How can we offset the financial impact of Omicron on our daily lives? Read on

Srinagar: Kashmir valley is safe so far from the Omicron. However, it does not mean that we have to lower our guard. We have to be fully prepared to deal with the third wave of Coronavirus if any.

Several countries across the globe especially in southern parts of Africa have already been hit hard and Japan has already banned the entry of foreign nationals. Similarly, New York has declared an emergency, while India’s tally now stands at 73, according to the data.

Whether or not the Omicron or the third wave hits us, we have to be mentally and ‘financially’ prepared for it. The last two waves of Covid severely dented Kashmir’s economy and we should take pre-emptive measures right now.

Reload your emergency fund

In case the third wave hits us, this could lead to job and salary cuts yet again. Businessmen too will face hardships. Therefore, it is necessary to have an emergency fund. It is important to have an emergency corpus that would at least take care of your six months of household expenses.

These expenses should not be confined to your kitchen only but should cover your medical bills, school fee for children, car insurance, etc. Do not forget your premiums or your bank EMIs in case you have taken a loan. Experts suggest pulling money out of investments in case you do not have an emergency corpus. The emergency fund should be placed in a savings account.

Have hard cash at home

We hope you have not forgotten the long queues outside the ATMs and grocery shops before the previous lockdowns. Ideally, you should have a minimum of one or two months’ expenses in cash.

In case you lose your job or are unable to open your shop or business unit, this hard cash will come in handy. Having personal and medical insurance to is recommended that will come in handy in case you lose your job and also fall ill.

Avoid panic selling, invest wisely

If you have invested in the share markets, avoid panic selling in case there is a lockdown. Do not let the market reaction to a lockdown fool you.

As far as possible, continue with your mutual funds and systematic investment plans (SIPs). Avoid day trading or cryptocurrencies as risky assets witness a downturn in case of a lockdown or negative news from any front.