How to manage personal finances during a national lockdown?


By Yaman     March 27, 2020

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As our nation goes under lockdown for yet for 21 days. (if you see, the lockdown started since 15 th march 2020 for few parts across India) One thing is surely going across our mind, what about our finances till than? What about finances once the lockdown is over? Is there any assurance for the situation getting better post 15 th April? Why is this financial sector discussing recession for our country? And more such questions!

To be honest, some of the questions even we have in our head. But for now, we are here to provide you some small support regarding personal finances. Whoever you might be, if you are an individual above 18 there would be some sort of question going into your mind every time when you have to plan out your expense. As all India is under lockdown, the financial situation of each and every sector and area is under a threat for the future. While we don’t want to overthink the larget aspect, here is a very short brief on what could you do with respect to your personal finances.

Here are a few things to keep in mind while we all are having our time at our home:

Make an Emergency Budget:

Since the start of 2020, none of us would have thought about what’s coming ahead. Not even in dreams would have thought about being locked down during the time of financial year-end. Hence, all of us have entered the state of emergency. If you have an emergency budget already planned out, that’s good for you. If no, this is the time where you start jotting down one.

Focusing on the

  • The upcoming inflow of cash.
  • Planning out expenses.
  • Being prepared for the outflow of cash. (Talking to your creditors about the situation we all are in.)

Make sure, when working on expenses. You give priority to the most important expenses. i.e. medical, chronic amount of food, and housing (electricity bills that might show up, etc.)

Staying at home will surely decrease the outflow of cash and help in saving an ample amount of money, yet entire savings might be needed in paying to different sectors of creditors.

One more thing to keep in mind while planning the budget would be to be aware of resources that are already available in the house. By cleaning up the kitchen/refrigerator etc, you will get a very clear idea about the exact amount of food which will be required.

Being on the same page with Creditors:

Our creditors would surely know about the situation we are in. Debt payments would be an integral part of personal finances in this period. As we wait for the governments and banks to take some action in the sector of loans for the people. (Disclaimer: Although probability is high, this is speculation until the official news come) All we have is to delay the payments with another sector of creditors (which are not related to bank or

Also make sure you don’t excessively use your credit card during this period, as we surely don’t want to increase on the outflow of cash in the recent future.

Be very open to asking for help to the near and dear ones, there should be nothing wrong with that. Because as the situation gets normal, it will be very easy for us to get back our financial situation and pay the near ones back.


Furthermore, keeping both the above sets aside. The situation in reality would be much harder than we might think while writing this. But it is important to keep in mind that planning an emergency budget, clear communication with the creditors and being aware of all the information regarding this would surely help in handling the situation in a much much mature way. Do not let this thing affect your mental or physical health.

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