Having a healthy stash of money set aside has become even more important. A recent OCBC survey shows that only a third of Singaporeans have enough savings to survive beyond six months if they became jobless.

Start by assessing a personal risk profile and financial instruments you are comfortable with, says Michelle Ngiam from Great Eastern Financial Advisers. High returns: dividends, unit trusts, rental income from investment properties. Low: fixed deposits, Singapore Savings Bonds.

“You can also grow your wealth with a hybrid product like the Great Wealth Advantage plan offered by Great Eastern. It is a regular premium whole life investment-linked policy which also provides you with protection against Death, Total and Permanent Disability, and Terminal Illness,” says Ngiam. This plan also allows you to boost your investment with its Welcome Bonus and Loyalty Bonus.

Draw up a list of all your subscriptions and packages – from the gym to eyebrow threading, Spotify and LinkedIn Premium – in one Google Sheet and decide which are truly essential.

For instance, do you need a paid Dropbox account (2TB a month for US$9.99 (S$13.96)) or will the 2GB free version do? That adds up to US$119.88 (S$167.53) a year. Look also for free or reduced-price trials (Amazon Prime, Netflix, Spotify) so you can “try” a service before deciding to commit for the long term.

If you have a mortgage, Ngiam advises having it refinanced or repriced.

“By getting a better loan package, you will be able to make lower repayments. It is important to reduce debt levels as much as possible as this will help with your future expenses.”

Simultaneously, use the opportunity to consolidate your credit card debt. Which ones are changing a hefty annual fee for dining privileges you’re not currently using? Set up automatic GIRO payments to avoid paying late interest fees (some cards charge up to 26.9 per cent) and if you can’t pay off your monthly credit card bill in full, focus on reducing the one with the higher interest rate first, or get a zero percent balance transfer.

Growing one’s CPF money is something every Singaporean can do, regardless of income. If you’re iffy about risking CPF monies for investment purposes – being a retirement nest egg and all – start small.

Begin by diverting some money to your SRS account. The tax-deductible sum instantly reduces your tax bill and can be used for low-risk investments like purchasing Singapore Savings Bonds. It’s a baby step and the funds (and any profits) will be held in the SRS account, which eventually becomes part of your Retirement Account.

Also, if you’ve settled how much of your Ordinary Account you want to use for housing and education, consider depositing excess funds to your Special Account where the four per cent interest rate is higher than most banks. If you don’t need the money urgently, it’s one way to keep building that nest egg.

If you’ve been paying attention to the financial headlines, you’ll know that the stock market doesn’t mirror the actual economy. While proper research needs to be done, there are several robo advisors (e.g. Stashaway, DBS digiPortfolio, MoneyOwl, etc) to kickstart your investment journey.

In short, Robo advisors function as a digital advisory service that recommends an investment portfolio. The immediate pros start where the fees are typically lower than a bank or investment brokerage, and some, like Stashaway, require no minimum investment with a low 0.8 per cent fee and no lock-in amount.

It’s a low-risk way to give you a feel of investing in the stock market.

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Make it a habit to look through your bills on a weekly/monthly basis. Devote an hour a week to this and you’ll immediately become very familiar with your spending habits, good and bad.

For a start, relook your telco contract and shop around for a deal that’s best suited for you. If it’s time to renew your mobile plan, consider downgrading (since you’ll be home more often) or signing a new provider who’ll likely offer you a decent incentive to switch – and yes, you can retain your number for a small fee. Utilities are next if you haven’t already found the best open electricity market price for your household.

Simply put, if you want something, you can – but only if you need it after 30 days. Delaying a purchase puts a stop to impulse buys as it gives you a chance to properly evaluate a need vs. want buy.

This downtime also gives you time to research a purchase. A higher-priced but longer-lasting buy with fewer repairs or maintenance, or a higher resale value, will be better off in the long run. For example, if you buy a product for $200 and it breaks down in less than a year, then a similar product for $400 but comes with a three-year warranty makes more sense. Also, consider clawing back some money using ShopBack which can give hefty discounts and potentially up to five per cent cashback on all purchases.

Food is something you just have to spend on, so look out for deals that can help you save money. This could be in the form of one-for-one sale at the supermarket or a discount code on Foodpanda.

For example, ION Orchard is offering meal deals when you order through their F&B stores. If you’re an ION+ Rewards Member, you can get $6 with a minimum of $20 spent when you order from a participating F&B store located in ION through the mall’s delivery partners, Foodpanda and Deliveroo. Key in the code “ION6OFF” upon checkout to enjoy this deal.

Not an ION+ Rewards Member yet? Between now and December 31, 2020, sign up as a member and upload a minimum spend of $100 same-day receipts on the date of spend and stand to win 50 ION+ Points (worth $20 in shopping vouchers).

And while you’re heading there, you’ll be happy to know that currently, the mall offers free parking for the first hour with no minimum spend.

Having adequate health coverage during an economic downturn is a priority, however, we might be over-insured. Take a look at your active policies to understand where you’re covered, and where you’re not.

In lieu of an annual travel insurance policy, upgrade your personal accident insurance plan to one that has an Infectious Disease inclusion with Covid-19 coverage.

Then there’s plans like Great Eastern’s GREAT Comprehensive Care that combines Hospitalisation Income, Personal Accident Coverage and Outpatient Care in a single policy for as low as $22 a month. For the self-employed, the daily hospital cash benefit of $100 for up to 365 days, and an additional payout of $100 a day if intensive care unit admission (up to 30 days), is a huge relief should something unfortunate happens.

Text: Charlene Fang/Her World

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