What financial product or tool do you find the most important to you during this COVID-19 period? - Seedly
Seedly logo
Seedly logo
Ā 

Lifestyle

Payments

Credit Cards

COVID-19

Anonymous

Asked 3w ago

What financial product or tool do you find the most important to you during this COVID-19 period?

Is it your credit card? Insurance plans? Share with us why!

0 comments

4 answers

Answer Now

Answers (4)

Sort By

Tay WenHao
Tay WenHao
Top Contributor

Top Contributor (May)

Level 7. Grand Master
Answered 3d ago

To me, not much difference. Life goes on as per usual. Spending on necessity, saving up for investments, monthly DCA.

On side note, I also reviewed my insurance quarterly. Abit overdoing it but good to keep up with the market.

0 comments

šŸ‘ 0
Amanda
Amanda
Level 5. Genius
Updated 3d ago

Like many others, one of the most useful tool for me is health insurance! Even though I am relatively young, I have been hospitalised twice due to a bacterial infection and food poisioning. It would have been a burden for my parents back then if I didnt have health insurance as they were going through a tough period of time. So I was very glad that they actually purchased health insurance for me ever since I was born.

Especially during this period of time, getting hospitalised will not be cheap. So having health insurannce is very impt!

0 comments

šŸ‘ 0
Boon Peng
Boon Peng
Level 6. Master
Answered 3d ago

The most important financial instruments are my savings and my health insurance. In the event that something bad happen, there are these two vehicles to tide me through. I think they are self explanatory. Now, given the crisis, I am wondering if my 6 months emergency funds are too little. As of the credit card, I doubt they are useful for my case given this difficult period. I should be spending less rather than spending more.

0 comments

šŸ‘ 0

Firstly, without a doubt, healthcare insurance. This is the by far the most important product to have. While the Government may be covering for the inpatient hospitalisation bill, there may be other outpatient tests and treatments. Therefore, a proper healthcare insurance like an integrated shield plan is crucial.

More Details:

Integrated Shield Plan Singapore: A Starter's Guide

In the second place will be cashflow. As always, know yourself before you can improve yourself. By having a proper understanding on our cashflow, we know how to manage it and set aside funds for this crunch.

More Details:

Understanding Your Personal Cash Flow

I share quality content on estate planning and financial planning here.

0 comments

šŸ‘ 0