New Year 2022: Financial planning for students and professionals- Watch Video

Financial Planning 2022: the whole world is facing the adversities caused by the pandemic of coronavirus. During these times many people became jobless or faced severe financial crunches. Huge enterprises and businesses came crashing down as the pandemic aggravated. The youth in our country is jobless and striving hard to maintain their livelihood. 

The situation of covid-19 was becoming better gradually but the Omicron variant has again brought back the atmosphere of lockdown and curbs.

During these times it is mandatory for all students as well as working professionals to start planning out their financial transactions. Saving for the future and prior planning can save an individual during catastrophic times like these. Also, a person becomes efficient enough to combat monetary difficulties.

Important Tips for Financial Planning in 2022

• Create an Emergency Fund: SEBI investor advisor, Jitender Solanki, suggests that every individual should keep a separate amount for emergency situations. That emergency fund should be able to cover expenses of at least 6 months. Both working as well as non-working adults should follow this practice. Expenses of sudden medical ailments, loss of job, unprofitable business and more can be taken care of by this emergency fund

• Setting a Financial Goal: Jitendra Solanki guides that working professionals should set financial goals for a longer duration. Investments in mutual funds, equity and share market should be done judiciously.  

• Create a Budget: Solanki says that an individual should be clear about his total expenses in a month. Accordingly planning should be done to segregate savings from the income. A budget helps in mapping all the expenses and reduces spendthrift and extravagant monetary transactions.

• Pay the Loans: Expert Solani says that timely repayment of loans should be done. A person should be alert and cautious about his credit bills, EMI's, loan interest and other lendings.

• Health Insurance Scheme: Students and the working-class both should think about the health insurance scheme. This will help during any sudden medical problems, especially during times like these, when coronavirus can strike imminently. Even LIC plans can be taken by people to provide them with a cover during money shortages.