IN THIS POST
– Buy insurance
– Set up a savings account
– Expand your skill set
– Digitise businesses
– Invest in real estate
Are you looking forward to the days when you can freely move about in public without the fear of catching a life-threatening virus? You probably already have a long post-coronavirus checklist of places you want to visit and things you like to do when social distancing and wearing face masks become things of the past. However, it’s also important that we learn from our shortcomings as a whole and make sure we are fully capable of dealing with whatever comes next.
The ongoing coronavirus pandemic has drastically changed the way we live, work and interact with others. With the surge of positive COVID-19 cases in Pakistan as well as the rest of the world, more and more companies have asked their employees to work remotely as a mean to practice social distancing. The government has also imposed a lockdown to slow down the spread of this potentially deadly respiratory disease that has debilitated almost the entire world.
Nonetheless, there’s always a light at the end of the tunnel. Although the current picture may look rather bleak as the experts claim most countries have not yet felt the full impact of coronavirus, it is important to note that some parts of the world have already managed to eradicate the virus completely.
Therefore, once this pandemic is over and the lockdown is lifted, it is imperative we utilise the lessons learnt from COVID-19 in the most constructive way possible while preparing for the future.
Post-Coronavirus Checklist
Here are a few ways you can prepare yourself for the future once coronavirus in Pakistan is over.
- Buy insurance
- Set up a savings account
- Expand your skill set
- Digitise businesses
- Invest in real estate
Let’s discuss this post-coronavirus checklist in detail.
Buy Insurance
Contrary to popular belief, buying health insurance in Pakistan is not a complicated process. Therefore, if you aren’t insured already, you must buy an insurance policy for yourself and your family members as soon as possible.
There are several types of health insurance plans in Pakistan that cover the medical expenses of the policyholder up to a certain amount depending on their premium. The plans range from dental and personal accident insurance to cancer protection and hospital cash plans. Usually, insurance providers offer both individual as well as family health insurance plans.
Apart from buying a health plan, you can also consider buying term life insurance once the coronavirus pandemic is behind us. As opposed to whole life insurance, which is permanent and more costly, a term life insurance only provides coverage for a certain number of years. If the policy-holder passes away during this time, their beneficiaries will be able to receive the death benefit without having to pay the premium for the remainder of the term. On the other hand, if all remains well, the policy can receive the amount once their plan matures.
Since life is all about risks, it’s better to be prepared. Also, this is one of the most important post-COVID-19 health and safety measures on the list.
You can learn more about buying life insurance in Pakistan in our detailed guide on the topic.
Set Up a Savings Account
You never know what tomorrow holds. In order to prepare for the future, you must be financially sound as well.
Regardless of how much you earn, it is extremely important to put away some cash for emergencies. This is one of the most important aspects of our post-coronavirus checklist. For this purpose, you can open a saving account in a nearby bank. It will not only secure the savings but also let the account holder earn a certain amount in interest over time. That means the money you deposit into this profit-bearing account will accumulate a certain percentage of revenue on a monthly average basis.
Moreover, unlike a fixed deposit account, the money in a savings account can be accessed at any given time. You can also use a debit card to make transactions or activate online banking services to transfer money online.
The minimum amount required to open a saving account varies with banks. However, it is usually around PKR 100 to PKR 500. Most banks do not have any minimum balance amount requirements either.
It is important to mention profit-bearing accounts are liable to Zakat deductions and withholding tax.
Here is a comprehensive guide on different types of bank accounts in Pakistan that you might find helpful.
Expand Your Skill Set
As a large chunk of the workforce is currently working remotely from the safety of their homes. All meetings, conferences and corporate deals are taking place in the virtual world, which means it is more important than ever to acquire some soft skills and expand your skill set.
You may have already heard experts talking about ways to prepare for a post-coronavirus recession. Most countries around the world are facing a serious economic crisis due to the pandemic, which means you need to equip yourself by constantly updating your soft skills. This will allow you to compete in a rapidly-changing digital environment in order to stay relevant to the job market and bring value to the work you’re putting in.
Owing to the current ‘work from home’ scenario, employers and employees are both relying heavily on the digital mode of communication. This will probably not change even after the pandemic is truly over. If you are concerned about keeping up with this fast-paced world, you must utilise the lockdown period to get familiar with relevant online tools and platforms. In case you are currently looking for a job, enrolling in online courses might be beneficial for you.
You can also enrol in any skills development program after COVID-19.
Digitise Businesses
If the coronavirus pandemic and the subsequent lockdown has taught us anything is that it is extremely important for every business to have an online presence. The only way to keep a business alive in this day and age is to ensure it is accessible through both online and offline platforms. This means even if you own a small grocery store or home cooking business, you must also maintain an active website, social media pages and online outlets along with a physical one. You can also study marketing and public relation strategies used by bigger brands and companies. This will help your formulate ways to rebuild your small business after COVID-19.
Creating online databases is just as important. Since all businesses are currently being conducted in a virtual setting, it is recommended you consider doing the same.
In case you already have an online platform, make sure to use this opportunity to educate people about COVID-19 and preventing coronavirus spread.
Invest in Real Estate
Investing in real estate has always been a lucrative business opportunity in Pakistan. However, if you are a real estate market entrant with no prior experience, you need to be extremely careful and thorough while making an investment.
It is also imperative to mention that property investment is much more than just buying and selling plots. If you want to utilise your funds for maximum profit after the coronavirus pandemic, here some common types of investments applicable to the real estate market in Pakistan:
- Purchasing plot files
- Buying residential or commercial plots with an intent to sell them at a higher value
- Purchasing a house, apartment, office or shop to rent out
- Purchasing open land before development
Meanwhile, if you are unsure about which area would be the most suitable to invest in, our in-depth Area Guides will definitely help answer all your questions. You can also browse through listings on Zameen.com – the top property portal in Pakistan – to learn more about property price trends in different areas in all major cities.
That brings an end to our post-coronavirus checklist.
If you have any plans after COVID-19, share your post-coronavirus checklist with us on blog@zameen.com.
For more information on ways to prevent coronavirus and what is being done to tackle COVID-19 in Pakistan, stay connected to Zameen Blog – the best lifestyle and property blog in the country. You can also subscribe to our newsletter on the right to receive the latest updates about construction and real estate trends in Pakistan.
In addition to that, if you or anyone you know is exhibiting symptoms of coronavirus, make sure to contact the authorities through government helpline 1166. You can also share this list of hospitals and labs conducting coronavirus tests in Pakistan with your friends and family members.
