Question from the community: Hi guys, I’m really starting to feel the pinch of inflation this year, everything is getting expensive in Singapore!

Yesterday I went to buy Caifan at a hawker centre, and it cost me like 7 bucks, and I didn't even order any seafood!

Now that I am expecting a baby in a few months, I really start to feel the headache thinking about all the money spent on milk powder, diapers, confinement nanny...Not to mention that my burden husband (sweet kind 0.0) has some very expensive hobbies, e.g. collecting agarwood, tea, etc.

Hence, I'm relooking my financial planning and want to know if there are any unexpected expenses I should prepare and set aside on top of money for baby essentials like baby formula etc.. also what insurance should we look into getting first (or what can we hold off on till the little one is older?)

Would like to make sure we have all bases covered and ready so both my boys (big one and a small one in my tummy) can live a good life

Discussion (2)

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Jason Khor

30 Nov 2022

Hi Vernice, congrats on your upcoming baby!

In financial planning wise, you might wanna look into insurance on your pregnancy and also for your baby.

There are 2 insurance you can consider is PruMum or PruFirst Promise which will provide coverage for you and your baby. And after you give birth, you may want to consider taking up a shield plan for your child. It is payable via your Medisave

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Tony

30 Nov 2022

Computer Engineering at Nanyang Technological university

Hi Vernice, first of all, congrats! Please don't worry too much, just write down things to do and plan, take one step at a time.

It's best to talk to your husband on how both of you can plan financially for the new addition to the family.

Assuming you are Singaporean SG government gives generous subsidies do check those (baby bonus, cda, etc) out. Do also have savings as emergency fund.

One insurance you can consider is to get "AIA family first" or "AIA Mum2Baby" kind of product that provide protections for mother and baby as early as 13 week pregnancy. I'm sure other insurance companies also have similar product. You can talk to your financial advisor to find out more.

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