1. Budgeting – Budget, budget and budget!
The article suggested this is a time to be more prudent in household budgeting and spending less on unnecessary items such as “spending less on buying ice-cream or going for holidays”. I would not recommend making drastic moves unless your financial situation has changed substantially such as a suffering from retrenchment.
My recommendation is to adopt a “play to win” approach such as committing to a “forced savings program” such as insurance policy, endowment plan, regular investment plan that ensures you will save first before you spend. For example, if you commit to “force save” 20% of your income, your spending can only affect the remaining 80%. Some will save more of the 80% while others will spend more of the 80% but the end result is still the same – you have paid yourself first.