If I were to throw a question to the audience on how many that have religiously tracked their spending in the last one year, the number would not have been significant.

The main reason for this is budgeting and tracking our expenses are a hassle. If anyone has found it challenging to stick to a budget, you are not alone.

According to the research study by Business Insider conducted last year just before the Covid, half of all Singaporeans do not stash at least 6 months’ worth of emergency funds. One in five does not even have 1-month worth of expenses in savings.

This is a staggering growing concern for many Singaporeans who have to cope with the increasing cost of living, living day to day without a plan.

One main reason for this is that most people do not bother to plan for rainy days and when an unprecedented crisis like Covid hits the shore, it’s too late to make adjustments to the lifestyle.