Financial Survival Guide To See You Through Second Wave Of Covid-19

With crores of people being furloughed, incomes have taken a huge hit. Even the lives of those who haven't lost their jobs have changed completely, with work-from-home becoming the norm for many.

The second wave of Covid-19 is truly upon us and is likely to influence the way we work into the future. Though the pandemic has created overwhelming fear, what's causing even more anxiety is the resulting financial pressure arising out of this situation of uncertainty. With crores of people being furloughed, incomes have taken a huge hit. Even the lives of those who haven't lost their jobs have changed completely, with work-from-home becoming the norm for many. As a result, the financial setup of many people may no longer match their needs, and finding a way forward can appear impossible. But with a realistic plan, it is possible to navigate this uncharted territory. Here are five ways to go about it: Revisit Your Finances And Prioritise Your Goals With economic activity taking a hit, your income and finances, too, may have been hugely impacted. This would have put a lot of pressure on your monthly expenses, premiums, etc. As a result, you need to realign your financial goals to ride out this crisis and get through relatively unscathed. Download your bank statements, and look at where your money is going and what's coming in. That will give you a fair idea of your true financial position, and help you create a realistic budget to move forward. Review your expenses along the way. Find Out If Your Bank Can Offer Some Respite