We need to admit it: life is full of uncertainties.

No matter how careful you tread, the unexpected will eventually come. This is the reason why people try to prepare for the unexpected from early on – for instance; many usually prioritize having a decent amount of savings in their bank account or get some of those insurances. What makes it more difficult, however, is the fact that the “unexpected” comes in many forms. So let us help you out a little.

Here are the 6 financial situations every woman should always be prepared for.

  1. Financial Situation: Medical emergencies

Why it’s important: No matter how healthy you may be right now, it’s a big, wild world out there. From over-speeding drivers to cases of flu spreading like wildfire, it is almost a sure thing that you will need medical help in the future. This is why it is one of the most important things you should always prepare for.

Other than the high probability of getting sick in the future, medical fees are usually expensive. Without saving for events like these, you might end up digging yourself another hole of massive debts.

How you should prepare: The first step is simply to save and allot money for medical emergencies. If you are really tight on budget, you may start small. Just make sure to do it consistently. It is highly recommended that you make a budget plan for every time you earn money.

By doing so, you can easily divide these to the different things you spend on or save for without going beyond what you actually have. You may also decide to get insurance; remember, however, to study which one provides the best insurance, and make sure it’s foolproof.

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  1. Financial Situation: Retirement

Why it’s important: We get it: life is short. Why would you want to prepare for something you are not even certain of? You should know, though, that this kind of reasoning works two ways. Since you are not certain that it will not happen, why not prepare for it, right?

Retirement is one of these things. This is especially true for women, as studies show that women generally live longer than men. This means we have to have more funds for the future because we have to prepare for a longer retirement.

How you should prepare: Work as long as you can, and save as much as you can while you are still working. It is better if you can actually allow a separate account for your retirement money alone.

  1. Financial Situation: Aging Parents and Grandparents

Why it’s important: While your parents might have retirement plans or savings on their own, it is still important to have funds to assist them. Instances might come when what they have is insufficient. These are the times when you need to have their backs. Other than that, making sure they are regularly getting their check-up and treating diseases from early on can help cut down future hospital bills and other expenses.

How you should prepare: Start early. Keep your parents and grandparents healthy ahead of time. Avoid saying things like “I’ll do it next time since they seem to be healthy and young right now”. Allot a portion of your income just for your parents/grandparents, if you can.

6 Crucial Financial Situations Women Must Always Be Prepared For

  1. Financial Situation: Losing a job/Unemployment

Why it’s important: Although you might think that you are safe and sound in your current job position, always consider the possibility of losing it. Not to be negative or anything like that but in order to actually prepare for when it happens. Just because your income stop coming, do not mean that your expenses and bills would stop as well.

How you should prepare for it: We suggest that you set up an emergency fund. According to financial, it is best to have 3 to 6 months’ worth of your income in an emergency fund.

  1. Financial Situation: Natural Calamities

Why it’s important: The main reason this matter is because natural calamities, as we all know, are inevitable. We actually cannot do anything to stop them from happening. The best thing we can do is to prepare for them. Other than having enough knowledge on what to do during the fire, earthquakes, storms, etc., it is also an imperative that you are financially ready for when they come. Many families lose their houses, cars, and even loved ones to these. Just imagine how difficult it would be to stand back up from such tragedies without savings.

How you should prepare for it: Research on what you should do when the different calamities strike. Regarding financial preparation, you can choose between allotting another portion for this and merging it with your emergency funds.

  1. Financial Situation: Getting married and/or having Kids

Why it’s important: This might not apply to some, considering not all of us want to get married and/or have kids. However, for those who do, know that marriage and children are no piece of cake. Your wedding is not the only thing that will weigh a lot for your pocket. Remember that in marriage, you and your partner should go through things together, ‘through thick and thin’ as they say.

Now, you already need to save for and secure two people. When your partner goes through a financial crisis, you go with him/her. It even becomes more challenging when you want to have kids. Consider not just the food and other things you have to buy for them; think about how much you will have to spend up until their college tuition and allowances.

How you should prepare for it: Actually think of what kind of wedding you want and how many kids you are planning to have. Think of the different expenses in the future once you do get married and have kids. It is better to do this with your partner if you already have one. After that, budget and save accordingly.

Even if it means altering your lifestyle a little and cutting down your usual expenses, it is always better to be prepared than sorry in the end. Do all these, and your future self would definitely thank you and give you a pat on the back for the convenience these preparations can bring to your life.

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Founder @ The New Savvy
Anna Haotanto is the Advisor (former CEO) of The New Savvy. She is currently the COO of ABZD Capital and the CMO of Gourmet Food Holdings, an investment firm focusing on opportunities in the global F&B industry. She is part of the founding committee of the Singapore FinTech Association and heads the Women In FinTech and Partnership Committee. Anna is the President of the Singapore Management University Women Alumni. Anna invests and sits on the board of a few startups. Anna is also part of the Singapore Chinese Chamber of Commerce & Industry Career Women’s Group executive committee. Anna’s story is featured on Millionaire Minds on Channel NewsAsia. She hosts TV shows and events, namely for Channel NewsAsia’s “The Millennial Investor” and “Challenge Tomorrow”, a FinTech documentary. Anna was awarded “Her Times Youth Award” at the Rising50 Women Empowerment Gala, organised by the Indonesian Embassy of Singapore. The award was presented by His Excellency Ngurah Swajaya. She was also awarded Founder of the Year for ASEAN Rice Bowl Startup Awards. She was also awarded the Women Empowerment Award by the Asian Business & Social Forum. Anna has been awarded LinkedIn Power Profiles for founders (2018, 2017), Tatler Gen T, The Peak’s Trailblazers under 40 and a nominee for the Women of The Future award by Aviva


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