Last Updated on May 2, 2022 by Chin Yi Xuan

Dear friends,

Some of you may not like to read this but I hope you can read on.

The growing number of Covid-19 cases recently is worrying. We’ve managed to flatten the curve from June to early September, but as you can see below, we are revisiting March – April level of daily cases lately.

Source: Google Search

Let’s be realistic: 

There is a need for us to financially prepare for another round of outbreak. Here are some actions that we can take:

1. Build Up/Replenish Your Emergency Fund

Now’s a good time to revisit your emergency fund and see if it is enough to sustain your lifestyle in case life takes an unexpected dip in the coming months.

Whenever possible, maintain at least a 3-month (or more) emergency fund buffer for peace of mind.

I’ve written an article on building an emergency fund. Check it out HERE.

2. Review Your Personal Finances/Reduce Non-Essential Expenses (and protection)

It’d also be wise for you to give your personal financial state a thorough review. 

What are some of the expenses that you can cut down (eg. Subscriptions)? Are you still paying for any insurance plans that may be overlapping or obsolete at this stage of your life?

In short, it is time to seriously cut down on unnecessary expenses.

3. Review Your Investment Portfolio 

If you have been involved in the stock market for the past months AND you do not know what you are actually doing, it’s a good time to re-evaluate your approach.

Luck can only stay with you for that long. 

4. Be very careful about taking up new financial commitment

Mortgage & loans may seem cheap right now – ASSUMING your earning power is still the same for the next few months.

What if life takes an unexpected dip (a.k.a. Pay cut/retrenchment)? 

The point is, be careful not to burden yourself with unnecessary new financial commitments unless you have some buffer in place.

5. Increase Your Income

Selling pre-loved or unused items on platforms like Carousell is a good place to start.

BONUS: If things seem overwhelming to you, seek help.

First thing first, there’s nothing wrong to get help with your finances. 

Personally, I have engaged a personal financial planner to assist me in my personal finances since late last year and it has been extremely helpful for me.

A personal financial planner is MORE than just insurance. It involves things like asset management, investment, estate planning, and yes, insurance, and more. 

Like myself, I’d highly recommend for you to engage one to get your finances in place. 

I’ve written about my experience working with my own personal financial planner, and you can also get a consultation session absolutely FREE today. More details HERE.

Wishing you the best, and stay safe!

p.s. I am writing this on impulse because I have a strong urge that people need to read this. Hence, please understand that this is NOT a comprehensive list. Some ideas may or may not apply to you depending on your situation, but feel free to take what’s useful to you.

p.p.s. Do you have any other ideas on how to prepare financially for another round of outbreak? Please share with me at the comment section below – I’ll update the article accordingly so it can help more people!

p.p.p.s. Share this with your friends & family members if you think they can benefit from this reminder! 


Chin Yi Xuan

Hi there! I am Yi Xuan. I am a writer, personal finance & REIT enthusiast, and a developing trader with the goal to become a full-time funded trader. Every week, I write about my personal learnings & discovery about life, money, and the market.

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