WFH, SHN, LOA, NCID … These are the acronyms that have been making us go OMG during this Covid-19 season. Literally, who would have thought that Working From Home would be the new norm and that Changi Airport’s T2 would need to shut down operations due to the downturn in the travel industry?
We are living in unprecedented times and family photos are never going to look the same. Just check out our recent family photo!
Many of us are all asking the same question, how do I best survive this pandemic? No one has a definite answer, but I really believe that the answer does NOT lie in stocking up on toilet paper and instant noodles.
As we stay safe at home, it is important for us to arm ourselves with pertinent information that is relevant for us. So besides getting your online delivery discount codes, here are some other useful financial survival tips for every reader.
Top 3 Survival Tips during this Covid-19 Pandemic:
1. Get Your Financial Aid
All of us are thankful that the government has issued many handouts during this period. No one wants to miss out on a handout, but with the Solidarity budget, Supplementary budget, Care and Support package … there is just so much information out there. We need a quick summary of Financial aid packages are available to us.
I did a quick google and I think that the Money Smart survival guide is useful. With compartmentalized information, it gives a summary of eligible Covid-19 grants available to all Singaporeans and PRs.
I like the quick links for Individuals and Employees, Self-employed and Business owners, as it saves me time from doing an individual google search.
2. Refinance or Defer your loans
Many of us have home, car or personal loans that we are repaying. With the economic downturn, the banks have been asked to defer their home loans up to 31 Dec 2020.
This was something I explored during the period, but I realized that it will result in consumers paying more for your property, as there is no interest free period. If you want to explore this option, some simple research with Loan packages can be found in this survival guide.
If you click on Refinance or Home loans, it brings you to a summary page for Bank loans, which gives you a quick feel of interest rates. This is important information that one needs before you call your bank to ask for a better rate. Together with additional information about loans such as a Bank Loan vs a HDB loan and things to know when choosing a loan, this is a good one-stop information hub to check out.
3. Should I start investing?
We all know that tycoons are lost and birthed in economic crisis. And many of us have been thinking about whether we should or should not invest. There is a new rich coming out of this crisis and we are all thinking about riding the wave.
However, the markets are still getting the jitters every time an economic report comes out and we are wondering when it is the best time to invest. For some quick tips before you take the plunge, check out the same questions which the Money Smart Covid-19 investment guide is asking.
Best way to Survive Covid-19
At the end of the day, the best way to survive Covid-19 and to maximize your time at home. Spend time with your kids and enjoy the moments, as one will never ever get such an invitation ever again.
Yes! The house was in chaos when everybody was suddenly stuck at home 24/7 and we had our fair share of arguments. But as families adjust to the new schedule, these moments together are much treasured and an excellent excuse to strengthen family ties. There is always light at the end of the tunnel.