COVID-19: Facing a cash crunch? Here is how you can save small but earn in the long term

Coronavirus: Need to have a contingency fund and assets that can be liquidated with ease

Published: June 28, 2020 10:20 Last updated: July 04, 2020 11:23 Deepthi Nair, Special to Gulf News

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A majority of UAE residents have been faced with a salary cut or income loss due to COVID-19 disruption. Image Credit: Stock photo

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Keep aside cash for daily expenses and for investment as well. Image Credit: Stock photo

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Shailesh Dash, Board Member, Allied Investment Partners Image Credit: Supplied photo

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Always have cash handy or in easily disposable assets to tide over a crisis. Image Credit: Stock photo

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Try to diversify your income sources as much as possible to spread the risk. Image Credit: Stock photo

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Keep track of all your spending needs, such as on school, education, house, healthcare, etc. Image Credit: Stock photo

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Proper liquidity planning will help you tide over emergency situations. Image Credit: Stock photo

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Everyone should have an emergency fund to cover 9 to 12 months of basic expenses. Image Credit: Stock photo

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Expenses on food count as an immediate or basic liquidity requirement. Image Credit: Stock photo

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Always set aside some money to deal with unexpected health scares. Image Credit: Stock photo

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You can manage most healthcare expenses with the right insurance policies. Image Credit: Stock photo

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It's critical for everyone to have medical and life insurance policies to deal with unforeseen expenses. Image Credit: Stock photo

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Have a pension plan in place that will sustain your lifestyle post retirement. Image Credit: Stock photo

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Reassess your income and expenditure during times of economic uncertainty. Image Credit: Stock photo

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If you are facing a loss of income, review all your monthly expenditure. Image Credit: Stock photo

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Diligent planning will help prevent selling your assets at a loss to tide over a sudden liquidity need. Image Credit: Stock photo

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As a family, you have to plan well in advance for gifting cash to children at later stages. Image Credit: Stock photo

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Portfolio diversification is key, both in terms of asset classes and geographies. Image Credit: Stock photo

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Investors need to allocate a certain portion of their fund to gold. Image Credit: Stock photo

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A residential property is not very easy to liquidate at short notice. Image Credit: Stock photo

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Stocks are highly liquid assets but extremely volatile as well. Image Credit: Stock photo

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Do your due diligence to find a good, trustworthy money manager. Image Credit: Stock photo

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It is important to have a good credit card history to manage your liquidity well. Image Credit: Stock photo

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COVID-19: Facing a cash crunch? Here is how you can save small but earn in the long term

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COVID-19: Facing a cash crunch? Here is how you can save small but earn in the long term

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