Stage 02 - Building a Family
Getting married, creating a home and welcoming children are exciting milestones.
But as life changes, so do our financial responsibilities.
It’s no longer just about individual wishes. It’s about what they want to build together as a family.
Meet Jia Wen — A New Chapter
Remember Jia Wen, who received her first salary at 24?
Six years later, she’s married and enjoying life with her husband and their young daughter in Melaka.
Jia Wen continues working while her husband builds his small business.
They enjoy family outings, decorating their home and dreaming about their daughter’s future.
A couple of years later, they welcome their son.
Life is getting busier, and their responsibilities are growing too.
With a housing loan, childcare expenses and a business that has good months and slower months, they realise they cannot achieve everything at once.
One evening, Jia Wen says:
“We don’t have to achieve everything now. Let’s decide what matters most and work towards it together.”
Building Their Plan A
Jia Wen had already learned the importance of keeping some money aside for unexpected expenses when she first started working.
Now, she and her husband begin setting aside money for different family goals — family holidays, their children’s education and their own retirement.
Some goals are closer. Others will take years.
They also know that running a business can mean having good months and slower months.
So they start with amounts they can comfortably afford, keeping their family savings separate from money needed for the business.
Their goal isn’t to stop enjoying life today. It’s to create more choices for tomorrow.
Preparing Their Plan B
Then Jia Wen raises another question.
“What if one of us suddenly cannot work?”
If Jia Wen loses her job, the family could lose its regular salary.
If either of them develops a critical illness, treatment and recovery could affect their ability to earn.
They also realise that income from a business may not always be the same every month.
So they decide to build up their emergency savings and check what protection they already have, including whether there are gaps in medical, critical illness, life and permanent disability cover.
They want to understand what is covered, what might be missing and which needs should receive attention first.
A suitable safety net may not solve every problem, but it can reduce the financial impact of unexpected events.
Plan A is the life they want. Plan B is there to protect that journey.
What I Wish I Knew When We Started Our Family
Looking back, Jia Wen realises that good financial planning begins with simple conversations.
Talk about your dreams. Know what both of you want to achieve.
Start with what you can afford. You don’t need to accomplish everything immediately.
Keep a Plan B. Have emergency savings and understand what your existing protection can and cannot cover.
Review your arrangements as your family grows. Marriage, children, a home loan or a growing business can change your financial responsibilities. Review your savings, existing protection, EPF and insurance nominations, and home ownership arrangements. Keep important financial records organised so your family knows where to begin when needed.
A Quick Check for Yourself
Our Family Goals — What are the three most important goals my partner and I want to achieve together?
Our Monthly Commitments — Do we know how much our household needs every month, including loans, childcare and other family expenses?
Our Plan B — If one income stops, or our business has several difficult months, how long could our emergency savings support our family’s essential expenses?
Our Family Protection — Have we reviewed our existing medical, critical illness, life and permanent disability protection since starting our family?
Our Family Arrangements — Have we reviewed our EPF and insurance nominations, home ownership and important financial records following marriage and childbirth?
We don’t need to achieve everything at once. Start with what matters most, take one practical step and review our arrangements as our family grows.
THE JOURNEY CONTINUES
A family grows, and so do its dreams.
Jia Wen and her husband know they cannot predict everything ahead.
But by planning together, they are giving themselves a better chance of enjoying the future they want.
Want to talk through your family's next step?
Whether you’re newly married, raising young children or planning for your family’s future, we can look at what matters most and what can wait.
Michelle Wan · Registered Financial Planner in Melaka