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Lockdown reminds us habit of saving money

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Maintaining financial health once the lockdown is over will be important for our saving goals and for having a financial cushion to handle any emergency. In every recession people will cut back on purchases that can easily be postponed and increase precautionary savings in anticipation of worst crisis. What makes the coronavirus pandemic different is that people will eliminate spending for restaturant travel and other services that usually fall but do not drop to zero. This adds to year long habit of savings among Indians whether it may be FDs in banks RDs in post office or in the physical form of gold. People use to save money in the crisis like coronavirus because scarcities could catch up with everyone. The unequal impact of lockdown is most evident when it comes to food.

Food is the basic necessity in lockdown rather than clothing and a house to live in. For thousand of migrant workers set adrift by nationwide, some have to live on salt and water finding hard to reach to community kitchens or essential supply stores.

Saving money is incredibly important. It gives you peace of mind and expand your option for decision that have major effect on quality life. Most amongst the wealthy people get their share through a combination of hard work and smart savings. Planning before spending is a must to spend rationally and would stop you giving your money to something that is as good as a scrap. So well it definitely is important to save as crisis never comes with alarms. There is a crowd existing with a thought that we have one life so why think twice but this doesn’t hold true in case of money. You should think twice before spending it.

It’s not about restricting yourself from living blissfully but prioritizing the needs. The saved money may turn out to help you someday when it is vital for your life. You would be thankful to yourself. The ailing will be well again migrants will find their homes, the restaurants will fill up. The rich and middle class will get to work and forget these nightmare months. But if they carry anything with them into the waking world, would be a healthy respect for our daily bread and habit of saving money for any future obstacles.

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