5 things you should do if strict MCO is to be imposed again
Health director-general Dr Noor Hisham Abdullah advised the public to stay at home following a surge in the number of Covid-19 cases in the past week. If the Covid-19 cases kept increasing, there is a chance that the strict MCO is to be imposed again.
The followings are the 5 things you should do for your finances if this happens:-
- Make sure you have at least 6 to 8 months emergency fund – economy is going to get worse if the lock down happens again. Jobs and businesses will be hit again. Therefore, larger emergency fund is required to cater for the unexpected events.
- Postpone all big purchases – if you are thinking to upgrade your car or house, please re-consider the big decision. Even though the interest is low at the moment, things might happen that can reduce or stop your future income streams. Assess your finances well before any big purchase.
- Track and reduce expenses – cash is king during the pandemic period. The more cash you have, the more secure you will be. While being lock down at home, you shall start tracking and reduce your expenses to save more cash.
- Look out for good investment opportunities – if the strict MCO is to be imposed again, the share market will most likely drop drastically too. Look out for good fundamental stocks / unit trust funds to invest during the market crash. Property market may lag compared to share market, hence the property price movement may come later.
- Upskill – the workforce / business market is going to be competitive during tough time. Hence, it is important to equip yourself with more knowledge and skill so that you can sustain better. Take the chance to learn some new skills if you are forced to stay at home again.
In conclusion, prepare more cash in hand for better investment opportunities and for security. Stay safe always during the difficult period.
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