I think your first step here would be have a money talk with your spouse and get your financial goals aligned.
By that I mean,
1) Predict any potential big finance commitment. (Flat renovation cost, number of kids, wedding cost, etc)
2) Reflect on financial status and go back to step 1
3) Afterwards, you should have a rough gauge of how much $$ you guys will need.
From there I assume you have about 5 years time horizon?
You can then split your savings into 2 main portions.
1) Investment
2) short term endowment plan
The split among these 2 is up to you but I would recommend 30% investment and 70% short-term endowment plan. If the investment did not go well, at the very least you still would have the 70% from endowment plan.
Alternatively you could just put $ in high interest savings account instead of short term endowment plan but there's no guarantee that they wouldn't change the % in the next 5 years.
For starters, you can check out this link.
https://sg.news.yahoo.com/best-short-term-endow...
You and your spouse can also consider getting more income by doing a side hustle together! Might be tiring but it will be worth it!
Afterall the $$ you earn when you are younger are much more valuable thn when youre old.
Hustle while young!
These are just my 2 cents =). I hope that my respond is of some help to you!
Do check out my instagram where i create personal finance content =)
www.instagram.com/daretofinance
I think your first step here would be have a money talk with your spouse and get your financial goals aligned.
By that I mean,
1) Predict any potential big finance commitment. (Flat renovation cost, number of kids, wedding cost, etc)
2) Reflect on financial status and go back to step 1
3) Afterwards, you should have a rough gauge of how much $$ you guys will need.
From there I assume you have about 5 years time horizon?
You can then split your savings into 2 main portions.
1) Investment
2) short term endowment plan
The split among these 2 is up to you but I would recommend 30% investment and 70% short-term endowment plan. If the investment did not go well, at the very least you still would have the 70% from endowment plan.
Alternatively you could just put $ in high interest savings account instead of short term endowment plan but there's no guarantee that they wouldn't change the % in the next 5 years.
For starters, you can check out this link.
https://sg.news.yahoo.com/best-short-term-endow...
You and your spouse can also consider getting more income by doing a side hustle together! Might be tiring but it will be worth it!
Afterall the $$ you earn when you are younger are much more valuable thn when youre old.
Hustle while young!
These are just my 2 cents =). I hope that my respond is of some help to you!
Do check out my instagram where i create personal finance content =)
www.instagram.com/daretofinance