- Personal Finance Management
Emergency Fund to the Rescue
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Mental health and debt are strongly connected. People who are suffering from poor mental conditions are more likely to fall in debt, and a lot of times by being in debt causes more mental health problems.
2020 has been a tough year. With the pandemic still prevailing in many countries, a lot of lives have changed. Covid-19 has, directly and indirectly, affected all of us.
Few common problems that everyone around the globe has faced and struggled with are not being able to socialize, staying indoors for several days, being unemployed, and getting sick.
Things are difficult for parents as they have to always worry about the financial well-being of the entire family.
Even during the lockdown, you have to go out for either your job or for grocery shopping. Either way, someone may get infected. If any member of the family gets infected, everyone can get sick.
The worst scenario for any family would be to lose its earning source. Losing your job at a time like this can be crucial and make you fall in debt.
Financial stress can take a toll on people's mental well-being. It is times like these that we have to stay strong and have a backup plan ready. That is what World Mental Health Day on October 10th tries to portray every year.
It is always important to first take care of our mental health. We make informed decisions and feel better when our minds are in a good state.
Plan Ahead, Just In case.
In case something goes wrong and you fall into a financial crisis, there is always one temporary solution, and that is to apply for a loan. Taking a loan can save you in your darkest hour and can be just the thing you need to get back up on your feet.
However, be cautious about things like interest rates, loan amounts, loan tenures, and the bank from which you get the loan.
A good option can be City Alo's loan. They offer a variety of loans, and you can avail a loan amount from 1 lac to about 20 lacs with zero hidden charges.
There are plenty of banks that are offering high-quality personal loans, and it is best to do your research before you go to one. An effective way to sustain your family during these difficult times is by taking a loan. However, a loan is also a responsibility. So, make sure you use it and return it on time.
The teachings of Islam comes in like a well-planned greenhouse that allows the lives inside it to breathe, grow and expand in a life that is fruitful. Being born a Muslim, we are safeguarded by the five pillars of Islam and one of the most mentioned of them all is ‘Zakat’. It is an act of piety and a religious obligation on Muslims with wealth to make the lives of the less fortunate ones easier in Ramadan in the form of alms-giving.
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