and social media. What is hard to do is stay calm. While everyone is panicking around you, it is important to keep calm and not take decisions in a rush. While you are on social media, make sure that you are reading information that’s being rolled out by official government handles and trusted news channels. Keep your anxiety in check.

Also, don’t get obsessed with wanting to get the latest COVID-19 news to an extent where you keep checking the news or social media every 10-15 minutes for the latest announcements. This will add to your fear and make you unstable mentally. If there’s a piece of big news or announcement coming from the government sources, it will be big news anyway and you wouldn’t have to go hunting for that news.

Here are 5 things to keep in mind to be in the right mindset

  • Don’t be obsessed with the coronavirus topic
  • Stay calm and be wise
  • Take your decisions as per the situation
  • Do not buy into rumors and read authentic news sources only
  • Stay positive and remember, this crisis situation will pass soon

Prepare your house for crisis situation

how to prepare for a pandemic

While you stay calm, preparing your house for the crisis situation is very important as well. It’s always a good thing to be ahead of the situation and create a backup plan or buffer in terms of resources and groceries that you may need. There’s always a thin line between panic buying and smart buying. You don’t need to go out of your way and pile up things at your house.

What you need to do is get some necessary food items that form a daily part of your diet and keep it handy. We are essentially talking about creating a buffer and not overstocking stuff out of fear. Keep some dry snacks and medicines handy just in case you or your neighbor need some urgent snacks.

It is necessary to make sure that you have the necessary medicines and prescription handy with you. In crisis situations like these, it is necessary to maintain a balance between being rational and well prepared and being irrational and panicking.

Prepare your house during crisis in following ways

  • Keep your medicines and prescriptions handy
  • Keep some dry snacks handy
  • Make sure you don’t overbuy perishable food items
  • Focus on the essentials and not on the luxury items
  • Create a slight buffer with essential items
  • Don’t panic buy things
  • Always keep a small bag with your IDs or photocopies ready
  • Have the list of essential contact numbers and helplines on the pin board

Get your finances right during the crisis situation

budgeting long term goals

In an ideal, every one of us should be having an emergency fund for ourselves that takes care for around four to six months. If you haven’t got that, this is the time for you to save some money for your future. Stop spending on the luxury and focus only on the essentials and save some amount in your savings account. The biggest lesson that this pandemic has taught us is to be prepared for the future and not just live on a month-to-month basis.

Nothing is guaranteed in the future and this global pandemic has been certainly something that has come out of the blue. If you haven’t lost your job, consider yourself lucky as so many people have lost their jobs during this COVID-19 crisis. Do not take your job for granted and this is the time you start saving for unforeseen extreme situations.

Study your finances while planning for a crisis

If you have your investments in place, don’t just pull out of those because there’s a crisis right now. You never know, you might just lose out on a big chunk that could be yours if you stayed the entire course. Only if you need that money right now, withdraw it. Several banks have cut the interest rate on the credit cards and this is good news if you are carrying a significant debt value. It is also useful if you can have some cash handy with you. We are not telling you to have a huge amount of cash at your house but enough to last if there was a week where you had to go out for sudden grocery or use facilities where the point of sales machine didn’t work and you had no backup option. It’s all about being flexible in the crisis situation.

Things to do to be on top of your finances during the crisis

  • Build up an emergency fund
  • Keep some cash handy with you
  • Create a buffer between the earnings and expenditure
  • Keep an eye on the monthly payment deadlines
  • Take advantage of the low interest rates provided by banks
  • Don’t panic and pull out of investments hastily
  • Be flexible with your liquidity options

Be prepared for crisis and stay positive

While it is important to stay healthy mentally and physically, it’ll only happen if you know that you are well prepared in your household as well as financially. We are sure that this crisis situation will pass soon. All we need to do is stay positive, take care of your people, take care of your finances and get through this difficult phase. Till then, sign up for Chango and stay updated with more such tips on financial wellbeing.

Happy Finance!

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