In view of the ongoing COVID crisis, would you suggest stopping SIPs for long-term goals and use the money to step up the contingency fund?
- P Rajagopalan
This is entirely a personal question and it entirely depends on your personal circumstances. If you have lost your job, then you have to stop your SIPs as there is no income source. As your circumstances change, so should your investment plan. If you have started feeling that you need to build a contingency fund at the moment, then you should.
However, first, check whether you really need to stop your SIPs or it is just the panic that has taken over you. If you never had an emergency fund and in this crisis, you have started being worried about it, then be little liberal about it and understand if you really need to stop your SIPs for it. If your income is still intact and your spending has come down a little bit, I would suggest that you continue your SIPs. Don't disrupt your SIP just for the heck of it because the world seems to be a little scary.
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