New Delhi: As the world is grappling with coronavirus pandemic, it is difficult to predict how the situation will pan out in the coming months. With our salaries due in the next three-four days, the onus is upon us to be plan the finances in a way so that you can tide over this looming crisis.


The cases in India have touched 1,037 as of Sunday and 25 people have succumbed to the deadly virus. Experts in India have also warned of massive job losses if the situation continues for a few more months. As per experts, job losses can happen across different sectors and businesses can take around four to six months to revive.

It becomes crucial to take stock of your financial strategy during this period. The situation will mostly impact your investments, spending, and travel for the short term, hence don’t make any financial decisions in rush.

Some financial measures by the government might help you unburden financial stress during this time. For example, Noida DM has asked landlords in Noida to collect rent from workers (tenants) only after a month. It is also said that those landlords violating the orders can land up in jail for up to 2 years or imposed with a penalty or both.

Here is how you can manage your finances during the lockdown.

Keep emergency funds handy: It is times like these that emergency funds are built for. Ideally, emergency funds are your investments which you don’t dig into unless a situation of emergency arises. It is advised that you should create an emergency fund of up to six months of expenses. You can create an emergency fund and park your money in liquid assets, which can be redeemed as per the need at any given point in time.

Don’t hoard unnecessarily: There is no such requirement to hoard food items and other grocery needs. The government is trying best to continue with essential services which comprise of vegetables, grain, groceries, fruits, milk, chemist, meat and fish. There is no need to hoard goods in anticipation of the rise in prices as well.

Keep some amount of cash: Although most of the transactions are cashless today it is prudent to keep physical cash handy as it offers a sense of control in uncertain times.

Focus on long term goals: You have to keep your focus on the long term goals and continue with SIPs and investments. As you are restricting travel and other expenses you should be able to continue with investments as usual. But don’t tinker with your travel kitty unless you can weigh the further situation. Financial planners suggest staying on course with your long-term goals.