The year 2020 has seen a global health crisis, which has developed an unprecedented humanitarian challenge for countries around the world. Along with the mammoth toll on human life, the COVID 19 pandemic has also triggered a profound economic crisis. According to CMIE (Centre for Monitoring Indian Economy), in India alone, an estimated 122 million people have lost their jobs, of which 27 million are youths between 20 to 30 years. With movement of goods and people curbed, businesses have taken a major hit and the economy at an all-time low. The change in market conditions has also triggered a financial crunch, which has found its way into every Indian home. In such extraordinary times, financial management becomes all the more important.
What is Financial Management?
Financial management is the art of planning, controlling, directing and managing your financial activities, which includes both procuring funds as well as utilising them. Financial management is critical for reducing finance-induced stress that can be caused by uncertainty.
How do you have better financial control?
Here are a few ways in which you can build financial resilience as you progress through these unusual circumstances.
- Take stock of the changes in your expense pattern
Examine your new financial situation to understand which expenses have decreased. Evaluating you past bank statements can help you demarcate between essentials and luxuries. With a significant cut in your discretionary expenses, you are likely to save more. This saved money can be put to other critical uses.
- Shop on EMI
Using EMI as an alternative payment to cash for your purchases, lets you buy all your essential items without having to pay upfront during a cash crunch. While credit cards do let you buy items using EMI, they charge an interest on the loan. Opting for a dedicated EMI card such as the Bajaj Finserv EMI Card can be a boon during such times as it chares you no interest on your principal purchase amount.
- Re-allocating the money you save
If your inflow of cash has been affected, you can use the money you have saved to build an emergency fund, to pay your bills and to decrease your debt.
- Future-proof your finances
Consider investing in a good investment plan that can serve as a monetary cushion for such challenging times in the future. Investment will also help you build wealth, save on taxes, offer retirement benefits, as well as to meet other financial goals.
Acquire better financial control with the Finserv MARKETS App
Whether it is financial management during pandemic or after, the Finserv MARKETS app has all the right tools to guide you on your finance management journey. Here are some of the ways in which you can use the Finserv MARKETS app to keep your finances in check.
- The ‘Money Manager app’ helps you track your spends, budget your savings as well as gives you tips to invest for the best returns.
- The Finserv MARKETS app lets you expand your payment options with Bajaj EMI Card and allows you to go cashless so that you are not burdened with piling expenses.
- The Finserv MARKETS app can be used to access the Bajaj Finance EMI card which comes with a pre-approved loan of INR 4 lakh that you can use across 84,200+ Bajaj Finserv partner stores in 1300+ cities as well as online.
- Using the Bajaj Finance Card from your Finserv MARKETS app, you can buy high-value items such as electronics and household appliances, from the Bajaj Finserv eStore, at No Cost EMI and with 0 down payment.
- The MARKET Pay UPI feature available on the app also lets you pay your bills effortlessly when you are low on cash.
- You can buy insurance, manage loans as well as invest using the Finserv MARKETS app.
- The app can also be used to review your EMI card limit, loan status, insurance premiums as well as to avail amazing deals
You can download the app from the Google Play Store if you are an Android user or from the Apple App Store if you are an iOS user, and learn more about its features and advantages.
Finance management is one of the crucial steps for leading a stress-free life. Use the FInserv MARKET app to enjoy better financial control so that you can sail through these unprecedented times and are better prepared for emergencies in the future.