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According to the latest IMF estimates, the world has already entered into recession which will be worse than the one in 2009. Pixabay

BY ADITI ROY

In uncertain times such as these, and while governments and communities across the world are trying to figure out how to prevent an economic crisis, it becomes imperative for us to take care of our finances.


According to the latest IMF estimates, the world has already entered into recession which will be worse than the one in 2009, but is projected to get some cushioning by next year.

While taking care of health and maintaining isolation and social distancing have become paramount, we also need to take precautions to manage our finances, making necessary modifications and adjustments, say experts.


While governments and communities across the world are trying to figure out how to prevent an economic crisis, it becomes imperative for us to take care of our finances. Pixabay

“First of all, your family and your health should be a top priority. Secondly, the current shutdown will impact the economy and with that each of our finances. We recommend people to be on top of their budget and ensure that any income disruption is smoothed out via a proportionate decrease in spending. If you are fortunate to not have any disruption to your income, please spend on online food delivery and other online channels. All the small businesses in the country need you and your support.

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There are also many organizations working tirelessly to bring us testing and vaccine for the virus. Please do consider donating to these causes”, says Nityanand Sharma, CEO, and Co-Founder, Simpl, a data technology company that works with merchants and financial institutions to enable effortless and transparent monetary interaction.

Here are few ways to prepare for unforeseen times and be diligent with your money:

Plan an emergency fund

Personal finances are a source of stress. Understandably, numerous matters need to be accounted for. Even more so when planning for an emergency fund to cope with the unexpected; We might even procrastinate thinking such adverse situations in the future, hoping that they might not even happen. So, such funds become more important during the pandemic, which should be viewed as an emergency.

Going digital

Since the time of this outbreak, people are finding it difficult to pay for their utilities via cash. The payment via digital payment apps has risen.

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RBI has also urged customers to use digital banking facilities amid the coronavirus outbreak. In light of recent events, the National Payments Corporation of India (NPCI) has also started a campaign called �India pay safe’ in order to boost digital payments, as exchanging cash could spread coronavirus. With a whooping majority of smartphones penetration various digital payments app like Google Pay, PhonePe will ensure smooth transactions.

Review your investments

Become a bit more market savvy, this is a perfect time to do a risk analysis of your investments. You may want to re-balance your portfolio if it’s skewed excessively towards equity or debt assets, which are more prone to market volatility or to channel towards more risk-free assets like Public Povident Fund (PPF) or National Pension System (NPS) scheme.


Personal finances are a source of stress and that is why you should plan them properly. Pixabay

Tailoring daily budget and expenses

Tough times call for pulling plug on luxury, discretionary and non-essentials expenses. Channel funds towards basic essentials and keep aside a chunk for unforeseen times.

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Review your health policy

Ever since the pandemic announcement of COVID-19, policies that exclude pandemic coverage may not settle claims arising from such cases, involving hospital treatment costs. Ensure you go through your health insurance policy document to get complete clarity on its list of coverage and exclusions and also check for any latest intimation from your insurer.

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So, if you are still procrastinating and not taking a proactive step to sort your personal finances, realise it’s need of the hour. Not just in emergencies, but taking care of our own finances during challenging times enables us to stay financially fit and minimizes financial anxiety. (IANS)


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Books that you can read in 2022.

Reading allows you to gain a deeper understanding of the world around you, stimulating your creativity and keeping your mind engaged.

A list of new releases published by Aleph:

What the Heck Do I Do With My Life?: How to Flourish in Our Turbulent Times

Many causes, including technology, climate change, demographics, and inequality, will cause our planet to change more in this century than in all of human history. Extreme change is offering unparalleled opportunities for individuals, companies, and society, as well as a 'adaptive challenge.' Those who can adapt to a fast-paced, complex, dynamic, and unpredictably changing world will prosper. Those who are unable to do so will suffer immensely.

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There are obvious signals that we need new ways of thinking about the world and our place in it all over the place. Our old ways of thinking about education, lifestyle, success, and happiness are no longer valid. What are the changes in the workplace? When future jobs are still being invented, how can you know what talents will be useful? Will 'jobs' even exist in the future, or will we be relegated to a world of projects and freelance work? What do you do with all of this and more?

What the Heck Do I Do With My Life? is a book on figuring out what you want to do with your life. Ravi Venkatesan argues that effective adaptation in the twenty-first century necessitates a "paradigm shift," a new attitude, new talents, and new techniques. Ravi also considers how, rather than drifting along like a piece of driftwood, we will need to live life more consciously, making deliberate decisions about who we are, what we do, and how we live.

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Neeraj Chopra: From Panipat to The Podium

On the night of August 7, 2021, a billion Indians' long-held desire came true as Neeraj Chopra won gold in the javelin in the Tokyo Olympics 2020. The wait, on the other hand, had been extremely long. In reality, this is India's first individual gold medal in athletics since the modern Olympic Games began. The entire country showered him with affection when he did it in his signature flair and smile. The media went crazy, and the youth discovered a new source of inspiration. People flocked to get their photos taken with him, and businesses discovered a new wonder-ambassador. Neeraj Chopra: I'm Neeraj Chopra, and I'm From Panipat to the Podium begins in a small village in Panipat and tells the story of his formative years, which were marked by restricted resources and opportunities. It takes readers through his journey to Panchkula and then to the national camp in his quest to conquer the world.

My Cricket Hero: XII Indians on their XII favourite Cricketers

Pieces from Keki Daruwalla on Polly Umrigar, Fredun De Vitre on Chandu Borde, Gulu Ezekiel on Eknath Solkar, Hemant Kenkre on Sunil Gavaskar, Amrit Mathur on Salim Durani, Kersi Meher-Homji on Vijay Hazare and many more make for a great lockdown read.

It's A Wonderful World: A Memoir

His book is a provocative read that makes us wish we had a life like his. Khalid Ansari's life has been an exciting and purposeful journey in service to his fellow human beings, beginning with his birth in Mumbai's impoverished Madanpura to a father who began his life as an orphan and a mother from a poor household. Ansari has attempted to depict some highlights of a splendored life that he has been lucky to experience, catching stars while chasing rainbows in this 'donkey's tale'. It's been la vie en rose for him, from founding newspapers and magazines to representing his country at the United Nations, accompanying dignitaries on state visits, covering cricket Test matches, nine Olympics, Commonwealth and Asian Games, travelling the world, and being awarded the Padma Shri award. The author has worked hard to keep this narrative from devolving into a 'I-did-this-did-that' pat-on-the-back, shabash!' By 'spicing' it up with dollops of frothy stories and self-critical bon mots, he has attempted a discourse on the meaning of life, the 'right path,' and the like, even as he has attempted a discourse on the purpose of life, the 'right route,' and the like.

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Elections in 107 municipalities and Howrah Municipal Corporation will be held by the end of February.

A Day after the Calcutta High Court asked the West Bengal Election Commission (SEC) to consider postponing of elections in four Municipal Corporations scheduled on January 22, the state government has written to the state poll body that they don't have any objection if the SEC decides to postpone the election for another 4 to 6 weeks considering the Covid situation in the state.

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