With the current lockdown in place and it’s rippling effects across the economy, it’s almost impossible for people to not worry about their finances. Many of us were fortunate enough to have access to certified financial planners and financial advisors before the pandemic situation arose. However, a large portion of the population was not prepared to deal with the monetary implications of such a large scale global event. This definitely doesn’t imply that those with financial plans or those that have hired planners in the past are not affected by the pandemic. But the fact is, they are more prepared, more aware, and more likely to exit this lockdown without having to worry about their financial security as much as the rest of us. 

However, there is no need to despair, as the situation has also provided us with ample time to get a better understanding of our money and learn as much as possible about building a secure financial future. Let’s take a look at what you should spend your energy on to better understand your money and how to effectively place yourself on the path to financial freedom. 

1. Building A Budget
   Most of us have heard the term ‘budget’ countless times in life. Almost every financially secure individual has designed and built a budget to suit their financial needs. It’s not a complicated process; all you need to do is to take stock of your income, your expenses, and your plans for the future. Once you’ve got these details in hand, the next step is to allocate your money in the right places, identify unnecessary expenses and curb them in the future, and keep some of it aside as money for savings and investments. A popular method that people use is the 50/30/20 rule where 50% of your income is set aside for mandatory expenses, 30% on vanity and desire-based expenses, and the remaining 20% goes towards your savings and investments.

2. Learning to Live Frugal
   Developing a frugal lifestyle is hard in an age where e-commerce and digitisation have lulled us into living a life of instant gratification. The current scenario has forced many to stop ordering commodities like food, groceries, and household equipment online. People are now cooking at home, stepping out to only buy essentials, and not spend a lot of money on acquiring gadgets and things we don’t necessarily need.
   If you analyse your spending habits now and before the lockdown, you’ll realise that there are many things you can do on your own, that are not only cost effective, but also healthier habits that can help you develop discipline and instill a sense of self-sufficiency. Majority of the time, most of us can become more financially secure by simply following a more frugal lifestyle. Keep in mind that this does not have to come at the cost of you having to change your entire way of living; it only helps you live the life you want to live in a more efficient and financially independent way.

3. Seeking Professional Help
   If, by a stroke of bad luck, you were to fall sick, it is highly likely that you would seek the advice of a medical professional to help you cure yourself. Yes, many of us do self-medicate sometimes for ailments like the common cold, or a mild headache. But when you’re down with a high fever or experience a painful injury, very few people would avoid walking into their local clinics to get themselves checked. In the same way, you should seek help from a certified financial planner or financial planning firm to address your money issues. Unlike home remedies for common ailments, seeking financial advice from friends and family is not really the best way to manage your money. So don’t hesitate to seek out help from trained and experienced professionals if you’re serious about your financial security; it’s literally their job to help and guide you through all the aspects of investing, saving, and managing your money for a secure financial future.