Forum: Saving for a rainy day is important

PHOTO: ST FILE

The foresightedness of saving for rainy days has enabled Singapore to ride out the perfect storm.

The storm is by no means over and even more reserves might have to be tapped if things continue to worsen.

But the lesson learnt is clear - whether it applies to a country or an individual, the need to save is important.

No one should walk out of this storm when it is finally over thinking that the sun will shine always.

The dark clouds of Covid-19 came upon us within just a month or two and quickly enveloped the whole world.

I hope working adults of the younger generation will learn from this unprecedented event and save for rainy days the way I did when I was young.

I know the willpower it takes to resist buying the things one yearns for. Young people must wean themselves off the habit of spending on credit.

Phillip Tan Fong Lip

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A version of this article appeared in the print edition of The Straits Times on May 29, 2020, with the headline Forum: Saving for a rainy day is important. Subscribe