Up next on MaltaCEOs.mt’s Work and Wealth Watch series where Money Coach Luca Caruana gives his expert responses to all your questions related to money, work and wealth. Want to see your own questions answered on MaltaCEOs.mt? Send your questions on info@moneycoachinghub.com

Dear Luca,

I am a 29-year-old software developer at a significant crossroads in life. My fiancée and I are excitedly preparing for our upcoming wedding and purchasing our first home together. As you can imagine, juggling the financial responsibilities of home deposits, wedding arrangements, interior expenses, notary fees, and other related costs has fully tapped our resources.

I’ve been a keen reader of your columns, especially those on the importance of maintaining an emergency fund and saving personally. Beyond your advice, I’ve also explored personal finance through various channels like TikTok, YouTube, and Audible. The consistent message about saving for oneself has left me feeling uneasy, as neither my fiancée nor I have managed to set aside money for ourselves amidst these expenses.

This concern isn’t unique to us; many of our friends are in the same boat. My question is straightforward: Are we handling our finances incorrectly at this stage? Is there a way to better balance these financial pressures?

Looking forward to your guidance,

Concerned Planner

Luca Responds

Dear Concerned Planner,

First and foremost, I want to express complete empathy with your current situation. Just a decade ago, I was right where you are, funneling every euro I earned into our home. I recall the intense period of scrimping and saving, paired with the joy and stress of wedding planning.

I understand the pressure you’re feeling, and it’s important to recognise that the stage you’re in now is temporary, though intensely financial. Once these major expenses like your home purchase and wedding are managed, other challenges will inevitably arise, but they might not be as financially burdensome.

It’s ideal to start building an emergency fund and to invest early in your life, but I want to reassure you that it’s okay if these goals aren’t feasible right now. Life is full of ebbs and flows, and frankly, there have been several periods in my own life when saving was just not possible—times when the financial demands of daily life took precedence over ideal financial strategies.

Despite these challenges, I recommend trying to save a small amount regularly—whether it’s as little as EUR 20 or EUR 50 per month. While it might not seem like much, even EUR 50 a month accumulates to EUR 300 in half a year, and more importantly, it establishes a crucial saving habit. This habit is essential and can be gradually built upon as your financial circumstances improve. Start with what you can truly afford, because starting too ambitively and failing can be disheartening and may deter you from continuing to save.

Please remember, even small savings are a step in the right direction. Adapting to each life stage, and understanding that saving even a little now can significantly ease future pressures, is key.

Warm regards,


The Money Coach, from the Money Coaching Hub

CEO & Founder of Monipal

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