In most parts of the country, lockdown has been eased. As a result of which, in addition to essentials, nonessentials businesses have also started functioning. Big announcement as regard to discounts and other incentives are being made for making quick purchases. As far as essentials are concerned, every individual has to buy them to keep the life on.
But the question is: what things are essential and what are nonessential. A person needs to make a careful choice between the essentials and nonessentials. For example, if we talk about buying of an air conditioner(AC), the purchase of an AC can be a luxury from point of one but it may be a necessity to keep the working on for another individual. So, it has to be considered that the purchases which a person is going to make at this point of time are need based or not.
The more important thing to be conveyed by this article is that don’t just get carried away by attractive offers that are being made by several companies to boost their sales at this point of time. The money in this situation be kept safe so that it can be put to some more essential use. A customer has to be aware of the fact that, how discounts work and also develop financial indiscipline in such hard times.
Another choice for going for a purchase is that you may make purchases if an option for EMIs is available which means that don’t part away with all your cash in one go. Prefer those buyings where the option to make payments in the Equated Monthly instalments is available.
Another thing to be considered is, that if you have any pre existing liabilities, which exist pre-Covid times, concentrate on liquidating those existing liabilities, instead of raising new liabilities by getting carried away by the lucrative offers, made by companies.
And, in the last it would be suggested that after taking all above points into consideration, if you still think that you have sufficient surplus money at your disposal, you make opt for buying those things which you think are essential but otherwise infact are not.
Sanjeev Kumar Khanna (Financial Mentor)
