The pandemic has severely affected many families in the country. Nothing could’ve prepared us for the effects of the pandemic and the long-haul issues that come with it.
Despite being in the same situation for more than a year, the effects of the pandemic don’t seem to end. It’s taking a toll on the essential aspects of our lives, including our finances, health, and sense of security.
Fortunately, there are ways to protect ourselves and our loved ones at a time like this. Here are three ways to put a specific level of certainty in our current situation.
Get an Insurance Coverage
Truth be told, we didn’t need a pandemic to prompt us to change our behavior and notions towards insurance. But the pandemic showed us even more how important our financial health is crucial in our survival at a time like this.
Fortunately, there are insurance policies that provide life and financial coverage at the same time. This is called bancassurance insurance.
The teams behind bancassuranceare comprised of a bank and a life insurance company, who work together to provide the client – you – a financial product that suits their protection needs. The products range from protection coverage, health coverage, estate planning, as well as retirement planning.
There are also investments bundled with insurance coverage, which is an excellent starting point for anyone who has never had any form of insurance in the past and an ideal strategy for anyone looking to amplify their insurance coverage.
Strengthen Your Financial Health
Not everyone has money saved in the bank or a rainy day fund they can dip into in case of a job loss or a pause in their current employment. The pandemic has forced us to understand what financial health and security are all about and has made us realize the importance of being financially healthy and prepared.
There is no denying that recovering from the effects of the pandemic is going to be a long and challenging journey, but with perseverance and discipline, it can be done.
To start your journey towards financial recovery, you must take a look at these four things: available resources, current spending habits, current budget allocation, and amount of debt.
Knowing how much you have and how much you regularly make sets the limit for your spending. It determines your ability to pay off debt and put money towards your savings and an emergency fund.
While you may hear that you should put all of your money towards paying your debt before starting to save, there are other things to consider based on the person’s current situation. For example: when dealing with debt that takes years to pay, working out a plan to pay it off while directing some money towards savings may be more beneficial and prove to be a better strategy to achieve financial freedom and build financial security.
It’s also important to assess your current spending habits and list down what you usually spend on. By doing so, you can identify the items where the bulk of your spending is and find ways to reduce the amount spent on these items. Once that’s done, set a realistic savings goal and commit to achieving this goal.
You might be surprised at how much you can save from revisiting your current expenses once you start controlling your costs. Achieving your savings goal gives you a sense of victory that will encourage you to keep going and do more.
Create a Clear and Easy-to-follow Emergency Plan
Another way to remove uncertainty at a time like this is to create an emergency plan that you and your family can easily follow and execute if the need be.
Emergency preparedness isn’t just useful during a pandemic but in all other emergencies in life. Knowing what steps to take and how to do these steps in an emergency is key to survival and safety. Knowing where to go and who to contact is essential in an emergency plan, especially for those who live away and families with small children.
When creating an emergency plan for specific situations where evacuation may be necessary, a shelter plan, an evacuation route, a way to contact your family, and a meeting place for everyone should be included in the list. If the family isn’t together when an emergency happens, they’d have a way to contact each other and reconnect at a designated meeting place.
To create an effective emergency plan, get accurate information from reputable sources. Validate the accuracy and correctness of any piece of information by fact-checking and looking up relevant information from legitimate sources. Knowing the actual effects and risks in a particular situation is key in creating a plan to effectively protect you and the rest of your family.
As you can see, keeping yourself insured and finding ways to strengthen your financial health at a time like this is just as important as keeping your family safe and protected from the virus itself. By keeping an eye on your personal financial health and personal safety, you are protecting your family by ensuring that you can be there for them and provide for them during this difficult time.
While recovery may take some time, taking steps that you can take now will set you up for success and make the recovery process more manageable for you and the rest of your family.
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