facebookMy boyfriend and I are planning to get married and have 2 kids. What are the steps that we should take to plan it out? - Seedly

Anonymous

18 Apr 2019

Events

My boyfriend and I are planning to get married and have 2 kids. What are the steps that we should take to plan it out?

How should we generate more income (from our monthly salary) to not only plan for our retirement but our kids too in the future?

Discussion (3)

What are your thoughts?

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First and foremost, it's best if you both understand each other's approaches and philosophy to finance. It's one thing to take care of your own finances, and another to take care of joint expenses (and this includes extended family say in-laws etc). For example, I have seen disagreements where recently married couples cannot agree on how much they should give their respective parents etc.

Budget

Really examine what the expenses are to live together. Utilities, food, transport etc. Clearly, it will be even more with children. Understand how much it will be, so as to minimize surprises in the future.

Both parents might even have different perspectives on what is deemed 'essential' for a child. One parent might think that chinese tuition classes at $200 a month is absolutely critical, whereas the other might not.

More income

Look at side jobs, and take on projects that leverage your own skillsets.

P.S. I would probably not spend so much on a wedding, but that's my personal take.

Nicholes Wong

02 Mar 2019

Diploma in Business Management at Nanyang Polytechnic

Set aside money for emergency, insurances ready, set aside money for wedding and children. You can either choose to upgrade your skills in your current job to earn more pay. Or take on side gigs like tutoring, photography and so on to earn more income.

Charmaine Ng

02 Mar 2019

The Value Maximizer at @ Every Ma La Xiang Guo Stall

Is there any skills that both of you possesses that could potentially turns into a viable business m...

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