COVID Pandemic and your Financial Plan

Last two years were quite eventful with covid pandemic taking a toll on our physical, mental as well as financial health for many. What things can we learn from these pandemic with regard to our financial health and implement in future? Here is the list

Goals
Goals are the engine of your financial life, It makes sense to take a pause and think really deeply about

What is really important to me?
What are my priorities?
What things do I want to accomplish?

If you can do this exercise thoroughly it will help your financial plan greatly.
To help you with your goal setting process you can use www.lifeplanningforyou.com for free.

Review
When you make your financial plan it is not a one-time exercise rather it is important that you review your financial plan periodically.
You can review the following things.
1 Is my insurance updated as per my liabilities?
2. Reviewing your loans.
3. Does my investment portfolio need a tweaking?
4. Am I increasing my investments as per my increase in Income and so on ?

Contingency Fund
COVID as taught many the importance of contingency fund.
Make sure you have 6 months expenses in a contingency fund.

Knowledge of financial details of the bread winner to the family.
It is critical that financial details of the breadwinner are shared with all the family members.
You can also use excel sheet to record all the financial portfolio details.
This will save your family lot of hassles, in case any mishap happens to the breadwinner.

Health and Life Insurance
Again COVID reminded us the importance of adequate life and health insurance.
Make sure your life and health insurance covers are taken after scientific
calculation based on your human life value and premiums are paid on time

Please feel free to write to us for any queries related to your financial life support@nirajnanal.com

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