Conserving cash to dealing with debt: 6 ways you can fight the covid money crisis

THE ECONOMIC TIMES Tue, Apr 21, 2020 | 08:32 AM IST ET Wealth Newsletter

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Conserving cash to dealing with debt: 6 ways you can fight the covid money crisis Liquidating assets to pay off debts is recommended only if you find it difficult to pay EMIs. Covid stress test: How easily can you liquidate your financial assets should the need arise? Stores of value are worthwhile only if they can step up and be useful when we need them. Not if they also lose value, freeze up, or get locked when you must access them. In other words, you should be able to liquidate your assets without difficulty should the need arise. Coronavirus lockdown: 10 ways to make money online We all have been forced to take the digital way of life these days, whether we like it or not. Now with the nationwide coronavirus lockdown and the obvious domination of the Internet, many of us are working from home. But if you currently have no or little work, you can too take to the Net to earn money or supplement already existing income. In this video, we list out various ways to earn money online. Claim over Rs 2.5 lakh tax deduction? Don't opt for new income tax regime If you wish to opt for the new tax regime, you will have to inform your employer through the declaration form. The employer will start deducting tax at source (TDS) accordingly for each month. Find out which tax option suits you. From our Partners The bank that helps you build your career The organisation that lets you take journey from a Humble Start to the C Suite. From our Partners Must Read - Incredible opportunities offered by J.P. Morgan to its employees How the old tax regime serves the double benefit of tax-saving and financial well-being It is universally accepted that tax breaks on investments nudge people to save more. The new tax regime has taken away the incentive to save. The deductions ensure financial wellbeing of taxpayers. Do you know the role they plan in your financial plan? Stock market slump: Should DIY investors switch from regular mutual funds to direct plans? The sharp drop in stock prices has indirectly made direct plans cheaper. Shifting to direct plans of equity mutual funds can yield sizeable gains but investors must exercise caution in fund selection and monitoring. This decision should not be taken in haste. Top Mutual Funds SCHEME NAME RATING 3 YRS(%) 1 YR(%) 6 M(%) 1 M(%) Axis Bluechip Fund Direct Plan-Growth ★★★★★ 9.77 -4.23 -13.53 2.87 Invest Now Axis Bluechip Fund-Growth ★★★★★ 8.32 -5.35 -14.01 2.74 Invest Now Canara Robeco Bluechip Equity Fund Direct-Growth ★★★★★ 6.26 -5.53 -10.56 6.05 Invest Now Canara Robeco Bluechip Equity Fund Regular-Growth ★★★★★ 5.04 -6.67 -11.05 6.04 Invest Now JM Large Cap Fund Direct Plan-Growth ★★★★★ 3.07 -6.27 -7.22 2.20 FeaturedAxis Long Term Equity Direct Plan-Growth ★★★★★ 6.17 -7.34 -14.95 2.70 Start SIP Coronavirus & your money: Saving is crucial, so are these 5 expenses The looming uncertainty caused by coronavirus without a doubt requires cutting down on expenses. You need to start exercising monetary prudence and caution. However, don't try to cut corners in these five expenses even at such a time. Coronavirus may have changed a lot but not this investment mantra Under all circumstances, pandemic or no pandemic, it's better for investors to focus on what they can control. Ensure that you have an asset allocation plan in which money that you might need for the next 3-4 years is in less volatile types of mutual funds.

FEATURED SLIDESHOWS

5 things to keep in mind about the new income tax regime 5 ways to spring clean finances if you have free time during the lockdown What virtual credit cards are and how they work EMI moratorium: What to keep in mind before you opt for this relief More Slideshows

Financial Calculators Old or new tax slab regime? Use this calculator to find out This tax calculator will help you estimate your tax liability. Just input your personal income details and know how much you would be liable to pay. New LTCG tax calculator: Plan, compute your tax Use this tool to calculate long-term capital gains (LTCG) and the corresponding LTCG tax for listed shares and units of equity-oriented mutual funds.

Ulip investors get new settlement option. Reasons why you shouldn't rush to opt for it To address the concerns of Ulip holders, Irdai has introduced a new settlement option that allows investors to receive maturity proceeds in instalments. Weigh factors like liquidity, cost structure, market risks and alternatives available before you opt for it. Family floater or individual insurance: Things to consider while choosing a health cover An individual looking to buy health insurance cover has to make two decisions. The first is whether the entire family needs insurance and the second is about the type of health policy to buy. Being the world's best in what you do is the path to wealth. Here's how talent stacking can help Skill stacking is the most efficient way to multiply your earning ability. Not everyone has the time, ability and resources to single-mindedly pursue one skill to perfection. However, there is a faster way. Five ways to invest in gold An investor can invest in gold in different ways such as by buying jewellery, gold coins or bars. Here are five ways to invest in gold. Coronavirus lockdown: 5 steps to protect your privacy online Due to lockdown in the country, we are more dependent on the Internet, which also means that we are more susceptible to tracking by websites and apps for our data. Here are 5 simple steps you can take to protect your personal information. Use Excel's binomial distribution to assess chance of success of your investments Applying this to financial markets helps investors to determine their chances of success in a fixed number of attempts (or trials). Another application of binomial distribution is to find out the probability of a company reporting positive growth in the EPS. How to open 3-in-1 account to invest in shares To invest in equity shares, an investor needs a demat account, trading account and bank account. Banks usually offer a 3 in 1 account. Here's how you can open one. How Sensex, 10-year govt bond, rupee vs US dollar performed in week ending April 16, 2020 Here is a weekly returns tracker to keep you updated on the Sensex, 10-year bond yields, forex movements and CPI. Impact of the coronavirus pandemic on the world economy and how India is placed As the world is undergoing the impact of Coronavirus, the IMF has revised its global GDP growth estimate. ET Wealth studies how India is placed in this scenario. Realty hot spot series: This Chennai locality is well-connected by road, close to job hubs Phase 2 of the proposed metro demand is further expected to boost residential demand around the area. MF portfolio doctor: Rajpal should either hike monthly mutual fund SIP amount or scale down goals The advice given by the mutual fund portfolio doctor is based on the performance of the mutual fund schemes, the risk profile of the investor as well as his financial goals. Family finance: Salaried Pendse has enough time to reach financial goals His goals include building an emergency corpus, saving for his spouse's business, child's education and wedding, taking a vacation, and retirement.

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