How to carry out your financial planning in times of economic downturn?

1. Rational consumption and sensible planning of expenses

In times of economic downturn, we need to be more careful with our spending. Don't blindly follow the trend and buy unnecessary items. At the same time, we need to reasonably plan their own expenditure, try to reduce unnecessary expenditure, put the money on the knife edge.

2. Build up protection

Emergency reserve refers to the funds that are reserved to cope with emergencies. In times of economic downturn, it is especially important to build up an emergency reserve. This loan fund can help us cope with emergencies, to avoid the high cost of living and lead to the deterioration of the financial situation, at the same time should establish their own protection mechanism, to give themselves and their families a peace of mind, such as the purchase of medical insurance, to avoid falling ill when the family has a major financial burden, if the economic conditions are good, it is recommended that you also buy a critical illness insurance, medical insurance is to spend money on treatment and then take the invoice for reimbursement, while critical illness insurance is as long as the invoice for reimbursement. The medical insurance is to spend money to cure the disease and then get the invoice for reimbursement, while the critical illness insurance is as long as the diagnosis can be reimbursed, can be used as a sick recovery period of nutritional expenses, after all, after the disease may not be able to immediately put into normal work, the need for recovery period, this time the funds are very important.

3. Investing money to diversify risks

Investing money is a way for many people to improve their financial situation. However, in times of economic downturn, we need to be more careful in choosing investment products. In the current economic situation, stocks, funds, futures are difficult to guarantee a higher return, but the risk will be greater, can guarantee the principal, the first is 50W or less bank deposits, the second is the Treasury bonds, so short-term can be deposited in the bank, emergency to be used in a timely manner to take out. At the same time, diversified investment, you can choose different types of investment products, such as stocks, bonds, funds, property and so on. At the same time, you can also invest in different geographic areas and industries to further diversify risk.

4. Do a good job of financial planning and rationally allocate your assets

Good financial planning is especially important in times of economic downturn. We need to reasonably allocate their assets to ensure that they have enough money to cope with future life and emergencies, especially in the current situation of aging is becoming more and more serious, how to ensure that they have enough money to make their own quality of life after retirement, if they are not national civil servants, not very good efficiency of the state-owned enterprises, then it is recommended that they can make money when they are able to do so. Purchase ploan an annuity insurance, supplement their pensions, after all, the ordinary working class, according to the payment of social security, the pension really will not be enough to spend, to plan an annuity insurance for themselves is very necessary, in the era of longevity, we do a calculation, 65 years old retired, live to 95 years old, that is to say, there are 30 years of retirement, according to the standard of living of 5,000 yuan per month, a year of 6W, 30 years need 180W! Then, you save 180W, this is still not considering the money needed for various accidents such as illness, so, while you can still make money, plan your finances.

2