Financial wellbeing in a pandemic: Spending habits & saving money
A rocky economy, salary cuts and instability has made us all rethink our spending habits. Here’s how we’re shopping right now
Text: Kritika S
The pandemic has undoubtedly caused unprecedented damage to the global economy. Closer to home, most of us have readjusted our spending habits accordingly and peak at our bank balance gingerly with one hand shielding our eyes. Some of us have found ourselves shopping and buying more, others have found new and inventive ways to get by on less money due to salary cuts or unemployment. Either way, the past year has forced us to become accountable for our own financial wellbeing.
As a nation, we’ve experienced the worst economic recession in Singapore's history, but accordingly to the Business Times, Singapore’s unemployment rates eased in November last year for the first time since Covid-19 hit. Economists see this as a promising sign of labour market stabilisation, but we have a while to go.
We spoke to women in Singapore aged 20–40 to understand how spending habits have changed and what we’re buying more or less of. Although costs range across food, wellness and retail, at least 90 percent of the women concluded that despite salary cuts they were saving more money than pre-Covid times. The reason for this appears to be due to the obvious lack of travel opportunities, which used to significantly eat into our bank balance. However, there are plenty of other areas where women have revamped existing habits. Read on.
How we’re spending and saving money during the pandemic
Books, books, books
“I lost my full-time job last year so I no longer have a regular income. When I do get paid for freelance work, I treat myself to a new book rather than embarking on a major shopping spree. Sometimes I find some great classics on Carousell such as Untamed by Glennon Doyle and Such a Young Age by Kiley Reid. I used to spend a lot of money on going out for drinks, but now a Friday night with a glass of wine and a new novel at home — with no FOMO whatsoever because everyone is indoors —is a dream way to spend an evening.” Josephine, 39, journalist
No more fast fashion
“I’m spending a lot less on clothes and jewellery in general since there’s much less need to go out. The pandemic has made me a lot more conscious of my spending habits which can only be a good thing. Previously, I would spend quite a lot of money on fast fashion, which is of course not sustainable, nor cost effective. Now, I prefer to buy one or two key pieces of clothing a month that are little more expensive”. Olivia Burton, 26, public relations senior manager
Home is my haven
“Like many people, I caught the baking bug! My money went towards baking ingredients and then on products that helped with organising the home seeing as we’re there so often. My husband and I also started ordering food in a lot more rather than eating out. With fewer vacations and less nightlife, which was the main bulk of my non-essential spending, we’re saving a little more than pre-Covid.” Angie Ng, 35, museum docent and artist
Exploring new nightlife
“The lack of travel overseas has led to more liberal spending when meeting friends. I used to holiday frequently, but now I use the money saved exploring new F&B spots including hip cafes and cocktail bars that have opened since the pandemic started such as Esquina, The Winery @Chijmes, Tanjong Beach Club, Gibson and eating options at the CBD.” Emasha Silva, 28, banker
Getting wellness in check
“I’m spending a lot more on wellness products and services such as meditation app Omvana, protein supplements from the Protein Bake Shop, personal training at UFC gym and several haircare and skincare products. If there was ever a time to pamper yourself, it’s now!” Almitra Gupta, 30, lawyer
Care packages
“I’ve been spending more on gifting and care packages for friends and family as a way of showing them that I care and think about them, especially if they’re going through a hard-time. I bought a couple of floral bouquets from Flower Chimp and ordered cinnamon rolls from Guilt Free Food that specialise in guiltfree sweet treats in Singapore.” Sulfiya Lim, 32, banker
Filling up on fresh produce
“I live with my husband and small child and our expenditure for groceries has reasonably shot up since the global pandemic hit. I like finding fresh produce from Tiong Bahru market or Hubert’s for meats rather than eating out. I now cook at home or invite people over more often. I also found a really good website that delivers fresh fish and seafood called ‘Tankfully Fresh’.” Adeline Shih, 37, Senior VP, Malaysian financial institution
More yoga
“I had a baby girl during Covid so I’ve been spending more on better ingredients to cook with for the little one as well as enrolling her into multiple classes. I’ve also been doing more yoga to get back in shape.” Divya Kedia, 32, entrepreneur and mother
Cleaner eating
“I’m definitely spending extra on groceries and beverages to entertain friends at home. I usually buy my groceries and drinks from RedMart or do takeaways at salad shops and cafes such as SaladStop! or Carrotsticks and Cravings. I’ve also become a big advocate of clean eating and have switched to a healthier diet — constantly exploring new recipes from my F45 Challenge app.” Samantha Hum, 35, sales manager
