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Combating Finance Woes Of Individuals During Lockdown Period Caused By COVID-19

The leaders of powerful countries to the “common-man”, everyone is facing a challenge to keep their countries, households running.

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Corona virus disease (COVID-19) has brought the world to a different realm. There were times when we were worried about war, nuclear weapons, novel ways to welcome world leaders, eagerly awaiting favorite sports to commence and many such happenings. But now all the world wants is to combat extinction due to the virus.

The leaders of powerful countries to the “common-man”, everyone is facing a challenge to keep their countries, households running. While the leaders solve a greater difficulty, let’s reiterate some steps which an individual may take to combat finance woes during the lockdown period caused by virus:

1. Health is wealth: -The adage that “Health is wealth” cannot be ignored here. An individual needs to take care of one’s physical, psychological and emotional health and well-being .This plays a well-connected role in financial health. Imagine spending your money on treatments which could have been avoided simply by staying home or washing hands.

2. Government announcements: It is important to stay abreast with new financial assistance schemes that government announces like EPF withdrawal scheme, loan waiver with conditions, extension of tax payment deadlines etc. An individual can use such information to protect oneself from financial woes

3. Revisiting the roots: Indians were always laughed for their frugality and minimalism and this ultimately led us to adapt colonial way of living and aping the western countries. However, this is correct time to revisit our roots and start living a simple life with minimum wastage and holistic yogic lifestyle. The importance of “satvik” food cannot be ignored. What better time than this to showcase the younger generation the meaning of living a minimalistic lifestyle?

4. Postponing the idea of investments: Although we all have a backup stash of money for contingencies, however under these uncertain circumstances refilling that contingency store is not a bad idea. Any money that was kept aside for investments in past months should be held onto since we don’t have an idea about the time length of the financial woe we are facing currently. Moreover, a financial crisis in the economy is currently looming. So it is better to keep some finances free at hand.

The above mentioned points may not be a full proof solution to our problems or to keep us running but sometimes to move ahead we may at least be required to crawl.

Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.


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Covid 19 lockdown financial health tax payment

CA Anjali Nair

The author is Assistant Professor, Faculty of Management, Economics & Commerce ITM Vocational University.

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