People are now travelling more than ever, especially if their financial ability (not to mention annual leave) permits. Reports show that Singaporeans are spending more on their overseas travels. According to the latest Household Expenditure Survey, the average monthly expenditure on overseas travel increased from $260 to $340 since the previous survey was conducted between 2012 and 2013.
However, due to the ongoing coronavirus outbreak (Covid-19), a lot of your travel plans for the year have been postponed or cancelled.
One less overseas trip could mean a few extra hundred dollars in your bank account. With your plans now put on hold, now is a great time to focus on your financial wellbeing. Not only do you have the money saved, you also have extra time on hand (and legit reason) to actually plan your finances.
So, here’s presenting 10 financially prudent things you can be doing with this extra money saved thanks (or no thanks) to Covid-19.