The ups and downs we experience in life are unpredictable, thus life is not based on certainty. Uncertainties always strike without warning and can leave a person emotionally spent and disruptive. Even if you have everything you need to handle emergencies, it still might not be enough. Let’s read further to know about the financial tips like emergency fund, medical loans, insurance you can have to tackle the time of emergency.
Numerous events in our life serve to emphasize the value of health. A healthy individual is wealthy. We must be financially prepared to tackle the challenging and urgent conditions. Both short-term and long-term effects on our ability to manage our own finances can result from a health issue. Particularly when we don’t know how long the crisis will persist, things spiral out of control.
- Have an Emergency Fund:
Never base long-term choices on transient occurrences. Invest in something. Keep in mind that you are saving for the long term; monitor your expenditure and set aside money for a brighter future. Make a cash cushion to enable you and your family to deal with the unforeseen circumstance. The first step is to set up an emergency fund in order to be ready for a financial disaster. You can plan your emergency funds as per your preferences like fixed deposits, savings account, and recurring deposits, etc.
- Multiple Source of Funds:
Nowadays, a lot of people create many sources of funds for themselves. This routine can make handling emergencies much simpler. Earning can be made from investments, side hustles, etc. It is a smart way to keep yourself financially healthy. That doesn’t mean that you have to work 24/7 to keep money in your pocket. Instead, it is more like keeping your options available.
- Instant Medical Loans:
Fintech companies registered with NBFC offer instant medical loans, which are short-term loans. It is a good option to avail instant cash loans in case of an emergency. The borrowers do not need to present collateral to obtain these loans, Additionally, the loan amount’s interest rate is reasonable. The short-term loans range from INR 5K to Rs 5 Lakhs. Lending apps are becoming extremely popular in India as a result of the loan’s accessibility. On the Play Store, there are numerous apps with NBFC registrations, including Phocket, KreditBee, ZestMoney, and others.
- Review your Expenses:
Be the one if you don’t normally keep track of your spending. Make it a habit to keep track of your spending by reviewing your credit card and bank statements from the previous month. Determine which of your costs are essential and what you should forgo to save money. You may cut back on your expenditure by identifying the unneeded expenses. When you’ve determined your prioritized and non-prioritized expenses, you may compare them to your revenue. You can track your expenses.
Now is the moment to think about our financial independence, which will ultimately affect how we feel physically. Start making investments now to improve your financial situation by
Be financially better!
