Corona virus – What Does it Mean for Your Saving plan?

Over the last several weeks, the corona virus has seized global headlines. So far, Indian markets have remained relatively protected. But should you try to dodge markets that have been unprotected?

The answer to that question is simple: breaking news should not impact your saving plan.  There’s little doubt the epidemic is serious. As of Feb. 21, more than 2,000 people had died from the virus and more than 83,000 appear to have been infected in more than 29 economies throughout the world. I say “appear” because, in reality, the actual numbers of infections and fatalities are not fully known or, in the case of numbers quoted by the Chinese government, widely disputed.

 As the world gears up to deal with the situation, which can prove to be fatal in some cases, you would also need to assess the likely impact on your personal financial life. We give you a low-down on how a pandemic like corona virus can affect your financial health and what you can do about it.

Do’s and don’ts to keep in mind:

1. Buy a health insurance for you and your family. Never depend on corporate health insurance as they have certain limitations.
2. Create an emergency fund and keep the money in liquid assets.  Do keep 6 month’s expenditure in cash.
3. Do follow proper safety precautions for Corona virus to ensure no members in family are affected.
4. Do have enough stocks of essential dry grocery items to last for few months in case if there is panic in country.

Due to the panic and uncertainty in the markets about the measure and impact of the virus outbreak, gold prices have seen a rally as the commodity is considered a safe haven. But should you increase your allocation to gold? Experts said that such short-term events shouldn’t make you change the allocation to investments which are meant to achieve long-term goals.

What is a corona virus?

Coronaviruses are a large group of viruses that are common among animals. In rare cases, they are what scientists call zoonotic, meaning they can be transmitted from animals to humans, according to the US Centers for Disease Control and Prevention.

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