• AnuragDevSharma

Do this financial Regimen among Covid-19 to utilize your spare time


A little work in lockdown on a regular basis will leave you in better financial shape than ever.


Hello Friends! Most of us do routine work on a regular basis after getting up from bed like brush your teeth, working out , prayers etc. but keep a check on financial health could be a perfect regimen example to take advantage of plenty of time in lockdown situation.


At any discussion about money and investments, people exaggerate about every 0.25% difference in interest rates. Yet, large chunks of money are lost to greed (lured by dubious ponzi schemes, hot stock tips, or weak companies offering higher interest on fixed deposits). People agonize over saving enough for their families (parents/children) but don’t observe basic financial hygiene to ensure that their heirs and loved ones are protected and get access to their savings without hassles. The simple precaution of mentioning a nominee for your financial assets like fixed deposits, shares, debentures and apartments (in Bangalore) will ensure that the assets don’t remain locked in litigation but go to your relatives or a person you trust. Unfortunately, people are notoriously lazy about filling out the nominee column; and even those who do, often, forget to update it, sometimes with disastrous consequences. 


These weekly rituals help you stay organized and on track :


The first ritual is small but has a significant impact: Organize the mail as per important transactions and financial statement. Take five minutes to sort it and toss the junk in the recycle bin. Open anything that may look like it requires your immediate attention. It could be unauthorized transactions or notification of any money debited from your bank account in name of Auto-pay. I have been personally a victim of these as an unrecognized transaction in name of green peace was eating up my account and i was unaware of it as it was a spare saving account.


Next One, pick a day of the week for paying bills,checking account balances, and reviewing financial goals. It should be a day of the week when you can dedicate one to two hours to focus on your money. That day is for your second ritual: your designated financial day regimen.Keep and eye on any fishy credit card transaction and report asap if you find any, to the biller. Remember , Cyber thieves are getting smart these days and we are listening so many news of frauds on upi payments, olx or even corona helpline.

Lastly, review your financial goals and track your progress. By tackling this every week, you cut down on the stress of handling your finances, and you know where you stand every week as opposed to at the end of the month.You can track it by using free tools available on the internet or using a spreadsheet in case old-school.


The third ritual is to save enough money to reach your monthly goal. Ideally, you should be paying yourself from every paycheck through direct deposit to your savings account and enrollment in an employer-provided retirement account. Avoid paying in cash as access to ATM or cash filled ATM might be limited in lockdown . Always use different bank accounts to be used for savings and investment to build up discipline.


At Fourth , review the performance of your mutual funds and investment accounts to identify performance trends over time. Don't modify your investment strategy based on a single month's performance. The stock market goes through ups and downs, but over the long term, it has consistently gained value. You should also use a retirement calculator provided by your broker to see if you're saving enough to reach your target retirement savings.


Tip : You take a free quizz here from BookProfit.

setting financial goals that are Specific, Measurable, Achievable, Relevant, and Time-Based. This allows you to create a roadmap that will keep you on track and making data-driven decisions. Write down your goals in a notebook or on a whiteboard.


For an example, Suppose you have a goal to pay off credit card bill. It should look like this :

" I am going to pay off Rs 50,000 of credit card bill in X months by paying Y amount per month with interest."

Now this is specific( goal),Measurable(bill amount),Achievable, Relevant, and Time-Based(duration with amount per month).


The last ritual is to meet with a financial advisor. While they can be pricey, Certified financial advisors are a good bet, because they've undergone extensive training and can help you with every aspect of your personal finances, including taxes, college funds, retirement savings, life insurance, and so on. Shop around, as some advisors require that you have a significant amount of assets to manage, while others help small investors to get large number of traction.

Note : People who are into trading or investments should understand their risks before jump in to this rewarding but a same time cruel ( yay i know sounding harsh but real!) world of trading.



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