As the COVID-19 situation continues to affect the world, we are faced with news reports every day of the impending financial crisis happening everywhere. More and more companies are going into liquidation, and many people are being left without a secure income, which is a major concern when it comes to the future of so many families. Here’s how to make money work for you. 
Financial insecurity is not a new thing; Singapore has faced many other financial crises in the past, suffering a recession in July 2008 due to other countries, such as the US, having their own financial crisis play out. We have to rely heavily on exports, and so when countries such as these suffer, it is inevitable that so will we. As the pandemic continues to play out, it is possible that we will see a repeat of what happened in July 2008.
Another Way Forward
We must not underestimate how long it will take to get over this huge setback, which is already forming, in the country’s financial growth. Although many people can reach out for emergency financial assistance, these are only short-term fixes.
So, what can we do to improve our circumstances in the coming weeks, months, and even years? The key lies in making your money work for you and managing your money in such a way that you’re not living hand to mouth in the future.
Now is the time to sort out your finances, and in some ways, it’s actually easier to do so when you don’t have much coming in. Here are three ways you can make your money work for you.
Saving and Investing
Saving and investing are two different things, but they go well together. It’s been said that to be rich, you must be in a position to save between 12%-25% and beyond of your income each month. Of course, if you’re in a position where income is tight, that may mean working extra hours or cutting back on luxuries. It’s always a balancing act.
What happens when you have saved, though? Investing your savings in stocks or trying CFD trading can be a great way for your money to earn even more money, making your savings work for you. Speak to a broker or financial advisor if you want to take the leap into investments.
Budget
No one likes to budget; it’s tiring, and it means restricting yourself on how much coffee you buy from your local café a week, for example, but if your money is stretched, a good budget is a must.
Sit down with your account statements and mark down the necessities, the bills, and the luxuries. If you need to, cut down or even cut out the luxuries!
Manage your Debt
When you sit down to work out your budget, have a look at how much you’re spending on your debt. Most of us have credit card debt, and even student debt from school, but there may be a better way of managing this.
Simple fixes like a consolidation loan or moving your credit card balance to a 0% interest card for a few months could make those repayments easier and leave you with some extra money each month.
