• Shaun Kwan

Money Management Tips during Circuit Breaker

Hello readers! This post is done in collaboration with Filos Community Services ( to support their Mothers Group. These tips are also applicable to everyone else too, so hope you will enjoy and gain from this read!

The Covid-19 situation took us by surprise this year, affecting many countries around the world, including Singapore. Many social and economic issues have been highlighted since the start of the virus spread here.

For many Singaporeans, beyond the inconvenience of staying, working and learning from home; personal financial concerns have also arise: mainly the sudden change in income and expenses. Thankfully, the government has backed the country with a timely financial support package. The government has taken the necessary actions to contain the virus and provide financial support to businesses and Singaporeans. So what now? We have to be responsible for our own personal finances as well!

It is important for us to manage our money well. So here are some simple tips applicable to everybody! (You can watch the video as well!)

1. Calculate your INFLOW

This can come in for form of Income / Financial Assistance / Government Support.

Find out what government support you are entitled to.

2. Write a list of your NEEDS

These are necessary expenses for survival, list out how much they would cost as well.

3. Look into your WANTS expenses and see how you can cut them down

Look out for recurring WANTS expenses that take away our cashflow every month!

4. Have a trusted buddy for accountability, encouragement, and tips!

Share ideas on cost savings for household necessities

5. Withdraw physical cash and set them aside for weekly use if you are not ready for cashless payments

Build up financial discipline before looking out for cost savings via Cashless payments

The convenience of Cashless payments can cause overspending!

6. Gather with your loved ones to discuss money management as a family

Income is shared among the family members' NEEDS and WANTS. Everybody has a part to play!

7. Have financial goals to work towards!

Financial goals motivate us to stick to our budget.

8. Start looking to expand your income potential

Upgrading skills, looking for job opportunities, taking up additional side jobs.

Do visit Filos Community Services at their website ( for their amazing work and how they are serving the community! You can also sign up as a volunteer with them! (

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