One-Stop Essential COVID-19 Guide with MoneySmart

It had been 4 months since Covid-19 hit Singapore's shore.

During this course of 4 months, our lives had practically spiralled into a topsy turvy world. From home-based learning to work from home to circuit breaker, Covid-19 had thrown us curveballs like no other experiences we had before.

We have many Questions but where are the Answers? 

Source: Moneysmart

There are many what-if scenarios presented to us at one go. Here are some of the situations you might face during this Circuit Breaker Period

• What to do if we get infected?

• What can we do if our incomes get impacted?

• How to save on higher groceries and utility bills during this period?

• What if we cannot service our debts? What to do if we need emergency funds?

• Would our investments get affected? What are the opportunities for long term investments?

MoneySmart Covid19 Survival Guide

With a barrage of questions, it will be great if we can find a website that collates all the essential answers in one easy to read format. 

Our prayers were answered. Rather than searching high and low for the answer we seek, we found the MoneySmart Covid-19 Survival Guide. 

It is a useful resource for our numerous queries during this Circuit Breaker Period. The guide provides useful nuggets to help us navigate the bombardment of Covid-19 related news over the past few months.

Surviving the Circuit Breaker

After almost 8 weeks of Circuit Breaker, we are finally seeing light at the end of the tunnel. However, during this period, we found our grocery and utilities bills increasing. Going forward for the rest of the year, this would likely to continue as we would prefer to stay home rather than dine out.

For us, the added cost had been a concern, especially with grocery. During this period, our grocery budget had inevitably increased by threefold. One of our ways to save was to use credit card rebates. If you are looking to do the same, the survival guide will show you how to get the right card to maximise rebates.

What if you get infected?

For many of us, the thought of getting infected weighted on our heads. Given the high medical cost, we often wondered if we need to foot the medical bills associated with it. Another worry was that the quarantine period, as a result of infection, might affect our income. We were concerned if anything can be done about it.

Using the guide, practical information such as a summary of Covid-19 healthcare costs can be found. You could also find useful information on Health insurers that provide free Coronavirus coverage as well as 24 hours clinics rate and charges. All this wealth of information is handy in times of emergency.

What if you lose your income?

 Most of us may face an impact on income during this period. It does not matter if you are an employee or self-employed, there will be a chance of pay cut, force leave, loss of income or loss of a job due to the impact of Covid-19.

Thankfully, the Government had provided policy measures to aid us through this period. Given the amount of aids, it is quite mind-boggling to search for the policies that will benefit you directly. We use the Survival Guide to check which scheme we might be qualified for. 

The good thing is that information is well organised in accordance with your employment. It lists out all the schemes that are available under one page, so you need not toggle between different websites to get the information you need.

How to deal with Debit & Credit

With the loss of income, some of us would have difficulty coping with payment of credit facilities such as credit cards, home loan payments or car loans. This guide provides you with practical information on how you could deal with debts and credit.

In addition, should you require more cash or intend to save more on existing loans, there are recommendations for personal loans as well as refinancing of existing home loans. We use the guide to compare the housing loan rates for savings so we can have the option of refinancing our home loan to reduce expenses if needed. If you are in a similar position, you would find this most useful and may end up saving a decent sum every month through refinancing.

Should you start Investing?

The recent market correction had also prompted us to assess our financial position and plans for retirement.  For many, starting on the investment journey might be daunting due to lack of knowledge. If so, you might want to read up more on investment.

The survival guide provides a useful mini guide on investment. It is great for beginners looking to start investing in Singapore.

During these unprecedented times, it is good to have someone by your side to guide you through the many questions that would impact you and your family. With MoneySmart Covid-19 Survival Guide, at least we have a viable option to turn to for our essential questions and the access to the answers we seek.. It is one guide we highly recommend one to suss out during this period.