Nationwide lockdown owing to coronavirus pandemic has not only forced us to stay indoors but also has negatively impacted the economy. Companies are bearing huge losses and as a result they are unable to pay their employees. Though the government had requested employers not to either reduce the salaries of their employees or sack them, these practices are being seen in various organisations in the country. Also Read - IndiGo Rolls Back Pay Cut In April Salary In Deference To Government's Wishes
There are offices where some employees have been forced to take pay cuts and then there are some who have been asked to go on leave without pay. Some institutions have in fact sacked their employees giving economic slowdown as an excuse. Additionally, pay cuts are being justified by saying, “Be thankful that you at least have a job.” Also Read - Pay Cuts at Ekta Kapoor's Balaji Studio Days After Forgoing a Year's Salary: Reports
In this situation, managing spending and saving money have become difficult. Those who had taken loans are concerned about paying the money back. Some are concerned about paying their children’s school fees and others are thinking about loss of their luxurious life. For all the people who are experiencing this problem, a few financial tips can be helpful. Here are they: Also Read - If we Are Asked to Take Pay Cuts we Are Mentally Prepared: Azhar Ali During Coronavirus
- Focus on your ‘needs’ instead of your ‘wants’. During this tough time, when the resources are limited and your pocket is light, buying or spending on things that are required for survival can be a better way to tackle condition.
- Stop saving money that are left after spending. Instead, save and use the amount that is left.
- Control your urge to spend. Whenever you feel like buying something, ask yourself a question, “Do I really need this?” Your answer will help you do the needful and save some money.
- Do not stop paying your EMI. This time may seem difficult but shall pass at the end. If financial crunch is making you stop paying your EMIs, you are going to be in a bigger problem later on. A bigger interest will haunt you after the pandemic. So, no matter what, try to pay your debts and credit card bills on time.