One of the first steps towards making the most of a bad situation is to first acknowledge and accept the reality of it. Take the situation we’re in right now; the global pandemic is changing the way we work, spend money, interact, entertain ourselves and just about every other aspect of life. Experts are publicly announcing that we shouldn’t expect life to get back to normal anytime soon, implying that the current scenario will be the new normal for months to come in a post-COVID world.
As an individual, what you make of a situation defines your character. Your ability to use adversity to your advantage can make you grow as a person. Also, optimism is always a better path to choose in situations like this because no good can come out of cribbing and just waiting for things to turn rosy again. Agreed?
When it comes to your personal finances, the good news is none of your plans need to be sidelined in the current scenario. There’s a lot you can still do to spread your financial wings. The best part – it can be done from the safety of your home; yes, it’s true! Curious? Read on to find how you can enhance your finances even while you’re amidst a pandemic such as COVID-19.
Monitor Your Credit Score Vigilantly
You may or may not have checked your Experian Credit Score in the past. Either way, now’s a good time to catch up with your credit report and see how you’re faring. Not only is checking your Credit Score free of cost (no matter how many times you do it on BankBazaar.com), it is also super quick. What’s more? You can check it with the least physical effort. Depending on your convenience, you can either check your Credit Score on our desktop website, mobile site or our user-friendly Mobile App. Does it get any easier?
Checking your Credit Score every now and then helps you keep track of your progress. That’s not all; you’ll get your detailed analysis report along with your score and it only takes a few minutes to scan through your report to get useful insights that you can implement to further improve your score. In fact, this scenario is a great opportunity to introspect and polish your credit portfolio by making smart, well-informed moves.
Don’t Hesitate To Apply For Credit Cards & Loans
Does the worry of having to physically meet bank representatives keep you from applying for a Credit Card or Personal Loan? That’s totally understandable. In fact, some banks have understood this apprehension and worked with BankBazaar.com to offer you 100% contactless, safe, online KYC processes for Credit Card & Personal Loan applications. By 100% contactless, we mean you won’t have to meet any bank individual in person; your KYC will be done via video call.
As it appears, adversity has pushed financial minds to create this seamless, innovative and completely safe process, so leverage it without worry. With online shopping taking center-stage in the current scenario, you can enjoy the best discounts and cashbacks with a Credit Card on your side.
Use This Opportunity To Fortify Your Savings Game
In a pandemic like this, staying indoors is the only way to minimise the risk of falling sick. With this being the norm, going out for fun and entertainment won’t be possible for some time. While you’ll surely miss exploring new pubs, restaurants and watching new movies on the big screen, there’s a positive side to this situation. You have been presented with an opportunity to live a very frugal life for the next few months, so why not make the most of it and maximise your savings?
With outdoor plans out of the picture, half your usual weekend expenses are out of the equation, so you can see why now’s a good time to easily increase your monthly savings capacity. Not only will this help you build a fluffier cushion of money, it may very well change the way you spend for good. You may walk out of the pandemic a more financially responsible individual.
Build That Travel Fund That Never Worked Out
What’s life without a little adventure? Travelling is one of the most fulfilling experiences a human being can have. Not only does it help you learn about other cultures and ways of life, it also makes you a well-rounded person by enriching you with experiences that are, at times, even life changing. If you have a lot of unchecked travel goals that didn’t materalise in the past because you couldn’t financial plan for it, now’s your chance to build that travel fund. How? Well, for starters, given the current situation, you can’t travel anywhere for the next six months (or more, depending on how the pandemic pans out), so now’s the best time to start investing in your travel dreams. Think of it this way; the pandemic has bought you time to build up a good travel fund, so when the time comes, you’ll be ready to go see the world.
You’ll also have more success this time around because your entertainment and local travel expenses are out of the way, thanks to the pandemic. So why not save enough for a fantastic vacation a few years from now?
Here’s another reason to build your travel corpus – just imagine how much your wanderlust will build up before life goes back to the way we knew it to be? You owe yourself a memorable holiday outdoors, at least within the next five years!
BankBazaar.com is India’s leading online marketplace for loans, credit cards, and more.