I am anxious about the global financial crisis which is currently hitting us today. At first it just seemed like a temporary phase, one which would turn around again once the US presidential elections are over (Obama & Biden; Democrat FTW!). Initially it affected us only when it came to changing USD to SGD, as the rates had plummetted from an average of 1.5 to 1.3 = less SGD, less spending power.
This may all come off as superficial, about me having less to spend, but maybe I’d like to keep it that way, instead of everything being turned topsy turvy on a major scale. That this is all because of the instability in the US, or some corruption in major financial markets but everything’d turn out fine. That we wouldn’t have to worry about inflations or recessions, terms which were once so alien to me merely five years ago. Or even if we did slip into hard times, Singapore’d be ace enough to pull itself and its economy back up, asap.
But then came the announcement today which made Singapore officially a victim of the recession. To be more precise, the first Asian country to declare its economy in recession. The GDP has been declining at an alarming rate, but because of
(a) its heavy reliance on tourism & trade, and
(b) the global financial crisis which are affecting key export markets in US & Europe, Singapore is so sensitive to any negative effect on foreign markets, even tiny slips.
And boy, the slips aren’t tiny this time round.
To put it simply, this would put Singapore in a stage of inflation, and God help us, its not like things are exactly cheap here anyway. Every day expenses which we all take for granted may go on the rise; I’ve already received a text reminder from Father about buying what I need now, and not what I want. This goes for household needs to – buy what I may actually use, not just chuck into one corner of the cabinet/fridge.
I am just glad the materialistic side of my Birthday has been more or less fulfilled.
A line from a blogger friend of mine, “tomorrow’s hundred dollars could be worth today’s one dollar“, really put things into almost accurate perspective.
I have to start prioritising.
This literally means cutting down on unnecessary expenses of any kind, especially specialty goods (I can’t go cold turkey all at once so its a start). Doing up a list for grocery shopping so I won’t end up mindlessly grabbing things off shelves. Possibly making my own brown bag lunches again like I did the last year.
Now that Dad isn’t employed yet, things have got to be tight and I’ve to make a change in my lifestyle; it’s not an option. I pray all went well for the interview and even at this moment, his name is on the top of their “To Hire” list. I can’t even think about going to France right now, what more going on a tour around Europe before actually settling down into an apartment there. Seriously, I don’t like or want to be the sourpuss here but if its no problem for you then by all means, go ahead. I’m not being prudent, I’m being practical.
The only upside of the financial crisis we’re facing now that I can think of is that with the Euro weakening, it’d be cheaper to change some of my SGD now, no?