Getting married is a milestone, but managing finances together is a new adventure. From joint expenses to long-term goals, how you handle money can shape your future.
Whether you’re newlyweds or planning bigger dreams, here are six money management tips to help you build a strong financial foundation.
TALK ABOUT MONEY
Open communication is key to a successful marriage, especially about money. Discuss your income, debts, savings, and spending habits to ensure you’re aligned on financial priorities. Regular “money talks” help both partners stay informed and involved.
CREATE A JOINT BUDGET
A joint budget helps manage shared expenses and save for future goals. List monthly expenses like housing, utilities, and groceries, then divide them based on your income. Tools like Intuit Mint or DBS NAV Planner can help you track spending and stay on budget.
ESTABLISH AN EMERGENCY FUND
Life can be unpredictable, so having an emergency fund is essential. Experts recommend saving 3-6 months’ worth of living expenses. An emergency fund provides financial security during job loss, medical emergencies, or unexpected costs.
Image Credits: unsplash.com
START SAVING FOR THE FUTURE
The earlier you start saving, the better. Whether it’s for a home, children’s education, or retirement, setting aside money for the future ensures your dreams become a reality. Consider CPF contributions or joint savings accounts for long-term security.
MAINTAIN SOME INDEPENDENCE
While joint finances are important, separate accounts allow each partner to enjoy personal spending without guilt. Keep a joint account for shared expenses but maintain individual accounts for personal or “fun” funds.
INVEST TOGETHER
Investing is a great way to grow wealth as a couple. Research low-risk investment options like ETFs or unit trusts, and consult a financial advisor to create a strategy that aligns with both your goals.
IN A NUTSHELL
Managing money as a couple requires trust and teamwork. Use the strategies above to stay on top of your finances. Stay transparent, keep some independence, and enjoy the journey together.
Congratulations on tying the knot! Now comes the real test: managing money as a TEAM. Whether you’re saving for a BTO, cutting tax bills, or just splitting date-night expenses, combining finances is key.
On that note, here are ways to make it seamless and drama-free.
DECODE EACH OTHER’S MONEY HABITS
First things first, how does your partner handle money? Maybe you’re a spreadsheet whiz, but they’ve been winging it with an “I’ll deal with it later” mindset. No judgment here!
Before you start pointing out their questionable spending habits, take a moment. What are they actually good at? Perhaps they’re great at saving or scoring insane deals. The goal isn’t to replace your system or theirs but to create one that works for both of you.
TALK ABOUT YOUR MONEY VALUES
Don’t just focus on what to spend or save, talk about why instead. What matters to both of you? Is it traveling, securing a comfortable retirement, or splurging on coffee from that atas café every weekend?
For instance, I’m all about giving back as a secretary of a non-profit foundation (yes, I know it sounds like a Hallmark card, but it’s true). When my partner found out, he was like, “Wait, we’re giving how much away?” Once we had a proper chat about our values and got on the same page, planning became much easier.
HAVE NO SECRETS AND SURPRISES
Transparency is everything. Lay it all out there: your income, debts, investments, and even that sneaky monthly subscription to a gaming app.
Have debt? Earning less than you’d like? That’s okay. What matters is honesty. The last thing you want is for your partner to find out about a hidden credit card bill. Marriage is about supporting each other, not sweeping stuff under the rug.
SET UP A JOINT ACCOUNT
Sharing finances doesn’t have to be complicated. Start with your combined income and work your way down through expenses. Keep it realistic, and remember that your money should work for you, not stress you out.
Image Credits: unsplash.com
Think of it as a team project (but less annoying than group work in Uni). For example, in our household, we split the bills and stash some cash in a joint savings account. Having that structure has been a game-changer for hitting our goals, like saving for a big trip or investing in that dream flat.
PLAN FOR THE FUTURE TOGETHER
Now that the basics are sorted, it’s time to think long-term. Review your health, life, and home insurance policies, and make sure they reflect your new life as a couple. Have elderly parents to support? Factor that in too.
Financial security is about building a future you both want. With open communication and teamwork, you’ll be ready to handle whatever life throws at you, whether it’s unexpected hospital bills or sudden home repairs.
KEEP IT FLEXIBLE
Managing money doesn’t have to feel like boot camp. Make it a regular thing: grab kopi, whip out your budgeting app, and review your goals. Celebrate your wins, no matter how small, like sticking to a grocery budget or paying off a small debt.
Ultimately, it’s not about being perfect but about being partners. With a little give-and-take (and maybe some bubble tea or artisan coffee as a reward), you can ace this whole money-managing thing.
Image Credits: unsplash.com
Here’s to happily ever after… financially and otherwise!
When it comes to expecting a baby, it’s always wise to be prepared for the unexpected. That’s why maternity insurance is a must-have. For those who love being ahead of the game, like many Kiasu parents, maternity insurance is essential. Maternity insurance can provide financial protection and peace of mind during this significant life event.
Take, for example, Income’s Maternity 360. With a single premium, this plan offers three years of comprehensive coverage for both mother and baby, including protection against death, 10 pregnancy complications, and 23 congenital diseases. Plus, it includes a hospital care benefit, ensuring you’re covered in various situations.
#2: HOSPITAL BAG
Packing your hospital bag is an exciting step, but it’s important to plan based on your expected stay. Most mothers spend 2 to 3 days in the hospital after giving birth, though a C-section may require a longer stay. Fathers planning to stay with their partners should also consider this when packing.
Think about what will make you comfortable and prepared for those few days. For example, when my friend Lea was expecting her first child, she packed cozy pajamas, snacks, and even a favorite pillow from home, making her stay much more comfortable.
#3: HOME PREPARATION
Bringing your baby home for the first time is a thrilling moment, but it’s crucial to ensure your home is ready. This goes beyond just cleaning; it’s about creating a safe, welcoming environment.
Start by minimizing furniture and switching to non-toxic products (e.g., disinfectants and natural cleaning products). Less furniture means fewer places for germs and dust to gather. For laundry: wash sheets, blankets, and your baby’s clothes with mild detergent to avoid skin irritation. Then, consider professional cleaning if necessary.
#4: EMERGENCY FUND
Life with a baby can be unpredictable, and having an emergency fund is crucial. Aim to save enough to cover three to six months’ worth of your take-home pay. If that seems daunting, start with a smaller goal, like S$1,000, then gradually increase it.
#5: BABY-CENTERED BUDGET
Adjusting your budget to include baby-related expenses is essential. Consider ongoing costs like health insurance, doctor visit copays, diapers, formula, food, clothing, and daycare. Don’t forget one-time expenses for setting up the nursery and stocking up on baby gear. My cousin Nik created a detailed budget before her baby was born and found it incredibly helpful in managing her finances smoothly.
#6: BENEFICIARIES UPDATE
Major life changes, like having a baby, are a perfect time to review and update your beneficiaries on life insurance and retirement plans. You might still have your parents, siblings, or even a previous partner listed instead of your child. When my brother updated his beneficiaries after his first child was born, it gave him great comfort knowing his family’s future was secured.
Image Credits: unsplash.com
Preparing for a baby is an exciting journey filled with many steps, but with a little planning and forethought, you can ensure you’re ready for the adventure ahead.
You’ve found the love of your life and decided to get married. However, as you plan for your shared future, you realize that one of you is a spender while the other is a saver.
Fortunately, there are strategies to manage joint finances that can satisfy both partners. Here are some tips for maintaining a balanced relationship between a spender and a saver that have been beneficial for me and my spouse.
TALK ABOUT YOUR MONETARY FEELINGS
Money often elicits strong emotions: it can cause anxiety or excitement, and managing it can either calm or stress you out. Before getting married, take time to explore each other’s feelings about money and the reasons behind them. Did you grow up in a household where money was scarce or abundant? Your upbringing significantly influences your money attitudes, and your future spouse might see things differently.
When my husband and I were engaged, we had a deep conversation about our financial upbringings. He grew up in a frugal household where every dollar was accounted for, while I was raised in a family that enjoyed spending on experiences and luxuries. Understanding these backgrounds helped us empathize with each other’s financial perspectives.
DISCUSS YOUR SPENDING PRIORITIES
One partner might value designer items, while the other enjoys an expensive hobby. Perhaps you both love to travel, aspire to own a home, or want to retire early. By discussing your desires, you can find common ground. Planning and saving for shared goals can ensure that both partners are satisfied with the purchases you make together.
We both love to travel, but I tend to splurge on spontaneous trips while my husband prefer saving for bigger vacations. By discussing our priorities, we agreed to save a portion of our income specifically for travel, allowing us to enjoy both planned and impromptu trips. If both partners agree, you can establish a clear plan for discretionary spending and saving for long-term goals.
CHOOSE PAYMENT METHODS WISELY
The pain of spending can be mitigated by using credit cards or small denominations of cash. One-click purchases and buy-it-now payments are also less painful. These payment methods can make spending less distressing for savers. Conversely, using cash, especially in large denominations, can make spending more painful for savers, though spenders are generally less influenced by the payment method.
Image Credits: unsplash.com
I noticed that my husband found it easier to stick to our budget when using cash. We decided to allocate a monthly cash allowance for discretionary spending, which helped us control our expenses better.
CONSIDER OPPORTUNITY COSTS
Many people, particularly spenders, often overlook opportunity costs at the time of purchase. When reminded of these costs, spenders tend to make more frugal choices.
For example, in a study where spenders had to choose between a S$950 and a S$1,360 stereo, they were more likely to choose the S$950 stereo when reminded that the cheaper option left them with S$410 in cash. This extra cash can be used for a weekend getaway. Highlighting opportunity costs can help spenders make more mindful decisions.
HIGHLIGHT VIRTUE IN SPENDING
Savers are more willing to spend on virtuous items, such as healthy food, compared to vices. If a saver is hesitant about a vacation, emphasize the virtuous aspects of the trip, such as quality time with family or the health benefits of relaxation.
SEEK PROFESSIONAL HELP
If you struggle to agree on a budget, consider consulting a financial planner. They can help create a budget that works for both of you.
Financial planners offer impartial advice and can determine whether certain expenses are affordable or should be postponed.
AVOID COMPARING YOURSELF TO OTHERS
Spenders and savers often have different life goals, which can lead to tension. Avoid comparing yourself to your partner as a way to justify your spending habits. This approach only deepens the divide and rarely resolves issues.
If you’re a saver, it’s easy to feel superior because you save more, but such feelings can harm your relationship. Remember, spending habits do not define a person’s worth or value in a relationship.
Image Credits: unsplash.com
By following these tips, you can foster a financially harmonious relationship. Embrace your differences, communicate openly, and work together towards common goals to ensure a happy and prosperous future.
Even the pickiest young eaters are sure to love these budget-friendly meal options. Not only do these recipes make it easy to add a serving of vegetables, but they also guarantee a delightful dining experience.
Indulge in dishes like Shredded Chicken Tacos and Iron-Rich Meatballs, which are not just tasty and flavorful but also cherished by the entire family.
SHREDDED CHICKEN TACOS
Cannot wait for Taco Tuesday? Ideal for midweek meals, this taco recipe is a fantastic choice any day of the week. Swap out beef for moist, boneless chicken thighs and, for added convenience, cook the taco filling in a slow cooker.
This allows you to prepare it in the morning and return home to a delicious meal. Adjust the spice level to suit your children’s preferences for a hint of flavor.
Transform the classic grilled cheese into a nutritious delight by adding chicken salad. In just 20 minutes, you can whip up a dinner that everyone will enjoy. The secret ingredient? Mayonnaise.
Loaded with the extra iron crucial for kids’ healthy brain development, these meatballs are a nutritious treat. Serve them over pasta, mashed potatoes, or alongside some crusty bread to soak up the flavorful tomato sauce.
Crafted from boneless, skinless chicken breast tenders, these crispy chicken “wings” maintain their crunchiness with just a light coating of oil—no deep-frying necessary. Enjoy them as an appetizer or make them the star of your dinner alongside vegetables.
This simple recipe discreetly incorporates extra veggies, contributing to enhancing the kids’ immune systems. With a cooking time of 35 minutes and a prep time of just 10 minutes, this quick recipe ensures a wholesome meal in under an hour.
