Enquire now for CA in Delhi

COVID-19 Money Management | Tips & Strategies

Written by gkkedia Dt. April 13th, 2020

The Coronavirus (COVID 19) started from a city in China has now spread to around 177 countries all over the world. Due to this widespread, WHO Director declares this disease as ‘Pandemic’. To stop corona from spreading the major step in lockdown. Lockdown from everything, so that corona can’t be spread among people.

Government has taken the major decision of Lockdown to combat this pandemic disease. We as responsible citizens of the Country should respect this decision and follow it properly.

But due to complete lockdown general public will also suffer as they have no source of regular income during the period of lockdown. At this point time instead of worrying, we should look for the best possible ways to handle this situation.

Here are the few solutions to some of the questions about how to manage money during this difficult phase of COVID-19.

Question 1 – How to spend money cautiously to meet daily expenses during the period of lockdown?

Solution – During this tough situation, one has to cut their daily expenses to the minimum. One has rightly said, “Money saved is money earned.” One should rather spend money on unnecessary expenditure try to utilize this amount on necessary things such as food, milk etc. helpful in survival. Make a list of all the expenses and prioritize the expenses according to money and need.

Question 2 – How to meet those necessary daily expenses?

Solution – Generally people save some amount of money for the urgent kind of situations. It’s the best time to utilize those savings now. People should use their savings and in the best possible manner. But in the case of people of below poverty line does not have much savings. They earn on a daily basis and spend the same. In that case, as well, do not need to worry as well. Government is announcing various kinds of reliefs to help this kind of peoples specially.

Question 3 – How to get help from other sources?

Solution – Government has announced recently various kinds of reliefs to help poor people. People below poverty lines will receive additional 5 kilograms of wheat/ rice per person and 1 kilogram of pulse per household for 3 months through public distribution system in addition to what they are getting now, free LPG for Ujjwala Beneficiaries for 3 months, Rs. 2000 installments to Farmers under PM Kisan Yogna will be given now to them. Moreover, Daily wages rates increased from Rs. 182 to Rs. 202 under MNREGA Scheme. Moreover, State Government also providing free foods and shelter facilities to help people who are facing difficult times during this lockdown.

This time is very crucial for all of us to stand against this deadly disease in unison. Government is also helping us in the best possible way. So, we as a responsible citizen should follow this decision and should also manage money by spending in the best way. It is just a matter of a few days. Once these days passed all will be normal like earlier. So in these days, we have to just keep patience and utilize our hard earning money to keep us and others safe from Corona Virus by following Lockdown.

Written by

© G. K. Kedia & Co. | All Rights Reserved | Powered by Januskoncepts