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Financial Planning Considerations for Mommies

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I stumbled upon on a very interesting post from Money Smart SG that serves as a reminder to every moms living in Singapore. It’s been quite a long while since my focus is solely on my babies, taking care of them while working at the same time.The article is an eye-opener for me.

When you became a mom, everything changes in all forms.Multi-tasking is the best term to describe it. Mothers do a lot of multi-tasking every day, and it’s pretty undeniable if mothers sometimes find themselves on a tired scene. And it’s perfectly normal. Above all, moms are super mommies in their real life stories and the reward they get from being one is PURE LOVE.

Here, let’s tackle these four things which we really need to think a lot, before anything else.

1. Don’t leave your financial planning to your husband.

It will always be a practical and intelligent move to save and invest for the future. If working, plan ahead, start saving and investing. If not, be at least aware of the family finances, incomes, budget, monthly expenses, loans, etc. Unexpected problems may arise, such as retrenchment, especially when both of you gets older. Start planning, now.

2. Financial sacrifices will always be there, so try to lighten the damage.

Once you become a mother, expenses will surely tripled, if only you still live the way you does when you were still single. There will be a lot of sacrifices, such as giving up your career in order to look after your kids and more. Alleviate the damage. How? Simply cut off some expenses so that savings won’t get affected. Consider part time work and make sure retirement is still on your future plans.

3. Make Insurance a priority.

Once you become a parent, the importance of having insurance will be visible. What if something bad happened to you or to your husband? Is the one left prepared enough?Make insurance a priority, especially the life and medical insurance. All of you will need it.

4. Re-sharpen your skills.

Whether you decided on staying at home taking care of your kids, or going back at work, re-sharpening your skills will always be vital in your life. For stay at home moms, get a part time job that will fit your requirement or simply learn new things that will enhance your skills, more. In either way, the important thing that matters here is to make sure you are making plans for the future of your family.

Madam Tay
Mother of two grownups whom are in their 30s. I got married in the early 70s. When I was pregnant with my first son, I wasn't as well informed as compared to the new mommies today. Lessons learnt were through my own experience. Therefore, I joined this community to share and bring my wealth of knowledge for greater good.