30 & Ready: The Financial Checklist You Can't Ignore

Daniel Lee

3 days ago9 min read

As a Financial Planner approaching my 30s in 2025, I can’t help but reassess what I’ve done thus far, compare it with what “should” have been done and identify some of the upcoming topics that will become relevant in our 30s.

Instead of making this a personal exercise, I figured it might be beneficial to all of us (since we’re around the same age group) if I were to pen it down in this article so that you can carry it out, reassess your current position, and prepare for what is to come in the near future.

This article will be broken down into three parts:

Things you should have done by 30
Things you should have done based on life stage
Things you need to do after 30

For ease of helping you run through the exercise, you can download a copy of the checklist here:

Without further ado, let us old souls start this exercise.

Part 1: Things You Should Have Done By 30

Established An Emergency Fund

By now, you should have at least three to six months’ worth of income saved in cash. This safety net ensures you’re prepared for unexpected expenses or income disruptions.

If you are in a more highly volatile environment such as the tech and sales industry, I’d recommend that you set aside around six to twelve months’ worth of income just for good measures.

Take note that most of your emergency savings should be parked in easily accessible accounts such as high-yield savings accounts and not things like Singapore Government Savings Bonds.

The rationale for this is such that you can withdraw the funds necessary within 12 hours instead of having to wait up to 7 working days or worse a month as these funds are designed for, as the name suggests, emergencies.

Hospital & Life Insurance

Outside of your emergency funds, the next item that you need to have to not go broke in Singapore is your insurance.

Controversial as it may sound, before the age of 30 years old, you only need to have two types of Insurance – Hospitalization and Life insurance. The remaining types of insurance such as personal accident plans are, in my opinion, optional.

The reason why these two types of insurance are considered a necessity is because each of them is designed for different purposes.

The first insurance you need to purchase is hospitalization insurance (Integrated Shield Plan with Rider) which covers and provides for your hospital expenses.

This will ensure that you are protected from any unexpected hospital bills that will occur throughout your lifetime and may cripple your finances regardless of which life stage you may be at.

In terms of the sufficiency of coverage, I’d recommend getting yourself insured up to public A ward hospital at least and ensure that your non-CDL coverage, deductibles and co-insurance are also well covered.

If you don’t know what I’m referring to for the non-CDL side, PM me or you can read this article - 3 Changes To The Hospital Insurance Industry -to bring you up to speed on the recent changes in our healthcare system.

The second insurance you need to purchase is life insurance. This ensures that you are covered in the areas of income protection from when you graduate to when you are retired.

That way should something unfortunate and unexpected happen to you that may rob you of your ability to produce a steady stream of income over a prolonged period such as premature death, disability or critical illness, your existing lifestyle and financial plans will not be affected.

In terms of sufficiency of coverage, you need to be covered for at least 5 to 8 years of annual income so that you have sufficient funds to tide yourself over during the recovery period in the event of a critical illness.

If you have a family, dependents, and a mortgage, it's important to make sure your life insurance covers these aspects so you can support your family and manage any remaining debts.

Paid Off Student & Credit Card Debt

On the topic of student loans, unless the loan is interest-free, you should have paid off your loan over the four to six years after graduation. If you haven’t, you might want to take a step back and properly review your budgeting as you might either have a spending problem or your debt management might be flawed.

On the topic of credit card debt, if you are still carrying any form of credit card debt, your main priority would be to clear this off instead of paying the hefty interest of over 20%. You have made a mistake in your budgeting, or you have a spending issue that needs to be re-evaluated before things spiral out of hand and destroy you in your 30s.

Another reason why you should have paid off all these debts is to prepare for your future house financing by maximizing your borrowing limits – be it Single resale HDB at 35 or getting a property as a couple when you settle down.

To ensure that you have the most borrowing capacity, it is important to clear any outstanding debt such that you can expand your purchasing power when considering a place for your stay in the future.

The last thing you want to do is to play a balancing game between your property planning with your existing debt repayment plans.

Part 2: Things You Should Have Done Based on Life Stage

The things that you should have done based on life stages largely revolve around your plans to balance between:

short-term goals (such as property and marriage financing)
med-term responsibilities (children’s tertiary education financing)
long term financial goals (such as retirement planning)

Single & Available

Being single and available in your 30s offers a unique opportunity to plan for two potential scenarios that may define your financial future: settling down before 34 or remaining single and securing your property at 35.

By now, you should already have a clear understanding of the numbers for both scenarios for items such as marriage cost, property downpayment and renovation expenses.

You should also start making provisions for the financing of such items in the form of monthly cash savings to create the financial security that allows you to adapt to life’s uncertainties whether it is settling down or going solo.

Doing so enables you to optimize your budget for what may materialize in the short term (marriage and property) and make provisions for what is to come in the long term (retirement).

This ensures that you do not over-invest and bear on any unnecessary risk while at the same time ensuring that you are not saving excessively in cash and missing out on the potential returns that the market has to offer.

As such, you can benefit from the power of compounding safely by being proactive with your financial decisions instead of being reactive and taken aback by unplanned expenses that we all know are going to come in the coming years.

Attached But Not Married

For those who are attached but not married, what needs to be done largely depends on your plans to settle down.

If you’re in a committed relationship and have concrete plans to settle down, it’s crucial to map out different budget scenarios and their impact on your savings. Wedding expenses, home down payments, renovation costs, and future family planning can add up quickly, often exceeding initial estimates. By stress-testing these costs early and adjusting your budgeting plan accordingly, you ensure financial preparedness and avoid last-minute financial stress.

For those who are attached but have no immediate plans to settle down, financial flexibility is key.

Life plans can change unexpectedly, and it’s important to consider different timeline scenarios that may lead you to settle down earlier than anticipated. Having a budget plan that considers the different timeline scenarios would allow you to adapt seamlessly to new decisions without financial strain.

All of these can also be found in my eBook: “The Price Of Financial Freedom” which will provide you with a comprehensive guide to help you achieve financial freedom and live life on your terms in the shortest amount of time.

Married

Marriage brings additional financial responsibilities—not just for yourself but also for your spouse and any dependents. At this stage, ensuring financial stability requires proactive planning and risk management.

If you have a property that isn't completely paid off, it's crucial to examine your insurance coverage to make sure it adequately protects your portion of the mortgage in the event of unexpected situations that might impact your income-earning capacity. This safeguards your family's home and prevents unnecessary financial strain.

For those with children, a comprehensive review of insurance coverage is equally important as ensuring that your dependents are financially provided for in your absence is critical. Your coverage should account for living expenses and education costs until they reach financial independence.

Beyond protection, planning for your child's tertiary education is another key financial responsibility that needs to be done. By assessing the expected costs early and setting aside funds through structured savings or investment plans, you can strike a balance between securing your child’s future and staying on track with your retirement goals. Thoughtful planning today ensures long-term financial security for your growing family.

Part 3: Things You Need To Do After 30

Get A Careshield Life Supplement

If you are turning 30 or have crossed your 30th birthday, you will have received a letter from CPF regarding the auto-enrollment of Careshield Life. Essentially, Careshield Life is the final piece of the puzzle in your insurance portfolio to ensure that you are well covered for your long-term care expenses that will pop up as you age.

As the existing coverage from Careshield Life is insufficient, you need to ensure that you are adequately covered by topping up your coverage with what is known as a careshield life supplement.

Similarly to hospital insurance, you can utilize your Medisave funds for the coverage. Whether you see a need for the supplement, it is highly recommended to utilize your Medisave withdrawal limits to upgrade your coverage.

This is because in the event of a disability, you are unable to withdraw your Medisave for the financing of your long-term care expenses and therefore, it does not make economic sense to retain the funds in your Medisave given the withdrawal restrictions on the account.

If you haven’t already gotten it, you can reach out to me to find out more about the current market and discover the best provider for your long-term insurance needs.

Get Serious with Retirement Planning

As a financial advisor specializing in retirement and REITs, I frequently meet individuals in their late 40s and 50s who ask the same pressing question: Is it too late for me to start planning and investing for my retirement?

While the ideal answer is that it's never too late, the harsh reality is that unless they already have a sizeable net worth or a high income, retiring at their desired age may no longer be feasible.

For many, even with disciplined financial planning from this point onward, the likelihood of working well into their late 60s is high. The lack of early preparation often means playing catch-up, requiring larger savings contributions and taking on more investment risk to bridge the retirement gap.

As someone in your 30s, you have a significant advantage—time.

By getting serious about retirement planning now, you can harness the power of compounding to reduce the amount you need to save each month while still achieving your long-term financial goals.

The earlier you start, the easier it becomes to build wealth sustainably, ensuring financial independence without the stress of last-minute adjustments.

Take action today to avoid the financial struggles that many in the older generation now face.

Conclusion

Your 30s are the foundation years for your financial future.

The choices you make now will determine whether you achieve financial independence with ease or struggle with financial insecurity later in life.

A lack of preparation or costly financial mistakes during this decade can severely impact your ability to retire comfortably—or worse, put your wealth and hard-earned capital at risk if unexpected events occur while uninsured.

The good news? You still have time to take control.

By proactively planning, managing risks, and making strategic financial decisions today, you can build a strong foundation that secures your future. Start now—because the best time to plan for financial freedom is before you need it.

If you need guidance on where to begin, let’s have a conversation: