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4 Young Singaporean Dads On Parenthood, Money And Their Little Ones

Some superheroes don’t have capes… They are called Dad.

Fathers, like mothers, are irreplaceable. Despite parenthood bringing joy and new layers of financial considerations to their income and expenses, fathers never fail to rise to the challenge to provide the best for their children.

In honour of Father’s Day this weekend, we are fortunate to have these young Singaporean dads share with us some very valuable lessons on personal finance and their journey to becoming a dad.

Timothy
Co-Founder Of Dollarsandsense.sg
Father Of Natalie

What are some key financial lessons you’ve learned since being a dad or leading up to being a parent?

Raising a kid is way more costly than what most of us would anticipate.  Not so much of the day-to-day direct expenses (which are also significant also) but in terms of planning for her future needs. For example, saving and investing for her or making sure that we have someone at home to care for her while we are at work which we also have to pay for.

What are some of the financial advice your dad gave you as a kid?

Be prudent with how you spend your money. In Singapore, we are very focused on finding ways to earn more money while ignoring the fact that we need to also learn how to control our own personal spending.

What will you tell your children when it comes to money and finances?

Be sensible with how you spend. If you can afford it, it’s okay to spend on things that you really want, rather than to deprive yourself. However, don’t buy something simply because everyone else has it without asking for yourself whether you really need it. Learn to differentiate between wants and needs.

Any Advice for other parents to be?

Start saving and investing early.

Farhan
Operation Technician
Father Of Sef

What are some key financial lessons you’ve learned since being a dad or leading up to being a parent?

I learnt that having insurance is pretty important to help ease the load on our savings if any possible problem arises. Both education and health care wise. I also learn that money is use for so many things and everything seems to revolve around my son at the moment

What are some of the financial advice your dad gave you as a kid?

Besides the usual “education is important” speech, he always brings up the importance of savings. That’s about it.

What will you tell your children when it comes to money and finances?

I believe when it was our fathers time they worried about how our future will look like, financially. There will always be this constant worry about the financial future of our children, it is no exception for me. To keep bickering about how expensive things will get in the future and the importance of saving.

Any Advice for other parents to be?

Don’t ever let anyone tell you how to treat your child. Just do it your way you deem fit as I’m sure every parent wants the best for their child.

James Yeo
Founder Of Smallcapasia.com
Father Of Clover
What are some key financial lessons you’ve learned since being a dad or leading up to being a parent?

I can’t really call them ‘financial’ lessons although they are instrumental in the upbringing of kids. One example is when it comes to the mealtimes. She has already started to be picky about food (like me) and we would offer ‘rewards’ only after she finished her proper meal. The other thing I have tried implementing is to only buy what the kid needs, not wants.

Nowadays kids are exposed to too many temptations and if you don’t control how they desire things early, they would probably grow up thinking that it is alright going for bigger and more expensive ‘toys’.

What are some of the financial advices your dad gave you as a kid?
My dad was a role model for me as he taught me 3 important things – spend less, save more and invest wisely.
He would give me sufficient pocket money for my needs but anything I want more, I would have to earn it. This is probably why I grew up working part-time, from McDonald’s to delivery boy to IT show promoter and more. Though less financial savvy, he knew the importance of putting money to work. So he set aside plenty of savings into insurance plans (which give decent returns of >5% during that era).
What will you tell your children when it comes to money and finances?
The same advice as my dad: “You need to succeed in your own terms.”

This includes the crucial aspects of managing your own finances.

Any Advice for other parents to be?
Uni Education is forecasted to be the most expensive thing for kids in future. Thus, it may be prudent to start planning early. I and my wife have bought 1 endowment plan each for our kid. Lastly, many parents focus too much on their kids and forgot planning about their own retirement. I believe it’s important for parents to be self-reliant in future. Our kids may even have difficulty being financially secure with the sky-high living costs which just keeps going up.
Zin Thu Aung
Singapore Army
Father Of Oliver

What are some key financial lessons you’ve learned since being a dad or leading up to being a parent?

Just be prudent in the spending both before and after being a father. Set aside a fixed amount for saving and don’t compromise.

What are some of the financial advice your dad gave you as a kid?

Just be thrifty. Save as much as you can for emergencies. Don’t spend on unnecessary stuff.

What will you tell your children when it comes to money and finances?

Saving and investment start young. One way is to help them start up their saving and investment accounts. Always consider wants vs needs.

Any Advice for other parents to be?

There are many ways to bring a child. There’s $80 way, $800 way, $8000 way. It’s up to you but don’t spend on things you can’t afford. Be prudent. Don’t follow others.

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