How getting engaged fresh out of university became the biggest lesson of our lives

The year couldn’t have started off better for 27-year-old Cheng who proposed to Elaine, 24, just a couple of months after her graduation. With their wedding and new house on the horizon, the couple – who would otherwise describe themselves as “chill” – have started setting goals for their future. Here, the newly-engaged couple shares about what they’ve learned about being prepared.

We’ve always considered ourselves to be a chill couple – laidback, going with the flow, and adapting as things come. To us, the future was never really something to be worried about, though we did tell ourselves that we’d have to plan for it soon.

Getting engaged at a rather young age was a good impetus for us to get started as we knew that the engagement was only the first step of our journey to come. Wedding aside, we’re excited to get our new house, move in and start our life together!

While we’re mostly confident of having enough savings for the wedding and renovations, we figured that it was about time we started setting financial goals as a couple – something we never really took that seriously previously and had often procrastinated on.

Learning how to “adult”

Transitioning from student life to working life was a good starting point for us to take financial planning more seriously. From little things such as paying our own phone bills to relying less on our parents as a safety net, we began to take on the responsibility of managing our finances as grown-ups.

And with our families being strong pillars of support to us in our growing up years, we can only imagine how difficult it would be if anything unfortunate happens to them. Likewise, the last thing we want is for our families or our future family to feel the same way if something were to happen to us instead.

We only have one shot – it’s not something that we can just learn from and not repeat again. The thought of this has not only motivated to us to protect ourselves early, but also helped us to appreciate the importance of insurance as a wise decision, contrary to the misunderstood impression we used to have.

Our perspectives towards finances have also started to change, from being nonchalant about financial matters to seeing money as an important resource to safeguard those we care about. While it is true that we can’t foolproof our future, we’d like to think of insurance as an almost-bulletproof option.

Read also: Why life insurance is important at different stages of your life

Here’s some advice from us

With so many ways of doing things and people on the internet giving all sorts of advice, we know that financial planning can be confusing especially when you don’t know what to look out for. We’ve been there, and we’d be the first to admit that we still don’t have it all figured out (who does, right?).

But what we’ve learnt is that avoiding the mess doesn’t do anything for yourself, your loved ones and your future. Instead, it’s better to trudge through it and take responsibility for your life. Because what matters is your willingness to address any incorrect mindsets, learn from them, and make the most of what you can plan now to protect yourself against what you can’t predict in the future.

We know of people who get bogged down by financial goals and milestones, but instead of seeing it that way, we believe that goals can give us freedom as long we let them. For us, that means giving our best and planning for the worst, knowing full-well that we’re prepared when things don’t turn out as expected.

Regards,

Elaine & Cheng

Want to know more? 

Watch Elaine & Cheng “live” as they meet with financial blogger Dawn (SG Budget Babe) for the first time to hear about her financial journey as a soon-to-be mother of two. 

Start early and secure a lower premium 

As you prepare for the next stage of your life as a married couple, FWD Term Life Plus insurance gives you and your spouse the financial security as you embark on new goals together while caring for your loved ones who have watched you grow.

By starting young, you can secure a lower premium across the period you choose when you buy a fixed term policy with us. And from as low as S$1 a day¹, you can enjoy a million-dollar life insurance coverage which also covers your spouse for up to S$250,000 for 1 year, in the event of your death or terminal illness – at no additional cost to you.

And as you build your family, our fixed term policy allows you to top up your coverage during the term to cater for your changing responsibilities and liabilities over the years. You may also choose to enhance your coverage by adding optional benefits such as Critical Illness or Total and Permanent Disability riders for added protection.

All you’ll have to do to get started is complete a simple online declaration without the need for a medical examination if you are in the pink of health.²