We’re living in strange times right now, depending on where you are in the world, your life is probably being somewhat affected by the coronavirus that’s doing the rounds right now. In some countries there have been total shut downs, meaning only essential workers are going to work, which has obviously meant a lot of extra stress for families. Whether you’re affected right now or not, it is an important time to get your finances in line. Here are my top 3 financial tips for 2020 that you can implement.

1. Only Work With Licensed Money Lenders
To be a licensed money lender you have to meet certain requirements, meaning that it affords the clients an extra level of security. No one wants to find themselves in a situation of needing to borrow money, but this is going to become more common over the next few months as the impacts of the virus compound. If you find yourself needing a short or long term loan, you’re going to want to make sure you’re very specific about who you borrow for as it can influence how much you end up paying back in the long term. Check out the Top Licensed Money Lender in Singapore for more information.

2. Cut Back on Luxuries
Unfortunately, right now is not the time for that new handbag or that expensive overseas holiday. The truth is the economic stability of the world is slowly crumbling away, meaning that you’re going to want to have as much liquid money as possible, so that you can take advantage of any opportunities that arise and also to cover any lost income you might endure. Cutting back on luxuries is a sure fire way to get more money in the bank and if you come out of this situation unscathed, then you have more to spend later!

3. Diversify Your Income
If you haven’t already, you might want to look into multiple of income streams. If you already work full-time, that might mean taking on some additional part time work or a side-hustle. Working online can be a great side hustle because it means you can do a few hours each night, especially if you find yourself with a flexible contract. If you have a specific hobby, you might want to see if you can make it profitable. Such as using your love of knitting to open up an Etsy store, or your love of photography to launch a wedding photography business. Having an extra income stream will help you save more, but also help you weather any situations where your normal income drops. The more streams of income you have, the more financial security you will have.

2020 is shaping up to be an interesting year, to say the least, use these tips to stay ahead of the game and ensure your financial security.

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