A handy checklist for your reference.
- Increase liquidity – Enhance your emergency funds to double the amount
- Reduce extra expenses – the lockdown is making us online shopaholics. The general tendency is such that the need for gratification is finding solace in spending online.
- Use surplus time to build a financial plan
- Take calculated risks
- Take a health insurance and a term plan
- Take your job for granted
- Break your emergency fund to trade in the stock markets for short term returns
- Assume that endowment plans / LIC policies are sufficient life insurance
- Think that all risks are bad and that one should not take any risk whatsoever