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In the hustle and bustle of the city life, Singaporeans are exposed to the high economic pressures. What makes this concrete jungle thrive? Money, of course. Putting matrimony into the mix makes things more complicated.
Managing money is a complex task fraught with emotion. It is natural that conflicts can arise from time to time. To keep your marriage and finances in tact, open communication and teamwork are essential. If only more couples are having regular conversations about money issues before and after walking down the aisle then, we will less likely to have divorces.
MONETARY IMBALANCE
What will happen when there is a massive earning gap between partners? Or, when a spouse comes from a wealthy family and the other came from humble beginnings? More so, living in a single-income household is not uncommon. Sometimes, the imbalance between two people creates power play.
When power play occurs, the person who earns the most dictate the spending habits of the other. He or she will have personal spending priorities in mind. The other partner simply complies.
Handling this situation is tricky. You can either make a pre-nuptial agreement or open a joint account. Nonetheless, marriage should be founded by cooperation in all aspects.
OPPOSING PERSONALITIES
In the list of reasons why couples divorce, money is among the top answers. Friction brought by money can be due to the opposing personalities of two people. Personality towards money plays a vital part in a couple’s marital bliss or the lack thereof.
Imagine living 24/7 with a hoarder when you are a spender yourself. Or, living with someone who is a risk-avoidant when you are a risk-taker yourself. To the extreme, you may live with someone who believes that the person who dies with the most money wins. These opposing personalities can be mediated by empathy. Walk in the other person’s shoes to understand where he or she is coming from. You may also adopt your spouse’s money habits for a month to see how it works. Paying attention to money habits before and during matrimony can be beneficial. Talking about your financial views and feelings can help put both of you at ease.
OVERWHELMING DEBT
From school loans to shopping addiction, many people come to the altar bearing a financial baggage. If one partner has an outstanding mountain of debt and the other does not, this situation can spark a conflict.
In such situations, people often take solace in knowing that debts are not carried over thru the marriage. However, it is understandable to share the responsibility over housing and child care debts.
Knowing what you are getting yourself into can help you decide how to deal with it. Both partners have to be honest and non-judgmental when discussing about their financial habits and bad records. Apply several payoff strategies soon after. And, seek professional help when needed.
