Sleep well at night with a financial emergency plan
Even in times of peace, it's useful to have a financial emergency plan should something happen to you, your income, the economy or on the geo-political front. 'It is always wise to have an emergency exit plan, but maybe now is a good time to get it in place,' says Carol Glynn, a personal finance coach and mentor. 'You don't need to live in fear, but you do need to be ready.'
Cash is king
One of the top tips is to have cash at hand, not just in times of emergency but as a general rule. Experts advise to make sure you have 3 to 6 months of expenses in cash savings. This will help protect you due to a job loss, illness or having to leave the country to take care of an elderly parent, for example. There are plenty of high-interest paying bank accounts available. Mashreq NEO is paying 6.25 per cent interest when you transfer your salary to its account, while WIO is paying six per cent. Healthy competition among banks is good for consumers.
Overseas account
Taking it one step further, advisers say it's also good financial planning to have cash in an overseas account, typically your home country (preferably not in the region). 'Know how to transfer money to it fast. Know the password, have the account set up as a beneficiary, know the maximum transfers limits, practice transfers every so often,' adds Cronin. 'In challenging times, liquidity is your friend. Bank accounts and stock fund portfolios are in, locked-up fixed deposits, end-of-service benefits and real estate are out.'
'Although I've never needed it, it is wise to have some cash kept with your passport and important documents. I would recommend deciding on where you would fly to if you were to leave in an emergency and having enough to pay for a flight to that location, along with some living expenses. You can then access your overseas account when you are settled,' adds Glynn.
Diversify
Diversification means spreading your money across different assets – having some in cash, some in stocks and shares, some in property and maybe some in commodities like gold. There's also a need to diversify within each asset class. For investment funds, this means spreading your money across different sectors and countries (geographic diversification). 'Don't keep all your investments or assets in one country. Consider allocating some of your portfolio to global markets via ETFs, property or international savings accounts,' says Glynn.
Within cash, you should think about currency diversification. This could mean keeping some savings in currencies like USD, EUR, GBP or INR to mitigate the risk of any local currency restrictions. 'Have accounts in countries outside the region of conflict so if the worst happens and local accounts become inaccessible, you can still have access to cash. While conflict makes diversification more important than ever, it also reminds us that financial safety is not just about growing wealth, it's about preserving peace of mind,' adds Glynn.
Property
Given how illiquid property is (it takes time to find a buyer and sell) there's not a lot you can do when it comes to emergency financial planning. 'You cannot sell a property in a hurry very easily, especially if everyone else is rushing for the exit,' says Cronin. However, there are other measures you can take. If you have a mortgage on your property, speak to your bank about what happens to the payment plan in a situation where you may have to leave the country. 'Will they freeze the obligations or will they expect mortgage holders to continue to pay and penalise those who don't,' asks Glynn.
Gold
It's always been known as a safe haven in times of trouble, and gold has recently hit all-time highs. HSBC has raised its 2025 average gold price forecast to $3,215 an ounce from $3,015 and its 2026 forecast to $3,125, citing elevated risks and government debt.
'It's the one thing that tends to go up in times of crisis. Oil also, but I wouldn't recommend investing in that - too volatile and your life in the region is linked to oil anyway,' says Cronin. You don't need to buy physical gold as there are many funds that invest in gold, so you own it indirectly. For example, the iShares Physical Gold fund is easy to buy via a brokerage.
But Cronin warns of two caveats. 'Gold is at an all-time high right now, so you are buying in right at the top. Gold is really volatile, it can crash down and stay down for multiple years. So know what you're getting yourself into.'
His final words: 'The region blows hot and cold. Next week, bombing raids might be all forgotten about. But they serve as a reminder — be prepared.'
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