Money Topics to Discuss When in a Long-Term Relationship

Like everything else in your relationship, it all boils down to communication. Your quest to find the right person may include someone with a pleasing personality, someone whom you share interests in, someone who gets along well with your family and friends, and other factors that affect your chemistry. As your journey to the “one” comes to an end, you must remember one crucial component: money.

Money has been known to be a leading cause of stress in relationships. This topic is often off-limits, and many couples steer away from conversations involving one’s financial situation. Maybe you are skipping money conversations because you do not want to deal with the consequences of your spending habits. Or, perhaps you have been dating for less than a year and you fear that bringing up a serious topic is going to put a pause on your fun times.

When in a long-term relationship, it is important to discuss your finances with your partner. Everything would not simply work itself out. Your relationship with money will take effort and time.

#1: TALK ABOUT YOUR VIEWS ON MONEY MANAGEMENT

What are your partner’s views on spending and saving? Start the conversation with a non-judgmental tone. You can also share some examples of past experiences that may have influenced your current views and behaviors surrounding money.

This is where you and your partner will go in-depth into how your finances look now and whether your financial habits and views are compatible with one another.

#2: ELABORATE ON YOUR MONEY GOALS

Say you have always dreamed of owning a flat, and you want to do it sooner rather than later. You may want to forgo large expenses such as a European vacation or paying rent near the city-center. Is your partner on board with the plan? Is she or he ready to purchase a flat with you? You need to talk about your money goals and work together to accomplish them.

#3: DISCUSS YOUR ASSETS AND DEBTS

Let us face it! The reality is that, even if you and your partner do not combine finances now or ever, your partner’s money situation is going to affect yours. Do discuss your assets and debts. Big expenses and potentially thousands of dollars of debt can impact any short-term or long-term plans you have.

#4: ASK IF YOUR PARTNER PAYS BILLS ON TIME

If you always pay your bills later, this could affect your ability to borrow money. Your inability to borrow money can affect your future plans with your partner. To check your credit, consider requesting a copy from one of the reporting agencies or your financial institution.

#5: DECIDE HOW YOU ARE GOING TO COMBINE FINANCES

Some couples choose to set up a joint bank account as soon as they decide that they are in it for the long haul. While others have kept their money separate for their entire lives. Decide whether you are going to combine finances or not.

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No matter how you structure your accounts, a joint spreadsheet is a helpful tool to keep track of your household expenses and income. Remember that you can affect each other’s financial situation, especially when entering matrimony.

Sources: 1 & 2

 

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Should You Get a Wedding Planner in Singapore?

Wedding planners or coordinators are consultants that work very closely with you to create your dream wedding.

Hiring a wedding planner in Singapore is not as expensive as you think. You see, you can opt for their on-the-day expertise and use them as support for a few hours. Although you are paying for a few hours, the wedding planners offer a variety of services. These services include creating your seating plan for your guests, hosting your ceremony, contacting your vendors, and more.

For couples who reside in Singapore or couples who plan to have a destination wedding here, getting a wedding planner on board the journey may help you overcome the wedding blues!

3 Things to Consider Before Getting a Wedding Planner

Discuss these things with your partner. You will be able to move forward with your wedding planning once you figure out your budget, priorities, and time allowance.

1. BUDGET

Apart from deciding the overall budget for the wedding, you must decide how much you are willing to set aside for professional help. The price range for a planner depends on the scope of service you require. Your budget will determine the scope of help you can get.

2. PRIORITIES

What are your prenuptial and wedding priorities? Do you want to experience a stress-free wedding planning, or do you want to ensure that your wedding is Instagram-worthy? Logistics may be important for you and your partner too. So, identify what is most important to you.

3. TIME

How much time do you have left before getting married? Are you willing to set aside your commitments to focus on wedding planning? This would include sourcing for vendors, creating the guest lists, establishing a ceremony theme, shopping for essentials, and communicating with the guests.

3 Benefits of Having a Wedding Planner

Wedding planning can make you experience a roller-coaster of emotions. A wedding planner can help you create your dream wedding celebration and bring you other benefits.

Image Credits: pixabay.com

1. RELIEVING STRESS

Leaving the most stressful tasks to the hands of a trustworthy wedding planner will allow the bride and groom to fully immerse themselves in the bliss of the moment. You do not have to think of the trivial details alone. A competent wedding planner will ensure that every detail is executed according to the plan. Moreover, the planner can play an important part in creating your dream wedding celebration.

2. INCREASING YOUR NETWORK

When looking for professionals to provide hair, makeup, floral, or catering services, there are many individuals with competent skills and elaborate marketing strategies. How should you begin your search? A good wedding planner would have the best network of suppliers that would suit your requirements. For couples who have a tight budget, wedding planners can help you avoid getting ripped off by vendors.

3. EXPANDING YOUR LOCAL GRASP

Having a Singaporean wedding planner will allow you to reap the benefits of their local expertise. There are many beautiful indoor and outdoor locations for holding a wedding ceremony, and Singaporean wedding planners would know the good places to do so.

3 Singapore Wedding Planners

Here is a list of skilled wedding planners in Singapore.

Image Credits: pixabay.com

1. CHÈRE WEDDINGS & EVENTS

Chère has left a mark on over 100 happy clients that have trusted their planning to a team of experts. Whether you are planning a gala dinner with thousands of guests or an intimate wedding reception, you can seek their help.

Website: www.chere.com.sg/

2. SPELLBOUND

Spellbound has over 18 years of experience. With its years of experience in event management and planning, you can expect that Spellbound has the right set of networks to help you plan for your wedding. You can even ask their team to help you plan for a destination wedding.

Website: www.spellbound.com.sg/

3. TE PLANNER

Te Planner provides an abundance of different packages, allowing the clients to select the best option for them. Couples can choose from an all-inclusive wedding package or a venue décor package. Te Planner will help you to design your wedding, exactly how you envisioned it.

Website: teplanner.com.sg/

Sources: 1 & 2

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Inexpensive Alternatives to Diamond Rings

You are one step closer to the aisle. Congratulations! Tradition dictates that you pop the question with a ring. With the variety of engagement rings in Singapore, how will you find the “perfect” one?

Diamonds are considered a classic choice for engagement rings. You see, diamonds are one of the strongest naturally occurring substances on earth and are capable of withstanding almost anything. It symbolizes the kind of commitment that comes with marriage. However, diamond rings may not be the best choice for everyone. If you are looking for a less expensive or a more unique engagement ring, you may consider a diamond alternative instead. Look at these five beautiful gemstones that can suit your partner’s taste!

#1: RUBY

Classic and bold are words that encapsulate the beauty of rubies. Ruby is the gemstone of love. Its visually pleasing color comes in shades of deep pink to red. It makes a wonderful contrast when paired with yellow or white metals.

Suitable for everyday wear, rubies are certainly durable. When it comes to its price, ruby is not as inexpensive as the other gemstones. Rubies are priced higher per carat than any other colored gems.

#2: MOISSANITE

In the past several years, moissanite has become increasingly popular as a diamond alternative. It not only resembles a diamond, but also sells at a fraction of the price of the diamond. Active brides can benefit from the durability of moissanite gemstones. After all, moissanites are the second hardest gemstone used in jewelry making today.

#3: AQUAMARINE

Looking for your “something blue”? Opt for a serene and elegant choice such as the light blue aquamarine. Part of the beryl family, aquamarine can be a beautiful family heirloom. Just ensure that you keep it separately from other jewels and polish it over the years. With its hardness rating of 7.5-8, aquamarine can be scratched by diamonds and sapphires.

#4: EMERALD

With its glistening green hue, emeralds are a gorgeous choice for an engagement ring. Emeralds are customizable. It comes in a variety of shapes and sizes to easily fit your dream ring.

Like aquamarine, emeralds have a hardness rating of about 7.5. Thus, it will require a little more attention and care when being stored or worn. The most appealing emeralds come in deep green with a highly transparent appearance.

#5: SAPPHIRE

Sapphire is a precious gemstone known for its elegance and durability. Sapphires are one of the hardest diamond alternatives and are ideal for everyday wear. It is made to last a lifetime. Moreover, there is less upkeep with these gemstones.

Sapphires are usually less expensive than diamonds of similar carat weight and shape. Because of this, white sapphires are highly sought after as an alternative to diamonds for engagement rings. Couples who are eager to maximize the size of the center stone while staying within a budget can opt for a sapphire.

Image Credits: pixabay.com

As you start this life-changing journey, remember what the ring symbolizes for you and your partner. As J.W. Lord put into writing:

“A wedding ring is a symbol of commitment; a promise, a pledge, and a vow. The promise is to forsake all others, to stay devoted and true; the pledge is to honor that promise selflessly, to see the whole thing through; and the vow is to keep that pledge unwaveringly, until the days are few. It is a mutual agreement to become one instead of two.”

Sources: 1 & 2

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4 Common Financial Problems In Long-Term Partnerships

Arguments about finances hamper many marriages and professional partnerships. It is no wonder that financial problems are the leading cause of divorce.

A committed couple who suffers from serious monetary problems typically face loads of stress and tension, which often translates to heated quarrels. Prevent a fueled fight by fully disclosing your financial circumstance to your partner. From time to time, check if your financial goals are still in sync.

#1: STUCK IN DEBT

From school loans to gambling addiction, many people come to the altar bearing their financial baggage. If a partner has an outstanding pile of debt and the other does not, this situation can ignite a conflict.

In such situations, people often take solace in knowing that debts are not carried over through the marriage. However, it is understandable to share the responsibilities over childcare and housing debts.

Acknowledging what you are getting yourself into can help you employ various strategies to pay off debt. Both partners must be non-judgmental and honest when discussing about their financial habits and debts. Use several tools and strategies soon after. Seek professional help when necessary.

#2: DIFFERENCES IN MONEY PERSONALITIES

Tension brought by money can be due to the opposing personalities and beliefs of two people. Personality towards money plays an important role in a couple’s marital bliss or lack thereof.

Imagine living in a home with a hoarder when you are a spender yourself. Or, living with someone who is risk-avoidant while you are a risk-taker. These opposing personalities can be mediated by empathy and compassion. Walk in the other person’s shoes to understand where he or she is coming from. Paying attention to your partner’s financial habits before and during matrimony can be beneficial too. Discuss about your financial views and habits to reach a level of understanding.

#3: LEVELS OF COMMITMENT

Whether the spotlight is on a romantic or a professional partnership, the commitment levels of each individual can be an issue. You need to clearly discuss what each partner is looking for. Let us take a business partnership as an example. Partner A wants to keep his full-time job and invest some funds to the business, while Partner B wants to fully dedicate his time and resources towards the business. Can you see the gap between these two?

When it comes to romantic relationships, two people may not be on the same page when it comes to commitment. Partner A wants to start a family, while Partner B is not yet ready. It is important to discuss the commitment levels before it is too late.

#4: DIFFERENCES IN FINANCIAL CONTRIBUTIONS

The nature of partnership is a struggle that many partnerships face. After all, not every partnership is split 50/50. The differences in financial contributions can yield many questions such as how the profits will be divided (i.e., professional partnership) or how clear these financial responsibilities are (i.e., romantic partnership).

These questions must be addressed at the end of the courting period. Thus, both parties will aim to eliminate lingering tensions as they move forward.

Sources: 1 & 2

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Financial Responsibilities Of Newly Married Couples

Managing your finances together is one of the most important roles you partake on in a marriage.

Differing views and attitudes towards money can pose issues to a relationship. For instance, you may seem frugal to others and stingy to her. If you both live beyond your means and spend lavishly on each other, you might find yourselves trapped in debt. There is time to change. Planning ahead as a team can help you build a strong foundation for your marriage.

1. GETTING TO KNOW EACH OTHER

Get to know each other’s financial beliefs and spending habits. Understand where your partner is coming from and adapt if necessary. If your partner is a spender, agree on establishing some limits. If your partner is prudent, agree on the things you would like to prioritize. Make your expectations clear to arrive on the same page.

“The handling of finances is one of the major emotional battlegrounds of any marriage. Lack of finances is seldom the issue. The root of the problem seems to be an unrealistic and immature view of money.” – David Augsburger, The Meaning of Money in Marriage

2. DELEGATING FINANCIAL DUTIES

Assess the differences in your income and money management strengths to determine how to divide the financial duties. Delegate the person who is financially savvier to take the role of managing your family’s investment options. While, the person who is better at budgeting can take charge of managing the household bills. Take advantage of each other’s strengths and fill the gaps in between.

3. PROVIDING SOLELY FOR YOUR FAMILY

For families with a sole breadwinner, it is practical to maintain an adequate emergency fund to withstand unexpected financial woes. Please consider the number of dependents when finalizing the amount of money to be set aside.

Single income couples should consider helping each other in terms of their CPF responsibilities. You can top up your spouse’s CPF account, especially if he or she has low CPF balances. You can transfer your CPF Ordinary Account savings after setting aside the Basic Retirement Sum in your own CPF account.

4. SHARING BANK ACCOUNTS

There is no one size fits all! Your household arrangement depends on your marital assets, income levels, and financial commitments. Think about which expenses you want to keep separate and which you want to share. You open a joint account for their household bills. Set aside a specific amount monthly to grow your joint account together. Meanwhile, you can keep your own individual accounts to fund your own spending.

5. AVOIDING FINANCIAL INFIDELITY

Financial infidelity refers to hiding financial information behind your partner’s back. Failing to mention a significant expenditure to your spouse may cause problems in the long run. Top money lies include under-declaring one’s income or hiding one’s debts. Such dishonesty can diminish the level of trust between a couple.

6. WORKING ON SAME FINANCIAL GOALS

Find a way to work on shared financial goals. Agree on the amount of personal contributions depending on your income.  Some of the common themes that most financial goals share are having a budget, living frugally, getting out of debt, and having a good credit score. Do not forget to save for your emergency fund and retirement plans.

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You are in this (wild ride) together!

Sources: 1 & 2

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