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The entire world is facing a crisis now. We are unaware of the new challenges that we are going to incur shortly due to the Global Pandemic Covid-19. But we can remain free from our fears and uncertainties if we follow a few practical strategies.

But what is in our hands is to abide by the safety guidelines provided by the government and stay alert and prepare ourselves to overcome this crisis-like situation. To be able to face this crisis proper financial planning is something we all can do to save ourselves from some last moment hardships.

Here are 3 practical tips on how to do financial planning during a crisis:

 3. Start with a Budget:

If you are someone who has not kept a budget till now it is high time now you would require keeping a proper track of the income and the expenditure that is taking place in your daily life.

A budget is a tool with the help of which you can keep track of overspending on your monthly expenditure. In a crisis like situation, you must try and save as much as you can to support you through tough times.

2. Increase Your Savings:

 After you have made a fixed budget try to increase your savings at least a few percentages more than before. Try to curb on unnecessary expenditures and pool in money from such transactions to your savings account.

This is necessary because, in times like these, the future is unpredictable; so it’s highly necessary to keep in control your expenses as much as possible.

1. Minimize your Monthly Expenses:

To survive situations like these we need to prioritize our necessary expenditures. We need to differentiate between what is necessary and what can be left behind at least for this particular moment.

Prioritize your expenditure on a long term and short-term basis to have an idea on which expenditure will give you long term and short term benefits, and according to the priority make a decision of spending your money.

These are a few of the tips that can be helpful at the time of doing financial planning during this crisis.