The meltdown of the mortgage markets was a cause of concern to many. The global financial market crisis has hit many. Recession in Singapore is almost inevitable. With raising costs in electricity, utilities, public transport and Singtel telephone bills.
How things change in a span of just months; it is not so long ago that we heard many make millions through en-bloc sales of their private properties.
Gloomy times is looming ahead and it seem to be the order of the day. Do you have a raincoat or a big enough umbrella to shelter you through the stormy months ahead. Do you have a saving that can last you at else six months ahead in times of raining day ?
I am not the best advocate - teaching people what they should but I have this compelling nature inside me to at least suggest to you reader that there is a need now to devise some well planned strategy ahead.
For example, I used to spend $7 once a week to get my car wash at the petrol kiosk. Not anymore, I only get my car wash once a month now. So I am effectively saving $21 per month. Only on weekend when I am free, I would wash my car (myself).
I often heard people saying that they cannot save. I would advise most to use your notes to pay anything that you purchase and resist the temptation to swipe the credit card. This way, you can budget your pocket better. Also you can save the coins in your little piggy bank. Do not estimate the power of accumulation. You will be surprised over a long haul of period, how much you can really save.
So let us not bask on our past glories, focus on NOW...... I believe that the sun will shine again very soon.
6 months ago
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