By Geoff Tan

With markets worldwide being battered mercilessly by the ongoing financial turmoil, many Singaporeans have been left shell-shocked after seeing their savings and investments depreciate faster than an F1 car on its home stretch.

Inflation continues to rise, while GDP is heading in the opposite direction. The unemployment rate is predicted to escalate, with companies gearing up for cutbacks.

The overall sentiment is less than positive, and consumer confidence has been shaken.

Couple this with the increase in electricity tariffs, the introduction of more ERP gantries, and certain fixed-line charges going up, and it is no wonder that many people are taking things into their hands and employing creative ways and means to cut back on their expenditure.

At the same time, they're seeking out cheaper ways to fulfil their everyday needs.

Someone mentioned to me just the other day that she recently noticed her neighbour's maid making daily trips down
to the changing rooms of their condo's swimming pool to take showers.

Another friend admitted to me that he frequently charges his laptop at a nearby cafe or fast-food joint.

Yet there are others who, I was told, wear their work clothes for an extra day before throwing them into the wash.
This reminds me of my stint in National Service, where we were taught to turn our undies inside out to maximise usage.

However, I was reminded recently that drastic belt-tightening measures executed en masse will only drive us towards a self-fulfilling prophecy in the form of an aggravated economic downturn.

At a meeting last week, my boss went on an animated spiel about how we should continue spending if we could afford it.

With personal consumption forming one of themajor components of GDP, every knee-jerk reaction to cut back on our spending will only serve to affect GDP negatively.

I suppose he's right - I guess if everyone goes from eating out to cooking instant noodles at home, the economy has no other way to go but south.

And to lead by example, he continues to dine at his favourite restaurants and imbibes a range of premium wines.

In tongue-in-cheek fashion, he calls this his one-man crusade to help curtail the onslaught of the doomsayers' predictions.

On the one hand, he encourages those who can to spend. On the other, he recognises the need to offer the lower-income ideas on how to get the most out of every dollar.

So, if you are in a position to lend a hand to ensure that the wheels of the economy are constantly turning, I encourage you to do so. This will keep businesses alive and, as a result, preserve jobs.

If you are running a commercial enterprise, you may want to consider cutting your margins to help consumers continue to be able to afford your products.

As you can see, everyone needs to play a part in rallying around Singapore Inc.

Singapore is our "lucky country".

Let's do all we can to keep it that way.

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