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5 Tips For Couples with Joint Bank Accounts: Sharing is Saving

Being in a relationship founded by mutual trust may find it natural to create a joint bank account together.

Since you can trust your partner with everything else, why not trust him/her with your own finances?

But, managing this may be difficult especially when there are two people with different buying habits and priorities.

So, here are 5 Tips to Help Couples with Joint Bank Accounts…

1. HAVE SHARED GOALS

Maintain a joint bank account for big financial goals such as vacations, household bills, or insurance. Whatever the purpose and goals may be, be sure to make it unanimous as both of you will contribute each month.

Image Credits: Asher Isbrucker via Flickr

2. CREATE RULES BEFORE OPENING AN ACCOUNT

Have a plan of how each of you will contribute (e.g. 50-50 or 60-40). As said a while ago, discuss the goals and priorities you want to pursue in order to know where the money will go.

3. MAINTAIN YOUR OWN BANK ACCOUNT

Aside from the joint account, each person is entitled to have an individual account. This is because you must treat yourself or your partner personally without affecting the “household money”.

You might say that this burns the bridges of sharing, but not really. The key to having individual accounts is that both would have access to each other’s account in case of emergency so there are no secrets.

4. RECORD AND MANAGE YOUR EXPENSES TOGETHER

Communicate openly about your joint bank account and organize your expenses. Make it a habit to log on to your online banking account to reconcile all your purchases together (i.e., every week or every two weeks). Through this, you will understand how you are spending the money. Make cut backs if possible so you can save more.

5. REMAIN EQUALS

Embody your marriage vows or treat it like a merger between to companies. Everyone has an equal say and contribution to the shared account. This is why setting up rules and agreement before the processing is very important. Through this, you can keep an open eye if one overspends on something you did not agree on.

Image Credits: BK via Flickr

Ultimately, you must respect each other’s decision and communicate openly about your finances. Having a joint bank account may not be easy, but it is possible! Sharing is not only showing Care but it also Saves money.

More Women Breadwinners: When She Makes More

Evolution suggests that men are designed to hunt while women gather. Gender stereotypes also encourage females to stay at home and to take care of the off springs. But…times have changed.

More Women Work

Based on a study by Prudential Company in 2012, approximately 53% of the sample were women breadwinners while only 22% were married or living with a partner who made more than them. Furthermore, other research showed that about 70% of mothers with children aged 17 and under are in the workforce. And, those numbers are just in the United States. Global rise in dual-career bearer household have increased annually.

Image Credits: Kelly Garbato via Flickr

This fact that women are working more nowadays is something both men and women are accepting. The younger generations were raised to empower equality in the household. Moreover, the quality of life is getting harder as economies fail. And so, there is a great need for both men and women to work regardless of gender stereotypes.

Impact on Marriage When She Makes More

On of the largest impact of this contemporary shift is that it may affect the dynamics of the marriage. Psychology argues that men’s view of the self is formed by his work and his drive to achieve. If that is the case then if the wife makes more, it will make him feel far more inferior and insecure.

To avoid that, Farnoosh Torabi, the author of “When She Makes More”, suggests that most couples assume that if one makes more then that person has more responsibilities in the house, which she firmly stands against. According to Torabi, a couple must constantly make a conscious effort to ask the partner about financial decisions and share it openly with each other. Furthermore she gave these two tips: give everyone’s money a meaning, and treat each other once in a while.

Ultimate Financial Goal

The most important financial goal for women is to have enough money to raise their family, and to maintain the same lifestyle in their retirement. This is why young women need to take steps toward understanding investing. When women avoid investing young, they are losing out on the one thing that knowledge cannot buy– time.

Who makes more than whom should not be a huge matter as the couple’s combined earnings will only benefit not only the both of them but also their children. Couples shall work together and communicated openly on financial decisions in order to share the emotional responsibilities and keep the balance in order.

Image Credits: The Library of Congress via Flickr

5 Fun Family Activities in Singapore under $10

Who says that no family activity in Singapore is cheap? Think again! In fact, some of them are FREE! From free shows to art appreciation, here are 5 Family Activities (under $10) that you will surely enjoy.

1. STARGAZING

Be amazed by the stars and constellations you will see in the Omni Theatre at the Singapore Science Centre. Gaze over the vast universe from 7:50 to 10 pm every Fridays through a series of telescopes. Best of all? It’s FREE.

2. PICNIC BY THE GARDENS

In Singapore Botanic Gardens, your family may stroll over the Rain Forest Trail to see various forest animals (e.g., Giant Mahang and Common Tree Frog) ,and forest plants (e.g. Rattan and Meraga Tree) or the National Orchid Garden to see the beautiful orchids. The entrance for the National Orchid Garden is S$2 for adults and S$1 for children and senior.

Image Credits: Edwin.11 via Flickr

You could lay down your blanket almost anywhere in the Gardens, but one of the nicest spot is probably at Palm Valley and Symphony Lake, especially when they’re staging one the regular free classical music concerts.

3. HEALTHY OUTDOORS

Cycle and jog across the lush greeneries and wondrous beach view of the East Coast Park. If you don’t own bike, you may rent one for S$6. You may also indulge in a family barbecue here, and stay on your own tents to cozy up.

4. ART APPRECIATION

Be absorbed with great contemporary art in the Singapore Art Museum. Their Learning Gallery especially caters for the young minds. It is a rich visual sight that your children don’t usually see. The admission is free for citizens and PRs, otherwise you may check the prices here.

5. WONDERFUL LIGHT SHOW

Enjoy the free “Wonderfull Show” at the Marina Bay Sands every evening from 8pm (full showtimes here). In here you will immerse yourselves in light, sound and music where your little ones will awe in delight. Remember to get there early to secure the best seats!

Image Credits: MarinaBaySands.com

You don’t have to spend too much to have fun with the ones you love. At the end of the day, your presence and quality time spent are more than enough to make them happy.

How much does it costs for a wedding? Let’s do the maths

“A wedding is a party, not a performance. If at the end of the day, you are married to the one you love, then everything went perfectly.”

After going through thick and thin together with your significant other, both of you decided that the time is right and it’s time to hear the wedding bell. Whilst this could be exciting for most but could be daunting for some.

With increased cost of living in Singapore, it would be wise to plan your wedding ahead.

Let’s breakdown the costs

Engagement Ring

For the guys, you will need to set aside this budget for an engagement ring. Ask De Beers and you’ll be looking at setting away with 2 months of your salary. Let’s set the figure as $2,000 for now.

Pre-wedding photography

This is optional but for those who are interested, it costs around $2,000 per package.

Bridal Packages

This could range from anywhere from $2,500-$5,000 and it will usually include gown for the bride and suit for the groom, bridal cars and make-up services.

Photographer and Videographer

If you are looking at professional photographers/videographers, $3,000-4000 should be quite reasonable. Look around and see if you have any friends who are professional photographers and that should help you save a few grands.

Wedding Band

Wedding ring can go from $500 to $4,000. Again, let’s set it at $2,000.

Wedding Banquet

If you want a lavish weekend dinner at a five-stars hotel, be prepare to set away around $1,500/table. 30 tables would cost you $45,000. If everyone gives you a red packet at $100 each, you’ll be looking at recouping $30,000. That will then cost you $15,000.

Honeymoon

This is highly variable and it depends on the places you plan to go and how long the trip will be. For a one to two week trip to a neighbouring Asian country, you will be looking at around $5,000. If you are planing to go for a Europe trip, be expected to spend more than $10,000.

The table below sums it up which include other miscellaneous costs.

	BRIDE	GROOM	TOTAL
Engagement ring		$2,000	$2,000
Pre-Wedding Photography	$1,000	$1,000	$2,000
Bridal Package	$2,000	$2,000	$4,000
Photographer/Videographer	$1,500	$1,500	$3,000
Wedding Band	$2,000	$2,000	$4,000
Wedding Banquet	$20,000	$20,000	$40,000
Honeymoon	$5,000	$5,000	$10,000
Lunch Catering	$1,000		$1,000
Emcee & Coordinator	$88	$88	$176
Bridesmaid/Groomsmen Dress	$200	$200	$400
Red packets for Bridesmaid/Groomsmen	$500	$500	$1,000
Bridal Car		$500	$500
Bouquet & Corsages	$75	$75	$150
Gatecrash Red Packets		$500	$500
Total	$33,363	$35,363	$68,726

Don’t forget that you will be recouping some of your costs from the red packets you received from your guests. For a setting with 300 guests, and assume $100/red packet and equal share between the bride and groom, you will be getting back $15,000 each.

The figures above are estimated and feel free to adjust the figures according to your budget!

Plan your children tertiary education early

For many new parents, the cost of buying milk powder, toys and clothes seems to be the first thing that comes to the mind.

There is one thing that most parents has overlooked – children’s tertiary education.

Everyone has been through this stage of life and has obtained your Degree and Diploma. If your parents have funded your education, are you aware of how much it has costs? For those who funded your own education, i am sure you know it is no small amount.

Now that you are a parent yourself, wouldn’t you want to be able to fund for your children education needs and not deny him or her the opportunities to at least obtain that piece of paper in a highly competitive society of Singapore?

If you have not start to save for your children education, start now.

Time value of money will compound and grow and multiply this pot of money. You will be surprised that stashing away a small portion of your money every month can grow to something significant 20 years later.

The question is how much do we need to put away?

First, we need to find out how much it costs for a tertiary education now and how much it will cost 20 years later after adjusting for inflation.

Base on a 3-years business course, the estimated* figures are illustrated in SGD in the table below:

Country	Tuition Fees	Other Expenses	Total
Singapore	$27,750	$2,000	$29,750
Australia	$108,276.60	$84,990	$193,267
UK	$99,827.28	$126,036	$225,863
US	$78,000	$112,320	$190,320

If we assume a 5% education inflation, the expenses in 20 years time worked out to be:

Country	Total Expenses
Singapore	$78,936
Australia	$512,795
UK	$599,282
US	$504,976

The figure are startling but that should discourage you to start saving for your kids.

By saving i don’t mean stashing away in your bank’s saving account as the low interest environment is not going to let you achieve the numbers above.

If you’re financial savvy, do a ‘110 minus your age‘ stocks portfolio. If you are not, stick your money with STI ETF.

If we assume your investment performance to be in line with education inflation of 5%, you would need to set away approximately $15,000 a year to get around half a million 20 years later.

Therefore, it is important that parents should start to plan for you children tertiary education early.

(* The numbers are estimated and factors like exchange rate fluctuation, variable education inflation and choice of school may not reflect the figures above)

Engagement Ring

Pre-wedding photography

Bridal Packages

Photographer and Videographer

Wedding Band

Wedding Banquet

Honeymoon

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