Wondering what you have to do next to survive the current situation in Sri Lanka? – LET’S FIGURE IT OUT!
Coming across several breaking news and headlines daily regarding the current situation of Sri Lanka and feeling the burden of life has become a daily occurrence for all living amid this economic crisis. This is obviously an unfortunate situation that all of us have been put into. The inflation rate that is continuously rising is not at all a good sign as it further evokes the feeling of stress and reminds the pressure of surviving in the current situation. However, it is important to keep in mind that, even though it is hard, it is not completely impossible to survive. It all depends on the proactive and reactive measures that are taken to deal with the situation. In regard to that, we have compiled a set of tips that might be useful in making the best decisions and managing the situation better.
SET UP YOUR MINDSET
The very first thing that you need to make sure of while going through this unfortunate situation is to “never let your positive vibes and hopes fade away”. A good mindset is the main key to opening up the ability to make the best decisions that would not disappoint you in the future.
TAKE CARE OF YOUR MENTAL AND PHYSICAL HEALTH
With the shortage of medicine islandwide, having a healthy mind and body turns out to be one of the most valuable assets a person can have in the current situation. Additionally, being healthy can help set the proper mindset and mood to face the challenges effectively. Therefore, make sure to take care of your mental and physical health properly.
PAY ALL YOUR DEBTS
Having debt can become a bigger burden and way riskier when the country is in the midst of an economic crisis. The longer the debt remains, the harder it is to keep the funds in control. Therefore, come up with a budget and plan to pay off all the debts as soon as possible. Try to control the usage of credit cards as the sky-high interest rates can make the debt amount to double, thus reducing the ability of an individual to pay back their debts.
SAVE! SAVE! AND SAVE!
It is high time to reflect on your overall lifestyle and cut down unnecessary expenses to save more. In such times, it is highly recommended to have enough savings to maintain an emergency fund. You need to review your personal finances and allocate a reasonable portion of your savings towards the emergency fund that will come in handy if the situation becomes worse.
FOCUS ON LONG TERM INVESTMENTS
Last but not the least, investing your hard-earned money can be a good way to protect and increase your amount of savings in the long run. In this type of crisis, it is important to diversify your investments as well. It is recommended to invest your money in different investment options in order to be on the safe side by balancing the risks and benefits of those options.
These strategies can be utilized to better manage your financial securities and the overall conditions of your life despite the ongoing economic crisis. Thus, the challenges and obstacles can be dealt with systematically and smartly. Every obstacle comes with a set of good new learnings. Therefore, take the available opportunities to keep learning and become more confident in facing the challenges.