Penny stresses that as young parents they should re-look into their insurance coverage to make sure that it adequately covers their loss of income and the added financial responsibilities of their dependents. “I have seen parents who get more insurance coverage for their children over themselves which is understandable but puts the cart before the horse. In fact, by using a mix of insurance products on the market they will be able to get sufficient coverage for themselves and their children.”

Another perspective to consider is who are your dependents and what is their financial situation? As you plan for your financial future, you need to also keep in mind those that depend on you for support.

Sit down with your partner to discuss your financial plan. For big purchases, you can always create a system or use an app to track the progress of saving up for it. It helps build anticipation while keeping you accountable!

“Communication is key,” Penny goes on to explain, “Coming up with a budget together and being open about your spending habits with each other can be encouraging and conveys a mutual sense of ownership over the big purchase that you get together.”

The priority at this point though should be clearing up any debt that you and your partner have. Penny emphasises, “Each client’s needs are slightly different but typically I recommend that clients prioritize clearing their debts before making major life decisions like starting a family or buying a home.” For young people who are struggling to cope with debt, it is essential that they review their financial goals. And if you are struggling to save up for a home or to start a family, you might need to reconsider the size of the home, the location, or how many children you want to raise.

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If you are overwhelmed by the financial decisions you should be making, then take this one basic tip into consideration and go back to the basics. Penny shares that many young parents she meets are not financially prepared for their children’s education. She’ll typically suggest going back to the fundamentals of 50-30-20, where they are able to understand their financial situation and then make adjustments.

While retirement can seem like a long way away, it is absolutely essential to begin planning for it. Many people assume CPF Life is good enough but they have not accounted for inflation. Even with the Minimum Sum fulfilled at your desired retirement age, can you guarantee that it will be enough to see you through your retirement years?

Penny explains “In your 30s, a lot of people would have either bought a property or are looking to get one, which is a large financial commitment. Balancing mortgage payments and other debts while looking ahead in terms of retirement planning is essential.”

Building your savings fund as a couple also means you get to enjoy it together with you and your family. When it comes to investments like housing and retirement, Penny advises, “In terms of housing, it is a good idea to discuss how much each partner should contribute towards mortgage payments. It is good practice to make sure that both partners have some money set aside for retirement individually.”

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