Personal Finance Lessons which Covid-19 Taught Us!!

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Banking
Banks have played a crucial role in helping
consumers navigate the Covid crisis. From
providing special relief packages to offering
moratoriums on ongoing loans banks have helped
their customers in every possible way. Moreover,
during this pandemic, there was a sharp increase
in the number of digital banking users as there
was a restriction on the availability of physical
channels. This taught us the lesson that there is
no need to visit our bank branch as most of the
banking things can be done online.
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Importance of savings
Savings is something which is even taught by our
parents in childhood, but some ignore this and
live in the present without worrying about the
future. But, it was the savings that have helped
survive many during this covid-19 crisis. Seeing
the importance of savings should never be ignored
and should be practiced on a monthly basis.
Whatever be your monthly earning, a fixed portion
of it should always be saved for future use.
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Importance of Health Insurance

• One of the most important requirements during
  this Covid crisis was a comprehensive insurance
  cover especially Health Insurance. It doesnt
  matter how much one has saved before, having
  comprehensive health cover can no longer be
  overlooked as a luxury because its a necessity.
  Here are a couple of things consumers should look
  for and have in their insurance portfolio.
• Health insurance
• Life insurance
• Term insurance

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Individual Spending 
During this pandemic the behavior noticed in
individual spending habits was a) Sharp cut on
spending  b) Save and stockpile c) No shopping,
no dining out d) Investing whatever was possible
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Personal loans and credit cards can be our
saviors in a tough time
We often see people going for personal loans, but
most of the time we fail to categorize if the
reason behind availing the loan is genuine or
not. But when you focus just on 2020 and 2021 you
will see that the number of personal loan
borrowers has increased. This is because in the
financial crisis when people were dealing with
layoffs and pay cuts, personal loans and credit
cards were the only saviors for them. Availing
personal loans and using money from the credit
card not only helped people to meet their medical
needs but also helped them survive. 
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ssons-which-covid-19-taught-us/
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Thank You