You are no longer alone. In your journey from a single carefree adult to a family person, you will experience many changes. But perhaps, the biggest change of all is having a child. With a new-born son or daughter, you have a new set of responsibilities and you must now plan your life journey with another in mind.
There are so many aspects to consider when it comes to family finances and it can get overwhelming. When done right, family financial planning can ease and smoothen your transition from being single to a family person. It is also crucial for people who already have a family and want to secure their future.
For example, if you would like to provide your child the option of pursuing further education in a private institution in a foreign country, it will be inherently more expensive than studying locally in a public institution.
Likewise, to plan for this fund, since it is 18 years away, you should take advantage of compound interest and invest early.
The longer your money is invested, the more time it has to grow. When it comes to compounding returns, time is your advantage.
Financial planning can help you to plan for retirement, buy your home, ensure your kids’ education through the right combination of savings and investment and prepare for unfortunate circumstances with appropriate insurance cover.
Here at Moneygrowth.sg, we believe that everyone should have access to good financial planning advice.
We have identified and partnered with family financial planning experts that are able to assist you in planning for your family’s future.
Learn about the different types of insurance plans and which ones are most applicable to you.
Learn about estate planning, how it affects the planning of your family finances and what you need to do.
Click on the button below to find out more and arrange a non-obligatory consultation with one of our family financial planning experts.
Continue Reading: The Maternity Project