Many Singaporeans are now, more than ever, learning how to stretch their finances. With a majority of them getting laid off from their jobs and others getting salary cuts due to the outbreak, they are being forced to look for other means to take care of their families. Early when the virus hit, the number of people who were losing their income or getting their salary deducted was increasing day after day – the employment rate later bounced back but hasn’t gotten to where it was before the pandemic. It got really ugly where some of them were even forced out of their homes for lack of rent, and others went hungry for lack of food. We can’t say that things have gotten any better, but at least there is hope. But if you are one of those who lost their income, there are few solutions that could help you temporarily take care of your current situation. They include;

Taking advantage of the government benefits

If you lost your job, the very first thing you need to do is to file for unemployment. Apart from enjoying your state benefits, the rescue packages offered by the government ensures that you have money to at least take care of the basic needs of your family.

Prioritize your budget

With your limited finances, now more than ever, you need to prioritize essentials such as food, medication, and rent over everything else. In fact, you need to cut down unnecessary expenses. You can then decide to take a loan, especially one that is backed by the government, to cover some of these bills.

Seek help

This is where your family and friends, or even your previous employers come in handy, or as many like to think of it as a way of seeing who can help you when you are in need. Now, you need to determine those that can give you a financial lifeline. It might be embarrassing to ask for help like this, but let’s face it, you really need help, and it’s time for you to shed that feeling and do what is needed to keep your family alive.

If necessary, tap into the retirement accounts

While it is not recommended for you to tap into your retirement funds, we have to admit that sometimes you are left with no choice. After all, uncertain times call for extraordinary measures. So, you can make a withdrawal from your retirement account to cover your bills and then make a plan on how to repay after the pandemic is over. Your family still needs to eat, and so, if this is something you have to do, be confident about it. And if you collaborate with financial experts, maybe you can ask for advice from them before making your decision. What’s more, if you are working with a small business, enquire with your employers about enrolling for the Payroll Protection Program, such that, just in case the business receives relief money from the government, your pay might be reinstituted, and so you will be able to pay back to your retirement account.

Lastly, think about taking temporary work while you look for something permanent. This is the point where you tell yourself that you have to do just about anything to put food on the table. And if you have the skills, why not consider utilizing them somewhere else in the meantime.