Do you find yourself caught in the daily grind with life’s growing demands and commitments? It’s easy to forget about preempting the uncertainties of life. Find out how today’s couples get savvy with their finances – investing and saving for a secure tomorrow.
Whether you’ve just started your parenting journey or have three adorable munchkins in tow; your priority will always be to raise your children in a way that prepares them for life’s uncertainties.
The daily demands of juggling both family and work commitments can become quite overwhelming; and it’s easy to lose sight of the bigger picture. Amidst throwing a milestone birthday for junior or dropping your teary-eyed toddler off on his first day at school, comes the realisation that they do grow up so fast.
So how do we, as parents, prepare for the inevitable – the day our children’s bright futures clash with life’s harsh realities? Planning early and making smart financial decisions can be a life saver.
Growing pains - rising education costs
While we give our best to raise children who are strong physically and mentally, parents also understand the importance of education and exposure. This is especially so in your child’s crucial development years. It is common to see well-meaning parents pour out their time and money into enrichment classes and very quickly, you’ll realise how much these things add up. And the truth is, we can only expect costs to rise even further as your child grows older.
According to the Straits Times, university fees have increased annually since 2010. Similar to previous years, the fee hikes for local undergraduates in 2015 at all six local universities vary from 0.6% to 8%; citing rising operating costs as the main reason. How can you ensure the ability to keep educational options available for your children?
Securing financial freedom
While you save to cover the rising costs of junior’s education, let’s not forget about a retirement strategy for Mummy and Daddy too. Yes, it might seem daunting to achieve both goals at the same time but this is vital in ensuring that we do not become a financial burden to our children.
A recent survey reported by Channel News Asia revealed that 7 in 10 people working in Singapore above 45 years old would like to retire within the next five years to pursue self-interests such as enjoying more family time and have the freedom to travel. As parents, how can we achieve this without compromising other financial goals? Balancing multiple financial objectives is not uncommon in our modern world and savvy couples should look for ways to save and invest to better equip themselves for the future.