How to Deal With Financial Crisis: Life is full of uncertainties. Everyone has to face financial crisis at some point or the other. But if you go with a little planning, not only will you be able to face the period of financial crisis firmly but you can also get out of it successfully. Know how this right financial planning can be done.
don’t stop investing
- No matter how difficult the situation is, never stop investing.
- Monthly investment or Systematic Investment Plan (SIP) is very important.
- With the help of these funds can be prepared for future needs.
create emergency fund
- You should keep the required amount in an emergency fund for at least 3 months for your household expenses.
- You can make this fund in the savings account of the bank or in the liquid fund of the mutual fund.
- Use this fund only in emergency.
Give investment information to partner
- Keep a complete account of where you have invested and inform your spouse about it too.
- If something happens to you, then your investment will be of use to your family only when your spouse will know about it.
Life and health insurance is essential
- To face the financial crisis, you must have health and life insurance.
- While life insurance will give financial protection to your family in case of an accident, a health policy will help you a lot in case of any medical emergency.
make a nominee
- Make someone a nominee for your bank account, investment or insurance policy.
- By making a nominee, your family members will not have to get into legal trouble if you are not there.
- Insurance money is easily withdrawn from the insurance company if you keep someone as a nominee.