Mind Matterz

Corona Reflections #1: Savings Rescue Us During a Crisis!

  • Shraddha C. Sankulkar
  • 25-Mar-2020

Since the World War II, the 'collective consciousness' of the world never concentrated on a common crisis situation until the outbreak of the new Coronavirus pandemic. Most of the nations have been 'locked down', which has brought the financial and social machinery of many countries to a standstill! In such vulnerable times, its natural to feel helpless, confused & angry as its not a pleasant feeling, for an intellectual race like us, to 'loose control', especially when one seems to be apparently fit and fine. Prior to the 'forced break' situation most of us who led a uber busy life, had no 'me time'. I believe, this 'home quarantine' break should be a good break for all healthy people to reflect and take stock of their life.

Financially speaking, during normal times, everyone is working hard & using their intellect to make the best of their time to earn money. Undoubtedly being financially empowered is very important to survive qualitatively. Having a high income pay package surely fills pride in most of us. But can solely having high income during normal times provide security, especially in crisis time like such 'lock downs'? Certainly not! Rather its the 'Savings' that we have will provide us security in such dark times. As we sit in a favorite corner of our respective homes, its important to reflect on this fact that its not 'Income' that gives a sense of security, rather its the Savings that will create the 'gravity' of continuing life, even in unstable times. A simple equation needs to be kept in mind i.e: Income - Expenditure = Savings Lets take Mr. A and Mr. B are neighbors. Mr. A earns Rs. 1,50,000 per month & Mr. B earns Rs. 50,000 per month. Apparently Mr. B earns an income lesser than Mr. A and everyone may get impressed about Mr. A's income package. But everyone is not aware of Mr. A's and Mr. B's expenditures, as that stays unquoted. Lets take Mr. A's monthly expenditure mounts up to Rs. 1,45,000/- Then what remains with Mr. A is Rs.5000 only. On the other hand if Mr. B's monthly expenditure is Rs. 25,000 then what remains in form of Saving is Rs. 25,000/- only. Thus Mr. B's financial 'gravity' is stronger than than Mr. A as Mr. B's saving is more than Mr. A's. High chances Mr. B will be more confident in facing the dark days of his life smoothly than Mr. A. Its a fact that whats stays with us (Savings) will give us security which eventually will not trigger panic in though times.

Family members from our older generations, who have witnessed the wars, have seen worse days and therefore promote the concept of Savings. We may brush off their 'old fashion' thought because till date, we the millennials, never had experienced any global crisis that has financially hit us, like the way we are facing the insecurity of facing the Coronavirus pandemic. Well, crisis will be a part of one's life, whats important is the reflection and corrections that need to be implemented once the crisis is over. It is highly suggested to be conscious of your 'Expenditures' in normal times, and re-boot your lifestyle if it was reckless before. If your attitude & lifestyle prior to the pandemic was promoting a 'current account' then make sure hereafter you build an attitude and lifestyle that promotes a 'saving account'. As of now, if you are feeling the pinch of guilt and financial gloom, then remember you have a brain sitting in your skull that's intelligent enough to bounce back! Just keep the mind (the software of the brain) free of toxic emotions, that ways your mood will stay 'green' enough to rebuilt the future. Its a research proved fact that if the root of a plant is still 'green' then a burnt orchard too can be re-established! So cheer up!

Friends, notice that the financial packages that have been released by U.S and Indian government to stimulate the functioning of the economies are coming from the 'tax reserves' of their respective nations. Lets salute all the people who have been paying taxes due to which today our respective governments are shelling out the SAVED amount. Similarly when we start considering that our personal savings are the tax we give ourselves, then eventually our financial empowerment will emerge from the amount we Save! And its our Savings that will Save us by 'bailing' us out from such unprecedented, sudden crisis situations, like we are facing today!

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