In these hard times when money is hard to come by, the last thing you want to do is pay the banks 24% (or even 8%) interest on any sort of debt when they’re only paying you 0.0000005% interest on your savings accounts!
(This is Tip #4 in the Surviving The Recession Financially series)
(This is Tip #1 in the Surviving The Recession Financially series)
Now that the recession has hit, most of us will find the most intuitive thing to do is to cut back on our expenses. To me, cutting expenses is important, but it’s not the first step.
So the recession is here, and the banks have started to lay off staff. The boom days have come and gone, with us in its dust. The STI has fallen by about 50% from its all-time high. How do we best prepare ourselves for the days that follow? What are YOU doing?
I don’t know what’s the deal with Singaporeans, but most of us seems to love owning stuff. We buy all kinds of things, (almost) always first hand. And one fine day, usually several years later, we end up throwing them out due to lack of use. I’m guilty of this myself with sports equipment. =p
Ah, the world financial markets are rockin’ and shakin’ and you have no idea what next year brings. Osama bin Laden is still at large (and so is Mas Selamat) and really, there’s no reason to be happy. But what you do know is you’re getting your year-end bonus real soon!
We'll not exist without them.
