Five Common Financial Goals for Women

I’ve heard that it is challenging for many women (including myself) to know or even think about what targets we should be aiming for —like how much to save if we want to start a business or how much we’ll need to tide us through child-bearing and child-rearing years.

Using the #WomenWealthJourney methology and as an associate wealth planner (AWP,CFP), I provide my female clientele with a financial plan with recommendations for achieving and protecting each of financial goal of yours which we will identify and iron out together.

For each goal you choose, I provide recommendations for:


● Your goal target amount (how much you want for your goal) + safety nets to be implemented
● Your time horizon (when you want to achieve your goal)
● An amount to deposit when you fund your goal
● An ongoing amount to save toward your goal
● A tailored and customised wealth growth and preservation portfolio recommendation

Curious about these goals? Here are five common financial goals for women in Singapore:

GoalEstimated Target Amount & DescriptionDefault Investment Horizon
🏠 My Cozy HomeWe use the average price for a home of your choice (private / public housing) and apply the relevant loan rates and down-payments required, on top of the other factors to be considered: ABSD (if any), loan tenure, tenancy type, inflation, etc.)
With professional home loan experts and property agents, we will work together to identify and plan this goal of yours.
5 to 15 years / potentially longer.
👩‍💼 Start My Own Business 24 months of your salary minus taxes (your take-home pay) + 6-9 months of expenses as liquid savings (to serve as a buffer).
Inflation will be taken into account.
With a network of business strategists, you can be assured that you’ll be able to find the right business mentor to connect with.
5 years
👶 Kiddy KiddosCost of childbirth, hospitalisation stays, childbirth expenses.
Childcare costs, 24 months of your current salary (minus taxes).
Child education costs (up to local / overseas university) will be taken into account
Inflation will be taken into account.
5 to 20 years
👵 Retire on My Own TermsUsing the Income or Expenses method, we will project the retirement fund you need to continue living your expected lifestyle and retirement medical funds, retirement travel funds, and others.
Inflation will be taken into account. CPF retirement amounts and CPF plans will also be taken into account.
Your defined retirement age & statutory retirement age.
👛 Build & Preserve My WealthVaries depending upon your resources,
other goals, and goal priority
20 years or more
5 Common Financial Goals of Women in Singapore

These are five very real financial goals of women in Singapore.

Life is uncertain and being unprepared leaves women at the effect of, instead of being in control of their circumstances. It’s also common for women to be fearful about their future, especially when they’re unclear about their financial reality.

Perhaps fear is warranted among women considering some of the health statistics related to female-specific illnesses and rising divorce rates.

Put structure around your goals: As with any goal-setting process, writing down your goals is an important first step in planning for the future. Schedule an appointment with me to get started on your financial plans, or learn more about the #WomenWealthJourney here

3 Ways Women can Protect and Maintain a Standard of Living

As more career-driven and purpose-driven women are actively joining the workforce, there is a need to recognise the fundamental disparity between what women will need over their lifetimes due to women’s longer lives, time out of the workforce to raise families and common female-specific illnesses prevalent in today’s society.

What all this means is that women need to think about their financial goals and plans differently than men. Here are 3 ways women can protect and maintain a standard of living they require:

Ensure that you are adequately insured

When it comes to insurance, it is easy to assume that by having an investment-linked policy (ILP) or a savings plan as “having adequate insurance” or “enough insurance”. A common misconception about having insurance is that having more than the average number of policies for a woman you age is “more than enough”. However, to truly decide if you are adequately covered as a woman, you will need to consider the following:

  1. Do you have enough coverage for an event of sudden death, or inability to continue employment for the rest of your life?
  2. In addition to point #1, do you have streams of income to support grandparents or children who are dependent on you for food and shelter?
  3. In an event of a female-specific illness, such as breast cancer, do you have enough to cover the huge medical costs you are about to incur?
  4. In addition to point #3, do you then also have streams of income to support grandparents or children who are dependent on you, while you’re recuperating and recovering, and unable to work for a period of time?
  5. Do you know the in’s and out’s of your hospitalisation insurance plan to make the best use of it, ensuring a comfortable hospitalisation stay without worrying about racking up those bills?
  6. Do you have protection against injuries incurred due to accidents, such as losing a limb or suffering from burns?
  7. In addition to point #6, do you know if your hospitalisation plan covers adequate outpatient medical bills to treat your injuries which you suffered from accidents?

As you transition through different life phases (finding a new job, getting married, having children, losing a parent, divorce, etc.) you will need to speak with your financial advisor to review your protection needs and make any necessary adjustments to ensure that you are not under-insured or over-paying for protection insurance based on your needs. Such protection and insurance review is encouraged to be done once per year with your trusted advisor.

To get a good idea on the costs of medical bills for common female-specific illnesses and surgical bill estimates, you can visit the Fee Benchmark and Bill Amount Information (Ministry of Health, Singapore)

Book your appointment for a financial review: https://calendly.com/cherietanjy


Ensure you have income streams planned for days after your desired retirement age.

All of us want comfortable retirement years spent happily with our grandchildren and traveling around the world. If you plan to stop working by a certain age and spend the remainder of your days exploring every corner of the world, you’ll need to decide how you’re going to support yourself throughout these years.

For some of us, we might be lucky enough to have both a place to live in and an investment property we can sell when we choose to retire, so we can use the proceeds from the sale of the investment property as the main retirement lifestyle funding source.

However, for the majority of Singaporeans, the house we live in is our one and only property. Options do include downgrading to a smaller, cheaper home, but you might find yourself still short of the minimum retirement amount you need to live the retirement lifestyle you want.

The first step to figuring out your retirement plan is to decide on:

  1. When you’d like to retire
  2. How much you want to/need to live on during your retirement years (calculate this on a per-year basis)
  3. And how many years of retirement you expect yourself to live through


Planning for retirement should start the moment you receive your first paycheck.

If you’re currently in your twenties:

you’re in the best time of your life to start saving, investing and planning for your retirement years. The more time you have ahead of you, the easier it becomes to set aside funds to start growing your retirement nest egg.

Have a partner or a spouse? Working on your financial plans at an early stage of your journey together can help ease a lot of obstacles along the way:

Planning to get married or just started settling down with a baby on the way? This is one of the most crucial times for you to sit down with your spouse or partner to tease out financial details and plan for your growing family.

Financial obstacles place a huge burden on couples, and it is one of the most common root problems to marital issues.

Book your appointment for a financial review: https://calendly.com/cherietanjy

My rule of thumb when it comes to marriage:


Plan early, get comfortable talking about money with your partner or spouse, figure out all possible forms of financial obstacles and how to get around them, before they hit you.



Review Your Current Financial Commitments

It’s always healthy to track our personal finances and financial commitments. Take the last weekend of each month to review your monthly expenditure, available savings, and existing mortgages or loans, and credit card debt.

Keeping track of all your current assets and liabilities, as well as your long-term liabilities, gives you a good idea on your financial health and how you can work out the budget for the upcoming months to ensure you stay on a healthy financial track.

Book your appointment for a financial review: https://calendly.com/cherietanjy

Young women in tech are alarmingly ignorant of their finances

I trudged up the stairs and into the next conference room, with a panel of women set to speak about their tech founder experience and journey. I groaned inwardly, knowing exactly how the entire panel experience will be conducted like some sort of banal, insipid script for a play that by now seems trite and almost clichéd.

The entrance to the conference room was left wide open. Women of all walks of life filled the space with laughter and ebullience. The women founders in the room, women who’ve founded some sort of movement, charity, company, or their long-lost cat, were flushed with excitement, chattering away with eager attendees who’d stop at nothing to snap and upload wefies onto their Instagram stories and feed, and race their fingers across the screen of their smartphones, ferociously typing out captions and hashtags with such ardor.

“Cherieeeee,” screeched a familiar voice from behind. A slightly inebriated woman the host of this conference— teetered towards me with a microphone in her hands. She clearly was in need of assistance, also, flat shoes. As the host of the conference, she probably felt obligated to be decked out in an arresting outfit – the striking contrast between mandarin orange and ivory complimented her apparent zeal.  “You can’t imagine how glad I am to have you here. You need to be up on stage! You need to promise me that you will speak at my events again, especially since you’ve taken such a unique path in your work!”

The breathiness of her voice made it sightly difficult to discern the level of seriousness she had in her tone. I returned a quick nod and flashed a smile, knowing exactly how things would play out from here. It was like clockwork, with everything pre-planned to the minute: I got to speak with women who attended the conference, shared my work and purpose.

I talked to a lot of women under thirty who, when they found out I was a financial planner, said things like, “Oh, I should talk to you” or more alarmingly, “Oh, yes I know, I need to plan. I’m so bad finances. I’ll think about it”

Needless to say, I felt nauseated.

Now, of course, this is an observation that likely only I would have made at this conference, as I was the only financial planner there (that I know of), who rose from an intensive background in software and business. Perhaps my experience transitioning from a software business into the world of financial planning was the answer to addressing this alarming lack of financial knowledge in the world of tech, particularly so for women.

The specific questions I got from these women were about stock investments, or “investments”, and crypto. Which, frankly, scared me a bit. Surely these investments are interesting, but on the priority list of “What You Need to Focus on to Strengthen Your Financial Health and Wealth”, they’re so freakin’ far down they could almost fall off the bottom.

Here are these young, promising women who in just a couple of years were propelled into a career that was financially rewarding and purposeful, which could give them so much power and choice in their life in a mere 10 years down the line..and they’re too distracted and intimidated to see further than what media and society has painted out for them.

Imagine if all the women in tech, all the people in tech, started learning about personal finance: how they could control their finances, and taking full advantage of the financial opportunities they had going for them. What could happen if all of these women had the financial muscle to make decisions they needed to make, decisions they wanted to make, and not just decisions that were unfairly and disproportionally influenced by the likes of media and society? I have a good feeling it would change things for the better — for women, for the industry, for our society.

Who runs the world? Uh, clearly not girls. Yet.

Book your appointment for a financial review: https://calendly.com/cherietanjy