With strict lockdown and nothing much to do for leisure, most of us get to spend time as we have never imagined before. The self-quarantine has created an opportunity to reflect upon us in terms of our relationships, habits, future goals, and much more. Since we are into an unchartered territory in the shape of COVID-19 which does not seem to be ending any soon, most of us are thinking about the maintenance of our survival if the current circumstance is prolonged further. This is especially true for the salaried class working for the frontline industry, affected by the pandemic.
The current health crisis has infused much uncertainty in the lives of people. The widespread of COVID-19 and bulging panic has put the humanity at stake. People do not get to spend much on their leisure activities like shopping, gym, and dine-out with the closure of all public places. The world economy has entered into a recession with central banks across the globe revising economic growth targets. Isn’t it an eye-opener for all of us that the world economy is collapsing because now people only spend on necessities and avoid impulsive buying. This behavior will not sustain for long and people will eventually return to the normalcy when the health crisis is over. Let us still look at a few points as a food for thought for everyone who is trying to maintain their financial security during self-quarantine:
• Isn’t this a good opportunity for us to rationalize our spending behavior and start putting away a few bucks in savings regularly to deal with any unforeseen emergency for the future?
• Isn’t this a good time to start accumulating funds for the future of our children?
• Isn’t this a good time to start saving for our retirement?
And you add endlessly here…
Wondering how can we strike the right balance between spending vs savings? Well, we need to make smart money moves and build ourselves a financial safety-net. A financial-safety net is imperative for our good and bad times. In Pakistan, there are very few opportunities available for a common man who wants to put a part of their income regularly into savings. Whereas, there is no avenue available when it comes to ‘saving digitally’ with good returns on your hard-earned savings. However, MCB Arif Habib’s digital initiative ‘iSave’ provides an opportunity for the common man to start investing with as much amount as you are comfortable with. With the world going into a daze of social distancing, you can avail multilateral saving opportunities while sitting in your home cocoons with this app. The coronavirus pandemic is more of a blessing in disguise.
"iSave," is an online digital application introduced by MCB-Arif Habib. It is Pakistan’s first Online Investment Service aimed at making savings seamless, hassle-free, and purely digital. You can use this app to create your mutual funds account online and accumulate your savings to earn Shariah Complaint profits while sitting at your homes. With this service, one does not need to worry about the paperwork or physical visit to any branch. They also have an iSave Debit Card for easy withdrawals of your savings.
To create an “iSave” account all you need to do is to keep your CNIC and bank account details at hand and follow these four simple steps:
1. Enter your Email, CNIC, and Mobile Number
2. Enter Activation Codes for Verification
3. Enter your personal information
4. Review and Submit
Voila! Your iSave account is ready to use. If you save your money today, you will have more choices and a backup plan in the future. With reasonable savings, you will have better financial security and would not have to panic-sell your assets. Moreover, your saving habit could introduce you to various investment opportunities after the pandemic is over, and prices would fluctuate.
We must stay grateful for our blessings and act wisely in times of crisis. Investing our money today could benefit us and our families in several ways in the future. Let’s stay safe and hopeful for the good times and start saving before it’s too late.
