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Financial Resilience

 

Because of COVID-19, our lives have changed in some ways, be it in our lifestyles, or our circumstances and priorities.

 

During these uncertain times, making financial decisions can be tough.

 

We have put together many resources on how to deal with many financial situations you may be in.

 

Together, we can overcome. Stay United, Stay Resilient.

 

 

 

My finances have taken a hit. How should I manage?

 

It is natural to feel anxious when your income has taken a hit.

 

While you may be facing many uncertainties, it is important to stay positive and keep on working towards getting back on your feet.

 

Here are some ways that could help you regain some stability in your finances.

Track your cash-flow
Knowing where our money goes helps us manage our cash-flow better. It helps to list your income sources and expenses as thoroughly and detailed as you can to see if your cash-flow is positive or negative. Click to read more >>
Be aware of your spending habits
Now that you know what you are spending on, you can adjust how you spend. Click to read more>>
Plan a budget and keep to it as best as you can
Drawing up a budget can help you take control of your expenses. Being disciplined about following the plan – such as keeping to a shopping list – and reviewing it regularly are equally important to stretch your dollar. Click to read more >>
If you really have to take a loan…
Before you take a personal loan, consider alternatives such as financial assistance schemes offered by various government agencies or social service agencies. Click to read more >>
 

 

 

I want to know how to prioritise and manage my debt.

Being in debt when your finances are unstable is particularly stressful.

If you think your cash-flow may be disrupted, it will help to plan ahead so you can continue to make good on your regular repayments, such as property loan, car loan, insurance premium, and credit card bills.

If you are already behind, acting fast is important as interest charges can snowball. Prioritise debts with the highest interest rates first.          

Pay credit card bills in full and on time
Remember that your credit card is intended for short-term payments. It is a form of borrowing. It should not be used as a long-term credit facility. Click to read more>>
Seek help for debt matters early if you feel overwhelmed
Do not borrow from other sources to pay off your debt without first comparing the interest charges and fees. Approach Credit Counselling Singapore (CCS) for assistance with restructuring your loans. Click to read more>>
If you really have to take a loan…
Before you take a personal loan, consider alternatives such as financial assistance schemes offered by various government agencies or social service agencies. Click to read more>>

 

I have issues paying my mortgage.

If you are facing issues paying your mortgage, check if you are out of the lock-in period for your loan. If you can, consider refinancing or repricing your mortgage to lower your interest costs, which will bring down your monthly instalment.

Take note of these tips when refinancing or repricing your mortgage loan
When you are shopping around for the best deal, make sure you understand the implications of choosing between fixed and floating rates in the context of the current interest rate environment. Click to read more>>
If you are unable to meet your monthly mortgage instalments
One of the relief measures rolled out to ease the financial strain caused by the COVID-19 pandemic on individuals is deferment of mortgage instalments. If you can, refinance your housing loan first – interest rates have fallen, which means your monthly instalment will be less too. Click to read more >>
If you really have to take a loan…
Before you take a personal loan, consider alternatives such as financial assistance schemes offered by various government agencies or social service agencies. Click to read more>>

 

I have problems paying my insurance premiums.”

It is important to keep up with your premiums, or your insurance policy may lapse or be terminated.

 

If you are having difficulties with your premiums because of cash-flow issues, relief measures are available that ensure you remain covered by your insurance policy.

Deferring premium payments for life, health insurance
If your premiums for life and health insurance policies are due between 1 April and 30 September 2020, you may apply to your insurer to defer payments for up to six months. Click to read more>>
Flexible instalment plans for general insurance
Help is also available if you have premiums due for general insurance policies, such as for property and vehicles. You may apply to your insurer for an appropriate instalment plan, which means you can pay your premiums in smaller amounts. Click to read more>>
If you really have to take a loan…
Before you take a personal loan, consider alternatives such as financial assistance schemes offered by various government agencies or social service agencies. Click to read more >>
Seek help for debt matters early if you feel overwhelmed
Do not borrow from other sources to pay off your debt without first comparing the interest charges and fees. Approach Credit Counselling Singapore (CCS) for assistance with restructuring your loans. Click to read more>>

 

My income has been affected because of COVID-19. What financial support am I eligible to receive?"

It is important to keep up with your premiums, or your insurance policy may lapse or be terminated.

 

If you are having difficulties with your premiums because of cash-flow issues, relief measures are available that ensure you remain covered by your insurance policy.

 

Grants and other support measures are available to support individuals and households amid the COVID-19 pandemic.

Grants and other support measures
Grants and other support measures are available to support individuals and households amid the COVID-19 pandemic. You do not have to do anything to receive most of the payouts. Click to read more>>
Job assistance
Under the SGUnited Jobs and Skills Package, there are job, traineeship, and skills training opportunities to support Singaporeans affected by the economic impact of COVID-19. Click to read more>>

 

Where should I go to look for jobs or upskill myself?”

The Government has committed to strengthening support for Singaporeans to find jobs.

Under the SGUnited Jobs and Skills Package, 40,000 jobs will be created in 2020. There will be more places in career conversion programmes, especially in growth sectors like Infocomm & Technology, and Financial Services.

Supporting recent and new graduates
Amid weaker hiring sentiments because of the COVID-19 pandemic, you may consider gaining valuable industry-relevant experience and building professional networks through the SGUnited Traineeships programmes. Search for opportunities using the #sgunitedtraineeships hashtag at https://www.mycareersfuture.sg.
Upgrade your skills
Pick up a new skill and ensure that you stay relevant using the SkillsFuture Credits available to you. This will help with your employability in the future. Click to read more>>

 

Should I invest now?"

You would have read in the news there has been significant movements in the markets.

Given the volatility, it would be wise to keep to prudent investing fundamentals.

It is crucial you only invest in products you understand.

Only invest money you have and can stomach losing
Borrowing to invest will increase your cost and add to your investment risk. If you have not started investing, do not plunge in hurriedly to capitalise on what looks like bottoming-out prices. Click to read more >>
Consider paying off debts instead of investing if you have excess cash
No one knows how long it will take for the global economy to turn around. Given the unpredictability of asset markets now, consider paying off debts instead of investing, if you have excess cash. Doing so can help you reduce interest payments.

 

How do I protect myself from scams?"

There are criminals out there who have tried to take advantage of COVID-19 to cheat money.

Some masquerade as mask-sellers and disappear after collecting payment. Some put up fake articles that mis-use the names and/or photos of prominent persons to trick you into handing over your personal banking details.

Some even impersonate government officials and ask for your personal or banking details.

Ways to safeguard yourself
Criminals are bound to come up with new ruses. Click to read more>>

OTHER ARTICLES IN OUR "FINANCIAL RESILIENCE" SERIES :

 

“My finances have taken a hit. How should I manage?”

 

“I want to know how to prioritise and manage my debt.”

 

“I have issues paying my mortgage.”

 

“I have problems paying my insurance premiums.”

 

“My income has been affected because of COVID-19. What financial support is there for me?”

 

“Where should I go to look for a job or upskill myself?”

 

“Should I invest now?”

 

“How do I protect myself from scams?”


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