Reduce your own expenses during this period
If your income has been cut due to the company having to reduce employees’ salaries, you will need to cut on costs during this period. With many non-essential shops closed due to safety measures, it should be much easier if you only spend on essentials only. Also, it would be good to limit your online spending, be it on entertainment or unnecessary home delivery food.
Given the inconvenience from crowding measures and entertainment outlets, it would take some self-control to not overspend given the stressful situation these few months.
Embark on a study program
Consider taking a study program to learn the ins and outs of working of your own industry. For most businesses, an additional diploma or degree will give people access to employment as well as finding out other employment opportunities that could be available in the industry. The more training a person has under their belt, the more likely they are to land a job that they will feel at home with.
One can also consider using a diploma or course to switch to another career path. This is beneficial as the more information you know about that industry, the less rocky the transition will be. There are many options for online courses, and for Singaporeans, they can use their SkillsFuture credits to take up courses.
If a person cannot get an educational diploma course because of their financial situation, they can consider university scholarships that are tied to university programs. Alternatively, they can take up a bond or study grant.
If you are searching for a study loan or grant, the amount of money that a person can receive will vary depending on the type of grant they are searching for. Some companies will provide grants that cover all of the costs. Otherwise, you can consider taking up a bank loan to finance it.
Helping your employer’s business
If you are working for a business, you can consider ways to help your employer cut costs. The first thing to look at is the financial health of the company. Next, the financial health of the projects the company is doing.
Next, your boss can get a grant for the business to help with some of the costs of running it. These grants are provided by the government and one can find more information online. This will help to determine what kind of financial assistance one needs.
If the company you work for has operations in different sectors, then it might qualify for several grants, which is beneficial to supporting the company. For instance, if a food business needs to install home delivery software to deliver its food, it qualifies for not just assistance as a food business, but also assistance for adopting new technologies during this period. Take advantage of this period to help your company kickstart its business if it has not done so. One way to do so is with FirstCom Ecommerce Website Development in Singapore.
Covid19 has thrown a curveball at everyone and whether as an individual or as part of a larger organization, it will be trying to get through this period. The good news is that grants and assistance are available for people and businesses who need them, and they are readily available for our benefit.
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