Managing personal finance has become a huge challenge for everyone for many years. Economic cash stability and flow have made us satisfied with managing finance. However, this COVID-19 pandemic has set the global economy into the worst phase. Just like the halt to the economy, financial feebleness due to loss of job and cuts of salary has broken household income of everyone.
So in this post, I am going to talk about five personal financial behaviour habits which are been busted by this pandemic.
2: Considering Retirement As Only Saving Objective.
Well, every employee is considering his/her retirement as the sole saving objective. According to me, that is a wrong methodology, every person should keep saving for the unseen future. Let's take an ongoing example of this pandemic going on, most of the people in the world don't have money to keep surviving. Nobody had an idea about this COVID who put everyone in worries.
Now there are people who keep their savings for these type of uneven situations so that they can survive easily. Atleast one should save money which can be easily spent for 5-6 months.
Mr. Steve Cronin, founder of DeadSimpleSaving.com said,
“You do not want to have to sell stocks during a downturn if you run out of cash,” he says, stressing the need for “some safety nets".
“In troubled times, you should have a cash buffer of at least six months worth of total expenses, including any mortgage payments on buy-to-let properties in case your tenants stop paying, so you can live without stress for a while if you lose your job or face an unexpected bill,”.
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