The world economy has been badly affected by the emergence of Coronavirus pandemic, and Singapore is not an exemption. Many business owners in Singapore are facing various financial challenges because of the negative impacts of Coronavirus. Raising capital to fund your businesses and surviving in this period of Coronavirus pandemic could be a mirage if you don’t know how to apply personal financial tips to survive.
As a Singapore licensed moneylender, we understand that you may be having some financial difficulties due to the widespread effects of Coronavirus. With the battle against Coronavirus around the world proving unending, it is normal for you to feel sceptical about different aspects of life now, especially your finances. Below are the seven personal finance tips that will help you to survive through Coronavirus.
- Desist from making decisions based on fear
You are to be optimistic, realistic and accept the fact that Coronavirus will be around for some times, so you need not be fearful. Making financial decisions based on fear may result in devastating economic consequences. Therefore, you have to get information and financial advice on what you would like to do.
- Stretch your savings farther
If your employer is not rendering paid leave or work from home or if you cannot do business because of the lockdown, it is sure that you will lose your income. Panic may set in, but find ways of stretching your money farther. A few ideas comprise reducing your nonessential spending from your budget. Staying at home will also help you to save money you suppose to spending on eating out and travelling. You can decide to entertain yourself at home with varying online free resources such as e-books and audiobooks.
- Take stock of what you have.
Take stock of what you have at home to avoid panic buying. You may not need to buy some things because many of us already have food items and toilet papers that can last us for months.
- Contact your lenders for help.
You can contact a Singapore licensed moneylender who can offer you a personal loan at a lower interest rate. You can use your loans to offset your debt and settle emergency expenses. As a Singapore licensed moneylender, our loans are safe, dependable and hassle-free. You can apply for it on our online money lending platform.
- Consider taking advantage of low-interest rates.
Interest rates around the world are dropping because of the Coronavirus impact. You can cash in on it, especially when you have a good credit score, to borrow or refinance to save thousands throughout your loan.
- Boost your emergency fund
Working at home will help you boost your emergency fund by resisting spending money on impulse buys. If you are working at home, you have the privilege of saving a lot during this Coronavirus pandemic.
- Stay away from Coronavirus scams.
Every day frauds and scams associated with Coronavirus are on the increase. You have to verify any information that gets across to you, promising you of financial benefits. They may be scammers or fraudsters.