Navigating uncertainty is the first step to financial well-being. Having a solid plan has become more important amid the COVID-19 crisis. India had faced a severe economic fallout. Reports show that as many as 41 lakh youths have been bearing the brunt of job loss. Further, a study by International Labour Organisation (ILO) and Asian Development Bank (ADB) has estimated that over 4 million Indians below the age of 30 had lost their jobs during to the pandemic.

Given these alarming figures, it is crucial to plan for the future. Otherwise, it could be a serious source of stress. But planning should not be an overwhelming task. Take a look at how to create a winning financial plan. 

Online Fixed Deposit

This is one of best ways to make your money work for you. The top bank will allow you to invest as less as ₹10,000 with high fixed deposit interest rates. FDs are independent of market movements and assure guaranteed amount at maturity. Therefore, this is the smartest way to prepare for a financial emergency. Avoid breaking your FD online or offline to keep it growing. In fact, you can also receive a loan against your FD of up to 75% of the deposited amount. Make sure to use a fixed deposit calculator to know the maturity amount. This will help you chalk out the investment amount accurately.

Contingency Fund

This is the emergency reserve you keep aside for a rainy day, such as hospitalization due to COVID, job loss or other unexpected events. Having sufficient funds gives you the confidence and peace of mind to deal with emergency situations. Make sure to build a fund that can sustain your family for 6 months at least. Do keep all the factors like bills, EMIs, medical needs, basic expenses and education in mind before planning.


Besides opening an FD online, consider putting aside money in your savings account too. The first step is to record your expenses and make little adjustments. For example, cutting down on coffee dates or reducing the phone bills. Outline a budget and limit overspending. Set small and achievable goals and try to reach them every month. Set up automated salary transfers to avoid missing out. Further, make the best use of tools like budgeting apps and watch your money grow over time.

Pay Off Debts

Planning for your future becomes difficult with a debt burden. These can also impact your credit score and keep you from getting future loans. Therefore, try to pay off all bills on time. Trim your expenses and seek help if needed. Consider paying more than the minimum amount too. Prioritize your debt payments whenever possible. Tackle one payment at a time instead of juggling everything at one time. Taking practical steps can go a long way to help you settle your dues. Once done, you can start saving for the future afresh.

Further, plan for taxes, review your budget frequently and stay away from overspending. These are ideal ways, besides an FD, to secure your future amid the ongoing uncertainty.

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1 thought on “How to Plan for the Future Amid Uncertainty”

The Role Of Risk Management In Investment Planning ·

[…] Investment planning is an essential aspect of wealth management. It involves the process of determining the best investment strategies and allocating assets in a way that helps individuals meet their financial goals. However, investments can be risky, and if not managed properly, they can lead to significant losses. This is where risk management comes in, as it plays a crucial role in investment planning. […]

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