When the things are going fine nobody will see how things are moving. Only when things turn out that the biggest banks starts to fall, we would wake up. Already many people have reported that their credit/debit cards are not working in India. These are very hard times and few tips would help.
1.Remove all money in the saving accounts and current accounts and move it to liquid funds.
2.Check your fuel bill. Reduce it as far as possible.
3.Do not buy anything which you may not need immediately.
4.If your have savings in US$ or any other currency than move them to Indian Rupee.
5.If you have a SIP running keep it going, this is the only way you could really build part of a large wealth. If you do not have one, than you could start one.
6.Do not sell you old car and try to borrow money for new one, just try and manage with the old model for sometime till the economy improves.
7.Pay off your Credit Cards fully if you have money in saving account immediately.
8.Put in more hours in your job/business.
9.Keep fit and Keep away from hospitals – Reduce your partying.
10.Check your bank, whom you are banking with. Many banks have failed and many may fail within the next one year. In India only Rs.1 Lakh/account is insured from the government. If you have more money in deposits than divide and covert the deposits in the names of other members of the family.
Thanks for the nice tip.
But one thing i donot understand. I have dues in credit cards account and i am plannning to pay it in installments and i don’t think there is any issue in that because my credit card bill is in indian currency.
what if i pay the credit cards bill in instalment rather than in one go.what do u suggest.