3 Ways to Secure Your Finances as a New Parent in Singapore

1. 3 Ways to Secure Your Finances as a New Parent in Singapore Becoming a parent for the first time is truly exciting. You simply can’t wait to meet your little one face to face after  months of preganancy. The years to come will be spent nurturing and caring for your child who is truly the closest person to your heart. You would want everything to be the best for them – from their access to education to the best in healthcare which requires a good deal of financial planning and decision making. As a soon-to-be mommy or daddy, you might be stumped wondering how and where to begin with all your financial planning. Don’t worry. Read on for 3 ways by which you can truly secure your finances as a new parent in Singapore.

2. Purchase adequate insurance • Insurance is one of the most vital financial products you will ever purchase. Having adequate insurance will prevent you from draining out your savings when expenses crop up. Make sure to purchase life insurance and health insurance (Integrated Shield Plan) for yourself and your spouse, if you haven’t done so already. This is because you need to secure your baby in case anything unfortunate happens to you. Apart from this, invest in other forms of coverage specific to parenthood - such as maternity insurance and newborn health insurance - so that your child truly gets the best in healthcare.

3. Increase your emergency fund • You probably already have an emergency fund that you can use in time of need. However, the impending arrival of a baby will necessitate an increase in the amount that is saved up. The standard saving of around 3 to 6 months’ worth of income may not suffice. Calculate the additional expenses that will set in upon the arrival of your newborn and start building up your emergency fund as soon as you can. These expenses may include the costs of baby products, salary for domestic help at home, infant clothing and diapers, and so on.

4. Opt in for savings plans • Savings plans can truly help to grow your wealth and allow you to plan your finances for long-term goals. For instance, if you wish to send your child overseas for higher studies  at age 20,hence, you need to start saving up right now. A savings plan or an endowment plan can help you with that. • You must also consider investing in retirement plans that will provide you with a regular income payout in your senior years. This will ensure that you are financially independent and do not need to ask your children for much support. • These are some of the major ways by which you can secure your finances before welcoming your bundle of joy into this world. You can always take the help of a professional financial consultant for any further advice that you may need with regards to choosing specific types of insurance policies. We hope this article will prove helpful for you. Take care.

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