Protect and grow your money in times of crisis (Part One)

Financial coach Chinkee Tan shares expert advice on money management to recover from a financial setback.

First, create multiple sources of income. This can offer you financial protection and security in times of emergencies. The pandemic has shown that multiple income streams are now a necessity.

Tan suggests exploring different business ideas in essential items like food or in-demand services like deliveries. You can also look for online job opportunities that are compensated fairly and work with your schedule, skills, and interest.

Second, build your emergency fund. This is your safety net to cover unexpected financial expenses like medical bills or a sudden job loss.

Tan advises to save at least 6 to 12 months’ worth of monthly expenses, including all essential household expenses.

You can always start small when building your emergency fund. The important thing is to continue adding to it until you reach the necessary amount.

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