Hoard cash, not toilet paper, to tide over crisis

If one is truly serious about building a cash reserve, the writer's advice is to "save until it hurts". That means being bold in setting a high amount to be put aside monthly, such as half of one's salary.
If one is truly serious about building a cash reserve, the writer's advice is to "save until it hurts". That means being bold in setting a high amount to be put aside monthly, such as half of one's salary. PHOTO: IRAS
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Instead of hoarding essential items whenever a crisis happens, people should develop a habit of amassing cold, hard cash.

Indeed, all working adults should have sufficient stockpiles of cash, not kept in stacks of notes together with the groceries in the bomb shelter, but in fixed deposit accounts with banks.

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A version of this article appeared in the print edition of The Sunday Times on March 08, 2020, with the headline Hoard cash, not toilet paper, to tide over crisis. Subscribe