4 Ways To Get Your Finances In Order During The Lockdown

By Kishore Sabareeshan | March 18, 2020

Want to make the best of the lockdown? Use the time you have to get your finances in order before you go back to the rat race! Read on to find out how you can do just that.

4 Ways To Get Your Finances In Order During The Lockdown

For most extroverts, the lockdown must feel very stifling. While there’s not much one can do but grin and bear it, now’s a great time to embrace the indoors and make this sit-in a productive one.

Our everyday life is generally so fast-paced that we often forget to pause and reflect on our decisions. Well, now’s a better time than ever to do so. Do to yourself what companies do during a recession – identify weaknesses and improve accordingly. Luckily, one of the major aspects of your life can be easily improved from the safety of your home; we’re talking about your finances.

Here’s how you can do a thorough check of your current financial scenario:

Check Your Credit Report

Your credit report contains vital information about your Credit Card(s) and Loans. Not only that, it also shows you your updated repayment history. By going through it, you’ll know if you’ve been missing any Credit Card payments or loan EMI payments. Also, reading your credit report every now and then will help you boost your Credit Score and thereby increases your chances of loan and Credit Card approval.

Additional Reading: How To Read Your Credit Report

Review Your Savings Plan

Kicked off a brand new plan to save money in Jan 2020? Well, why not review how you’ve fared in the first quarter – it’ll give you a good insight into how realistic your plan is, and what changes you can make to it, if required. A lot of times, plans sound great on paper but they don’t pan out the same way when applied to real life. Find out if there’s any gap in your plan and fix it before you move ahead into 2020.

Additional Reading: Best Credit Cards For Cashback

Revamp Your Household Budget

With essentials taking centre stage during the lockdown, it’s time to adapt your household expenses to better suit the situation. Use this opportunity to also map out the general cash flow towards daily expenses such as provisions. It’s likely that you’re already doing everything right in this regard, but it doesn’t hurt to review it for what it’s worth.

Clear Those Credit Card Dues

If you’ve been paying just your minimum monthly due towards your Credit Card bill, you may want to consider clearing all your dues. Why? Because Credit Cards charge high interest rates which can cause your debt to grow as big as the Incredible Hulk. You don’t want that, do you? If clearing your bill is not your style, you can always consider transferring your outstanding balance to a new Personal Loan. This way, you’ll be repaying your due at a lower interest rate.

Additional Reading: Money Management Tips For Millennials

Forecast Your Lockdown Savings

If you’re up for looking at the bright side of this lockdown, just for kicks, try and map out how much you’re actually saving by not having to commute to work on a daily basis. Now’s the time to optimise your savings and make this lockdown work in the favour of your finances.

Need financial help? Click the link below.

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Category: Money Management

About Kishore Sabareeshan

Kishore likes watching documentaries and discovering indie musicians on Youtube. When he's not writing content for a living, he's usually snacking, playing with his cockerspaniel or looking for big cats in the wild.

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