What can one do if he/she is an only child and does not have parents as financial role models and is the only breadwinner?

Google for financial topics that you want to learn about and read them :) it’s ok for our parents not be so financially wise as they might not have easy access to such information in the past. Only child - I can feel your stress because I’m an only child too. But it’s ok. Get sufficient insurance coverage for yourself so in case you fall sick or pass away, there is something for your parents. Give some allowance to your parents every month when you get your salary. Can top up their CPF if you have extra cash too.

Hi anon :)

I am not an only child but my parents sure are not financial role models. My father spoils his children with things they want while my mother is the kind who nags and controls to ensure we only spend on what we need, BUT she sure spends a lot on material things for herself such as clothes, shoes and bags =x

When I started working, I was living on paycheck to paycheck for maybe 5 years? Simply because I grew up having little money (had to borrow from friends to pay for class notes etc) and felt that freedom to finally spend.

What finally snapped me out was when I started dating and my other half asked if I had any savings. I had none. Then I went home to ask my parents if they had any savings and their answer? CPF lor. Then it dawned on me that if I have no savings, how do I even think of having a family?

I wouldn't say I'm smart with managing money now but I'd just advise you to read widely. From reading, I found the steps below useful.

1) Track monthly spending.
2) Have a budget, stick to it. Gradually let go if you feel like you've already formed a safe spending habit.
3) Settle insurance early while you're still insurable.
4) Set aside emergency funds of 6-12 months income/ expenditure, depending on your level of comfort. (Personally I feel if my income is an iron rice bowl, 6 months income is more than enough. If I'm a self-employed, then I'll ensure I have 12 months expenses minimum.)
5) Read up on investment and begin with one of the robos. Gradually shift to DIY. (I'm still using robos myself :))

Above all, we all only have one life. Manage the balance between meeting your current needs and your future needs.

Live a happy, and meaningful life :) All the best!