HOW SHOULD YOU DO A FINANCIAL HEALTH CHECK AFTER COVID-19?

Health

The current pandemic of Covid-19 has taught us many lessons. The most significant of them is related to our finances. Many unfortunate people have lost their jobs, but still, they have to take care of their family needs and desires. They have left with no other option but to sacrifice with their aspirations for fulfilling their needs.

Such circumstances create the call for a regular financial health check or at least after every 6 months.

To keep our body healthy, we should do regular health check-up so that we can remove any disease right from the start. To maintain financial constancy, a constant assessment of finances becomes apparent.

Latest Study Shows Positive Signs

With small earning and significant expenses, the Irish people have plenty of sacrifices to make. However, if they do examine their finances continuously, they might not have to face too much of hurdles in their monetary growth.

A recent study has done by the Bank of Ireland in which it has released most recent Savings and Investment Index. It has taken the sample of 1000 people with above 16 years of age. The outcome was quite surprising that despite the lockdown and the economic effect of the coronavirus, the Irish people have able to save regularly from whatever the income they are getting.

These individuals are doing this after cutting down their unnecessary expenses like shopping, and they want to do more financial health check-up to be on the safer side.

Vital Questions to Answer for being Financially Healthy Person

Do you want to be financially fit? You cannot say no to this, as you have to be fit enough to tackle any unexpected circumstances.

  • How can you do it?
  • Do you have any experience in handling such situations?

Is the earned money favouring you?

You are doing a job for years, and still, you are happy with this. You may not be earning too many Euros, but satisfaction is there, and it is enough to run your family. However, does this income have the capacity to invest somewhere? Does this allow you to grow your commercial presence?

Giving the answers to these questions is vital, and that should be done within the time limit.

Analyse your income and spend only on the mandatory expenses. Invest your savings on the lesser riskier option like Fixed Deposit or real-estate to have better returns.

Does your bank balance have the burden of excessive debts?

Do you use credit cards more? Have you previously applied for a loan but not repaid it? Such things contribute to falling finance because you have too much of debts to payout.

You can bear these pending dues for a few days but not for long. Do something extraordinary to get rid of them, but how would you do that?

Perhaps the best way to do is to approach the lenders offering online loans in Ireland. You may feel surprised why to go for another loan when you have already debts to clear? These loans are not for increasing deficits, they are for consolidating them.

Lenders offer the funds instantly to your bank account, and thus, they are accommodating in your financial health check-up.

How much have you prepared for any mishap?

What if you died or go sick? It is a tough thing to discuss, but we cannot run away from reality. Life already has plenty of surprises for us, and we have to face them at any cost.

If you are a responsible earner of your family, or you should be, then do preparations early so that your family can manage the finances without you. Try to do some insurance cover like life insurance or health insurance so that this will not cost too much on to your family.

Apart from the insurance cover, you also focus upon the savings. Suppose you are earning 700 Euros per month, then do not spend the entire salary to calm down the desires. The Covid-19 pandemic has shown the importance of having adequate savings.

The closure

Financial health check-up has become a mandatory thing because we do not know what situation we have to face. In reality, it is nothing about living on the alert, as a precaution is better than cure.

Keep improving your professional skills, try hard to not to lose your job and focussing on the lending marketplace offering loans in Dublin, Limerick, Belfast or whatever the city you belong to.

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