The fallout of an economy that may head into recession is that some unfortunate folks may lose their jobs.

When we lose our job, we need to get another one fast, because without our jobs, we cannot pay for the expenses that we depend on for survival.

This is why stage 2 of a person’s progression in wealth is to have an emergency fund.

The typical advise for how much emergency fund you require is about 3 to 6 months of your salary or monthly expenses.

This would mean that this emergency amount can tide you through this long.

However, one big expense that Singaporean’s face is to service the mortgage.

If you lose your job, the biggest problem is that. For HDB, they cannot take away your home, but if its private loans they may be able to foreclose your home if you cannot service it.

If you failed ...