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How COVID-19 Changed Our Saving and Spending Habits

How covid 19 changed our saving and spending habits

We all know how the COVID-19 pandemic has changed our lives to a great extent. It has set many world economies back, and caused havoc in the lives of ordinary people. With job losses at an all-time high, many were left with no access to food and medical aid during the lockdown. Others spent their life’s savings on medical bills for their loved ones, leaving them cash-strapped. The struggles have continued well into 2021, but fortunately, people have learnt from previous mistakes.

Some of the major takeaways from COVID-19 were:

  1. ● We must have savings kept aside for uncertainties
  2. ● We must value the time we spend without family
  3. ● It is important to have a healthy work-life balance for our mental health
  4. ● Having a good life insurance as well as health insurance policy is a must
  5. ● We must have some skills that can help us earn if we lose a job
  6. ● We must put a leash on our spending habits

Evolving Savings and Spending Habits

Post-COVID, people have realised how crucial it is to save. Many people who have spent frivolously before, have started re-thinking their behavior. People have now been exploring various avenues for long term investment, including buying property, setting up insurance policies, investing in gold and other assets, and so on.

This is a good start, as savings will not only offer you peace of mind but will also help you build a secure future. But it’s not just about savings; we must also change old habits and reduce expenses. This involves making an extra effort, but the benefits are huge.

You could take public transport instead of driving to work. This would save you a considerable amount of money on fuel every month. You could also reduce your monthly take-out or food delivery expenses. Try to cook at home; not only is it cheaper, it is bound to be healthier. Many people have also begun home workouts during the pandemic, eliminating expensive gym membership fees.

In addition, here are some tips below to change your spending habits:

Have a Plan B -While it is good to work in a corporation and earn a salary, one should also invest some time to upskill what they are passionate about. Having a Plan B will help safeguard you from any eventualities in the future.

Establish a healthy work-life balance: Please don't juggle between your professional and personal life. Both are important and both should be managed properly. Segregate your working hours and then spend the rest of the time with your family. Remember, a family is irreplaceable; you can find a new job but the same cannot be applied to the family.

Spend money consciously: Overspending money is a bad habit and one that is hard to get rid of. During COVID, we learned the importance of money. Hence, one should buy things only that are necessary. It is a good habit to build and will help in the long run.

Taking steps to secure the life or your dear ones: Insurance was underrated till COVID-19 hit us. We have seen how people were left with nothing during this crisis. Hence, one of the best ways to secure the future of your loved ones is to invest in an insurance policy.

Insurance protects us from financial loss. Hence one should consider it as the first option to invest their money in. Future Generali India Life Insurance offers a variety of life insurance products for savings and investment purposes. These products come with numerous benefits!

As a rational investor and a responsible member of the family, one should explore life insurance as the first option when it comes to wealth management. Future Generali India Life Insurance provides various Life and Health Insurance policies.

Conclusion

It’s hard to predict the future, but we can control the outcome if we save wisely and curtail unnecessary spending habits. Future Generali India Life Insurance are a great way to invest your savings and avail various long-term benefits.

Insurance is one of the best ways to manage risk and minimize it to some extent. When a person buys insurance, he transfers the risk of the potential cost to the insurance company. Therefore, you can rest assured that this is a safe investment for you and your loved ones. For better financial assistance, speak to a financial advisor NOW, click here.


ARN Number - ADVT/Comp/2020-21/October/282

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