Demonetization – takeaways from this experience which initially seemed absolute mayhem!

There is more to life than money- a phrase which facsimiles our situation today. Standing in the ATM and bank queues has become our leisure pursuit. In a good sense though what may have been perceived as turmoil at the outset has cleared our idea of our capabilities in many ways. We are now aware that human mind backed by technology is a high-handed blend that can handle any challenges that come their way. This move that was no less than the feeling of being hijacked as we were cut from our foremost basic resource ‘money’ has actually proved to be a learning experience— in more ways than one. Let’s browse through details.

Demonetization: What life taught us

Knowing and Coping up: We all got perturbed at first when demonetization was announced but we also need to understand that it was a severe blow to the hoarders of black money and all was wiped at one go. Our awareness here can make things easier for us. As a race we are known to adapt to any and every situation. This precarious one was a test to take and we realized that challenges will come and go but with a little bit of sagacity from our end, possibilities are copious.

Rule #1 – Budget: The current crisis call and limited cash inflow put the focus back on budgeting. Budget was

priority and with whatever cash available we had to pay heed to essential expenses and investments only. We had forgotten that best things in life are free and this reminded us of the days when weekends at home with home cooked food and family was far too charming than to simply reserve a table at the luxurious eatery and doing away with money.

Mediclaim not just an asset a life saver! Medical emergency can come without any prior notice and the need to get hospitalized in no money time can be harrowing. Cashless medical benefit cards can be of great help for effortless hospitalization alongside being a tax-saving outlay.

Learning again to feel for others: A fast paced world does not leave you with much time to appreciate others’ sentiments. However, limited availability of “cash” meant we were helping each other out with “chillar” whenever possible. The bankers were working late hours and overtime to make ends meet, people standing in the elongated queue were leaving their place for the elderly. We turned more human in this world where currency dictates the way of life. And then there was news of a Samaritan depositing INR 2 lakh in 100-rupee notes so that banks have it easy meeting the cash demands of customers. Read report at http://www.hindustantimes.com/indore/mp-man-deposits-rs-2-lakh-in-rs-100-notes-to-help-needy/story-bG2QmLowEtI8ciqKpdDDdJ.html

A Ranchi hospital even treated patients for free. (Read report at http://www.huffingtonpost.in/2016/11/12/currency-demonetisation-a-ranchi-hospital-is-giving-free-treatm/).

Perceive the world with digital eyes: Technology advancements have opened up digital doors for us. Ranging from online banking to buying anything that we need through the internet, PayTm for cashless cabs to go places, stores that accept pay via cards. All you need is to have adequate knowledge of the same and you can ‘rule the world’.

Invest, invest, and invest: We can never envisage what future has in store so it is always better to be equipped ahead of time. Resource planning and investments are the best way to secure our future and is always better than to have the money in our home owned safes.

In conclusion life is endowed with so much more that we discover everyday and overcoming this challenge which is actually for long time gains is one another of life’s chessboard matches. However, it was irksome for ones who have never seen the face of the bank and have lived a menial life till date – but any kind of change cannot happen overnight and time will mend all that has gone out of line. Fending off the downsides— this well-thoughtout move is indubitably a blessing in disguise.

Image source: https://indianceo.in/news/demonetization-indian-currency-note-affect-economy/