It is said that the recent financial crisis is an unprecedented one, both in terms of its scale and the speed with which it unfolded. Its effects have been felt worldwide, hitting all financial sector participants – from banks to insurance companies to mortgage houses.
One of my wife close relatives has been retrenched from DBS. It was a shocking news indeed especially for a big bank like DBS to lay off so many staff from its Singapore and Hongkong branch (as announced in the news last week).
On a lighter note, Commodity prices, like that of oil, have fallen steeply, it has partly signified the global downturn.
Some of the key sources of inflation in the first half of the year, such as food and direct oil-related items such as petrol, electricity tariffs, LPG and gas, have seen slower increases in recent months which may be a good news to some but it will not allay many Singaporean fear of being retrenched or receiving a pay cut.
However, devise a well-planned financial future for you and your family could bring about a brighter hope.
a) Have you set up a monthly budget ?
b) Do you have an emergency fund of at least 6 months of your monthly salary ?
c) When is the last time you have review your financial plan ?
For more tips and educational resources on personal matters, you may visit MoneySENSE website at www.moneysense.gov.sg.
6 months ago
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