The COVID-19 pandemic has sent global markets into a tailspin and disrupted the lives and livelihoods of millions worldwide. Singapore has unveiled a landmark Resilience Budget totaling $48.4 billion to cushion the economic fallout. But given that the COVID-19 pandemic could last for at least a year, and the economic repercussions possibly longer, what impact could this have on your finances?
If you have been working from home, you might have saved some money on transport or meals outside. And with entertainment venues now closed, you will likely be spending even less, which can help you save up more for possibly rainy days ahead. As uncertainty continues to hang in the horizon, how else should you be managing your financial health right now? And what are the pitfalls to avoid?
Do: Bulk up your emergency fundGlobal markets continue to be choppy and nobody knows if the economy could
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