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Here’s What You Must Do If You Are Facing Financial Hardship Due to Coronavirus

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The Covid – 19 pandemic has affected innumerable human lives globally. The rampant spread of the virus has created a scare in different parts of the world. Unfortunately, it is not affecting the health well-being of individuals, but is also negatively impacting the economic markets. Companies are going on a shutdown, workers being laid off and a serious dent in the finances of individuals who work on daily paycheck basis, the repercussions are serious. This hour makes it more than important to know and be aware of the financial options that are available.

If you are dealing with a precarious financial situation due to the Corona virus spread, here are some steps that you can use to get through the hardships:

Create an emergency fund – Financial experts have always emphasized on the importance of maintaining an emergency fund. It is a requisite, irrespective of whether you are dealing with a financial hardship or not. However, in these uncertain times, it is further important to create such a fund. List down all your financial expenses and strike out those that are ‘merely wants.’ This can include subscriptions, ordering food from eateries and more. The money saved through this should be directed towards the emergency fund.

Use a Personal loan – In such times of income insecurity, a personal loan can be of great aid. Personal loans are offered by leading banks and you can even apply for one online. These can be used to accommodate the sudden medical costs or even other unexpected cost resulting from the current condition. Importantly, personal loans offer you the benefit of making repayments through convenient EMIs. This will ensure that you are not financially burdened even when the pandemic situation settles.

Contact your creditors – The world is in this hardship together. If your concerns revolve around the hardship of repaying your debt at present, you must contact your lenders. There are several banks and financial institutions allowing leniency on the regular interest-payout, fees, penalties and more. 

Seek help from well-wishers – Indulge in open communications with your family members, relatives and close friends. Let them know of your financial stress and seek help. They can be an excellent support system in such times, not just emotionally, but also aid with offering financial assistance. 

Create a financial plan – Stay organized and create a plan to help ease your way through these crises. List down your spends and different possible ways that you use to manage the same. If needed, seek assistance from professionals as they can help you navigate successfully through the current situation.

SMEStreet Desk

SMEStreet is fast growing platform dedicated to entrepreneurs from small and medium sized businesses (SMEs). Committed to facilitate Knowledge & Networking for Business Growth, SMEStreet offers value added content which shows the actual voice of Indian MSMEs.

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