As we figure our footing amidst what is commonly deemed the new “normal”, we are witnessing how the current climate is affecting us on all counts. From paycuts to being laid off, being cooped at home 24/7 to the accelerated change of work from home (WFH) that companies are rolling out. These difficult times could possibly continue into the early 2021 and beyond. It’s tough to say. Which highlights the importance to prepare ourselves financial, now more than ever.
Many of these changes we are witnessing have never been experienced before. Regardless of how affected you are by the changes? It will be timely to evaluate your risk tolerance and rebalance your porfolios if needed because your needs might have changed with how things have!
This time last year we might have been busy unwinding off work with a drink with our colleagues and friends. As we stay home and stay safe; we get to do the things we used to say we’ll do if we had more time.
Trim unnecessary expenses away. Some examples to scratch off include but are not limited to ….
- cancelling magazine subscriptions
- changing mobile provider
- changing electricity provider
- cancelling club memberships
- cooking instead of getting takeouts
- selling used/new items you haven’t touched in years
You can also refinance your home loan! Do you know the Amerian Federal Reserve lowers interest rates when the economy goes bad, and this will in turn affect the Singapore Interbank Offered Rate (SIBOR). With interest rates being low now due to the effects of COVID-19 on the economy and bond markets; consider refinancing!
Eg: A reduction of 0.2% translates to significant savings over the life of your loan! You can check out a mortgage calculator that my company launched out which takes all the work outta figuring which bank to refinance with.
You can check it out HERE! Let’s evaluate and up the protection in this time of uncertainty!
