{"id":3184,"date":"2021-05-07T11:25:52","date_gmt":"2021-05-07T03:25:52","guid":{"rendered":"https:\/\/www.syfe.com\/magazine\/?p=3184"},"modified":"2021-11-13T18:41:58","modified_gmt":"2021-11-13T10:41:58","slug":"money-and-motherhood-3-moms-weigh-in","status":"publish","type":"post","link":"https:\/\/www.syfe.com\/magazine\/money-and-motherhood-3-moms-weigh-in\/","title":{"rendered":"Money And Motherhood: Three Moms Weigh In"},"content":{"rendered":"\n
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Between nappy changes, school pick-ups and sleepless nights, being a mom has its challenges. It can be easy for moms to forget to make time for themselves, let along their financial well-being.<\/p>\n\n\n\n

In honour of Mothers’ Day, we spoke with @ZoeRaymondTan<\/a>, @TheChillMom<\/a> and @ThatMomOfFour<\/a> to find out how they balance motherhood, financial health, and their own personal goals.<\/p>\n\n\n\n

Zoe Raymond Tan<\/strong><\/h2>\n\n\n\n

You have two young children! How has motherhood been like for you?<\/strong><\/h3>\n\n\n\n

My older child, Arielle is 3 and she is in Nursery 1. She is at an age where she portrays independent thinking, so a lot of I want to do this myself at the moment. My younger child, Aaron is 1. He doesn\u2019t sleep well every night, he still needs MOTN (middle of the night) feeds and often wakes up as early as 5am to play! You can\u2019t get mad at him because he would flash you a wide smile and his laughter is so infectious, you could really forget about your tiredness for awhile. So it\u2019s true when they say Motherhood is tiring but very fulfilling! Children grow up so quickly so I\u2019m cherishing every moment!<\/p>\n\n\n\n

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Source: Zoe’s Instagram<\/figcaption><\/figure>\n\n\n\n

Has having kids changed your financial goals? How so?<\/strong><\/h3>\n\n\n\n

I need to be even more disciplined with money management, as now my financial goals encompass those required for my kids.<\/p>\n\n\n\n

Other then doing financial planning for myself, I now need to factor my kids’ expenses into my financial planning, and to create an education fund for them as well.  <\/p>\n\n\n\n

So I have mid-term and long-term goals.  Mid term will be financial goals that surrounds my kids, such as their education expenses. Long term goals will remain the same, which is for me to retire on income, preferably.<\/p>\n\n\n\n

Having kids is expensive, especially in Singapore. How did you and your husband plan your finances before starting a family?<\/strong><\/h3>\n\n\n\n

We set aside a part of our salary into a joint account after we got married. We both wanted children so we planned for that money to be for the children\u2019s insurance and education.<\/p>\n\n\n\n

What are some of the financial to-dos that new parents should get in order before their baby arrives?<\/strong><\/h3>\n\n\n\n

Estimate medical costs. Budgeting on pre-baby budget. Babies come with plenty of expenses, so set a limit on both necessary and optional buys. There are also things you may not need right away so you can save that for another time.<\/p>\n\n\n\n

Do you have any tips for new moms juggling a baby and their career?<\/strong><\/h3>\n\n\n\n

I’ll say if you can, always place your baby at top priority. Because of the pandemic, I had the privilege to spend more time at home with Aaron over the last year and yet still find that he has grown so quickly. Imagine if I was back at work during pre-COVID days? I think I’ll definitely miss most of his milestones! Work is important yes, but at the end of the day, family’s still the most important.<\/p>\n\n\n\n

For those who can’t choose to spend time with your baby, voice out, seek help from family, speak and confide in friends! Don’t be too hard on yourself as being a mother for the first time or even the second time is very challenging and I made it because I had strong support system.<\/p>\n\n\n\n

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Source: Zoe’s Instagram<\/figcaption><\/figure>\n\n\n\n

What is the best financial advice you got from your mom? Why?<\/strong><\/h3>\n\n\n\n

Don\u2019t put all your eggs in one basket. Diversify your portfolios. No single asset performs consistently. <\/p>\n\n\n\n

How are you and your kids planning to celebrate Mothers\u2019 Day this year?<\/strong><\/h3>\n\n\n\n

My sister and I intend to take my mom out for a nice meal! After Zonia and I had children, our meet ups are always with the kids and it\u2019s always noisy, hectic and grandma being grandma, her hands are also full! So I think a nice meal out with just the 3 of us like good old times would be great. Though I\u2019m not too sure how mommy feels about this. She may prefer to see her grandchildren over her daughters now \ud83e\udd23 <\/p>\n\n\n\n

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