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COVID-19 has not only created a health emergency but is also on the verge of creating an economic emergency across the globe. With the number of cases unfolding at an alarming rate each day, countries are looking forward to continuing with lockdown to contain the outbreak. As per the preliminary estimate of the International Labour Organisation COVID-19 will result in the loss of more than 25 million jobs. According to the United Nations Conference on Trade and Development, this pandemic is more likely to cause a loss of $2 trillion to the global economy in the year 2020.

MAKE A MONTHLY BUDGET : Start With Your Net Monthly Income, Which Is Your Salary . If Your Income Is Not Fixed, Such As Most Self-Employed People Have, Start With An Average Of The Last Three To Six Months Income.First Step. Note Down Your Monthly Spending As Per Your Required Expenses. The Main Motto Is To Know How Much You Spend In A Month.After You Have Created Budget For 2-3 Months, You Will Come To Know That Your Expenses Can Be Divided Into Three Categories: Important, Discretionary And Entertainment. Noting Down Your Budget Is Important Not Only To Identify Important And Discretionary Spends, But Also Ensure That You Don’t Overspend,Once You’ve Noted Down Your Expenses, Save 10-15% Of Your Salary Every Month Before You Start Spending. You Can Start With Your Bank Account. This Will Help Inculcate A Saving Habit In You.