6 Telltale Signs that You Aren’t Financially Ready to Get Married

Two of the most sought-after life goals are love and money. Research supports that married couples build more wealth over their lifetime compared to those who remain single. When two people decide to spend their lives together, it is important to get to know each other’s perspective as a robust financial team.

You can be 38 and still be unprepared to settle down. Or you can be in a six-year relationship with someone you are madly in love with, but you are not ready to get married.

Regardless of the age you plan to marry, discussing your financial goals as a couple is an essential part of the conversation on your shared life goals.

On that note, here are some telltale signs that you are not financially ready to settle down.

#1: YOU’RE IN A ROUGH PATCH

A wedding would not pay for itself, so you and your partner need to save up for it. You also need to financially prepare for your life after the wedding. Household and childcare expenses will increase over time. Expenses include tuition fees, medical expenses, home loans, retirement fund, and so on.

If you are not financially ready to get married, it’s best to put all the wedding plans on hold for the time being.

#2: YOU HAVEN’T TACKLED YOUR LIVING SITUATION

For most couples, investing in a home is one of the biggest purchases they have to make. It requires careful planning and countless discussions. You need to discuss your living situation as a couple, before getting married.

Are you buying a new or resale HDB flat? Are you financing your HDB flat with an HDB loan or bank loan? How much are you going to shell out from your savings in your CPF Ordinary Account?

Keep in mind that the more money you get from your CPF savings to finance your property, the less you may have for retirement in the future. Furthermore, you must be insured under the Home Protection Scheme (HPS) if you are using your CPF savings to pay for your monthly housing loan installments.

#3: YOUR WEDDING BUDGET CONSTANTLY CHANGES

Many couples deal with unforeseen wedding expenses during wedding plans and on the day itself. If you notice that your wedding budget changes constantly, it could be a sign that you haven’t fully thought about what you can pay for.

Sit down with your partner to discuss your wedding budget and provide an ample buffer for unexpected fees. You do not need to actualize all the wedding ideas you have pinned in your Pinterest account. Instead, you need to be realistic when it comes to knowing what you want and what you can afford.

#4: YOU HAVEN’T PLANNED FOR YOUR POST-WEDDING EXPENSES

What happens when you return home from your honeymoon? Will you face rent payments, home loans, or student loans head-on? Think about how you will be able to manage the post-wedding expenses.

Not thinking about these post-wedding expenses or not saving up for your future can bring you stress during your first year/s as a married couple.

#5: YOU HAVE TRUST ISSUES

When it comes to finances, do you have problems in trusting your partner? Take it as a sign that you are not ready for marriage.

There may be a deep-rooted cause for your trust issues, but getting married will not resolve the problem. Help yourself overcome these issues first so you can truly have an open and trusting relationship with each other. You can seek professional help when necessary.

#6: YOUR CREDIT HISTORY IS TAINTED

While you may end up sharing just about everything after getting married, your credit history and credit scores remain separate in the eyes of the financial institutions. However, this can affect your relationship significantly.

It is important to be transparent about your credit score and credit history before settling down. While you may sympathize with your partner’s unpleasant financial situation and offer to help, realize that you may be in for more challenges if outstanding debts begin to suffocate your finances.

Image Credits: unsplash.com

If you see beaming red flags that you are not ready for marriage, then do not get married. Getting married is more than just signing a piece of paper. It’s a life-changing event that you must prepare for physically, mentally, and financially.

Before settling down, you need to plan all aspects of your life including your finances. Drastic changes in your finances will happen from the day you get married. You will need to make a lot of financial decisions together, so learn how to compromise and work as a team.

Sources: 1,2,3,4,& 5

Read More...

7 Practical Hacks to Save Money on Diapers

What’s one of the biggest daily costs of new parents? Diapers. When it comes to infant care, diapers are non-negotiable! Diapers will play a vital part in your baby’s life until the time when your baby experiences potty training. Your newborn will constantly need diaper changes and stocking up on diapers before your baby arrives saves you time and effort.

For parents, getting the best diapers for your baby burns a hole in your pocket. What if we tell you that there are hacks to save money on diapers in Singapore? This article comes with practical and simple tips to support your infant care. Let’s get started!

#1: BUY DIAPERS IN BULK

If you have multiple children in diapers at the same time, it can be costly to maintain a household stocked with diapers. A way to save money is to buy diapers in bulk. Buying in bulk usually saves you money on the “per diaper cost”.

You can order bulk purchases online or purchase them at groceries such as Jin Tai Mart. Jin Tai Mart proudly offers cheap diapers and cheap milk powders islandwide.

#2: STICK TO YOUR GO-TO TRUSTED BRANDS

Varied brands can have different effects on your babies. After trying a few brands, see what fits your baby best. Which brands keep your baby dry, rash-free, and clean throughout the day? Stick to these trusted brands to have a bit more flexibility when it comes to sales, while keeping your baby’s safety a priority.

#3: CONSIDER SWITCHING TO CLOTH DIAPERS

Cloth diapers are long-term investments, which are recyclable and adjustable to the size of your baby. Using cloth diapers is not for everyone, but if you are keen on trying it out, it can maximize your savings.

The catch is that you will have to spend a bit more upfront to stock your cloth diaper supply. After completing your initial purchase, you will only spend on detergent. Cloth diapers retail for as low as S$0.75 in Shopee.

Image Credits: unsplash.com

#4: WATCH OUT FOR COUPONS

Couponing can help you save money when diaper shopping. If you are buying online, search for both the brand the store coupon codes. Online retailers such as Lazada, Shopee, and Qoo10 often come up with special deals for its shoppers. Watch out for this!

#5: WAIT FOR SALES

If you are hesitant to invest in bulk purchasing because of its seemingly high price tag, you may want to wait for sales. Firstly, sign-up for email notifications from your trusted diaper brands to stay alerted when they have a promotion. Secondly, you can check out online retailers or physical stores for seasonal promotions such as the Mother’s Day event.

#6: TAKE ADVANTAGE OF FREE BABY SAMPLES

Many well-known brands such as MamyPoko, Huggies, and Merries offer FREE diaper samples to their customers. Take advantage of these samples!

You can get free MamyPoko diaper samples and be part of the Poko-Chan Point Program to reap the member’s benefits. For Huggies, you can get a free diaper sample by joining their Huggies® Club. Lastly, you can request a free Merries Tape diaper or join their rewards program through their website.

#7: JOIN THE REWARDS PROGRAMS

Joining rewards programs like the ones mentioned above can help you gain purchase points and other exclusive benefits. This works out particularly well if you find your baby does better with a specific diaper brand than others.

Baby diapers eat a huge chunk of your budget during your little one’s early years. Even a few cents of savings per diaper will add up to quite a lot in the long run! We hope that this article helps.

Sources: 1 & 2

Read More...

5 Marriage-Killing Money Habits

Marriage beats having a partner on a long-term basis. I am no expert on love, but my goal is to make sure that you understand the financial obligations that you each bring to the table. Otherwise, arguments can occur. Arguments about money hamper many marriages. Do not let it happen to you!

#1: FIGHTING OVER WHAT’S MINE AND YOURS

Sometimes, couples split the bills or allocate a fair amount of cash and settle everything in an equitable manner. Each spouse can spend what they have left as they see fit when the bills have been covered. This process of splitting what’s mine from what’s yours can often build resentment. It also divides the spending power, which eliminates the financial value of marriage.

#2: COLLECTING DEBTS

From student loans to credit card bills, many people come to the altar with financial baggage. If one partner has a habit of incurring debt, the other can feel the burden. People in such situations may take some solace in knowing that debts brought into a marriage stay with the person who incurred them.

#3: PLAYING WITH POWER

Power plays occur in many ways such as controlling the allowance of the unemployed spouse and comparing oneself from a spouse who came from money. It is important that both partners cooperate as a team. Joint account offers greater access and transparency, which can aid the unbalanced power dynamic in your marriage.

#4: SPENDING HABITS

Personality can play a crucial role in discussions and habits about money. The age-old conflict between spenders and savers can play out in many ways. Many of us may display more than one of these characteristics at a given time but will typically revert to one main category. Know your spouse’s money personality and discuss your differences openly. Recognize bad spending habits and address them.

#5: LOANING YOUR FAMILY MEMBERS

Do you have a habit of loaning money to your friends and family members? Respecting each other’s goals, needs, and expectations can be especially tricky. For instance, your partner’s mom may need money because of a serious illness, or your sister just gave birth. You need to allocate your travel fund to the medical expenses instead.

Image Credits: pixabay.com

The joys (and sorrows) of having a bigger family often extend to your wallet.

Sources: 1 & 2

Read More...

12 Cheap Thrills to Enjoy this Weekend

Living a frugal life does not have to be dull and boring! Keep yourself entertained while maintaining your budget by checking out these free or cheap things to do this weekend.

#1: READ A BOOK OR TWO

Dive into the mysteries and magical adventures of your favorite book. If nothing on your bookshelf strikes your fancy, you can take a trip to the local library to borrow one. You can also download free eBooks online.

#2: WATCH A MOVIE

Movies like Black Panther: Wakanda Forever and Black Adam are now streaming in cinemas. You can either watch a movie there or go to the public library to check out a film that you can rent. Netflix has a selection of newly released films too! Take advantage of your subscription with this streaming service.

#3: PLAY INDOOR GAMES

Invite your loved ones for a friendly game of cards or puzzles. If video games are more your speed, check out the free or cheap games available at the app store or other free gaming websites.

#4: PLAY OUTDOOR GAMES

Searching for an athletic endeavor? Grab your basketball or volleyball and head to the park. Join the recreational sports groups in your community. Some are free and others can cost you a registration fee.

#5: GO TO THE THRIFT SHOP

Hunt for bargains at the local thrift or flea shops. Remember, you do not have to buy anything. Browse around and watch out for great deals. It is more fun to try things on!

#6: TAKE A HEALING WALK

Smartphones, podcasts, and earbuds have transformed a walk around the neighborhood from mundane to entertaining. Even if you do not have access to good audio, stepping out for a stroll can help boost your mood. Check out this list of the best nature trails in Singapore.

#7: TAKE A LONG HIKE

Immerse yourselves with the sights and sounds of the natural world. Check out Singapore’s list of trails and parks and choose a beautiful long trail. Then, pack lunch and a water bottle to complete your hike.

#8: CYCLE AROUND

If you have a bike, ride around the neighborhood, and explore your surroundings. Do not have a ride? You can rent a bike at the East Coast Park Bike Shop.

#9: LISTEN TO PODCASTS

Your smartphone is the perfect podcast player! Use it to browse the various categories of free podcasts. Whether you are listening through Spotify or Apple Podcasts, you can keep it playing during a solo walk.

#10: TEACH YOURSELF TO KNIT

A lot of homes have yarns and a couple of knitting needles stored somewhere. If you do not have these, you can find a friend who will lend you a knitting set. Or you can head to the nearest Daiso to grab some supplies. The basics of knitting are easy. Here’s a great “getting started” tutorial that you can watch.

#11: TEACH YOURSELF ORIGAMI

Make origami decorations to beautify the Yuletide season. For example, you can create paper snowflakes or butterflies. You can aim to learn this skill and make decorations for future events.

#12: TEACH YOURSELF TO DANCE

Use your radio, speaker, or TV to dance to your favorite tune. You can invite your partner for a romantic dance. Who knows? It might become one of your top fun things to do on a Saturday.

Sources: 1 & 2

 

Read More...

4 Things to Consider Before Living Near Your Child’s School

Singaporean parents want to provide their children the leverage in life through providing quality education. Some parents are willing to spend their savings to move to a property within proximity of their chosen primary school.

The question remains, is it really worth it to move near your child’s school to increase his or her chances of getting in?

#1: AMENITIES IN SCHOOL ZONES ARE PRICIER

Living near your chosen primary school is convenient for commuting. However, being near the school zone comes with other inconveniences such as noise and traffic in the morning.

Elite primary schools tend to be situated in prime districts. Properties in the prime districts are expensive. For instance, ACS Junior in Newton is surrounded by private properties amounting to S$3-7 million. Apart from shelling out millions, it is not uncommon for supermarkets or MRT stations to be further away from residential areas. In contrast, neighborhood schools are often surrounded by HDB Developments.

#2: PRIORITY ADMISSION IS NOT GUARANTEED

Staying near your chosen school does not immediately guarantee that you will be given the slot, which is why many parents are hoping to improve their chances by participating in volunteer work. If you cannot get into your preferred school and have no alternative options nearby, that means that you could be facing a lock-in period of at least three to five years as part of the home loan agreement.

On the other hand, if you can successfully secure a place for your child due to proximity, you will need to stay at the address for at least thirty months from the start of the registration exercise as required by the Ministry of Education.

#3: SOCIAL SUPPORT CAN BE A FACTOR

Apart from prioritizing quality education, childcare should also be a factor in planting your roots. Do you opt to live near the homes of your parents and in-laws? If so, you will be able to ask for their support after school hours. For instance, your child can go over to his or her grandparents’ home after school.

#4: ASSESSING PROPERTY MARKET PRICE CAN MAXIMIZE PROFIT

If you found a home within a kilometer away from your chosen primary school, you will reap its rentability and value benefits. Many parents would want to rent a flat near their children’s school.

A study done by NUS found that 1.4% and 6.9% price declines of private and HDB homes, respectively, within 1km of a school that relocates. Apart from your proximity to the school, it is essential to assess a property’s size, age, and nearby amenities to ensure a tidy profit once you decide to rent it out or to sell it in the future.

For owners of private properties, you can seek the help of licensed appraisers who are members of the Singapore Institute of Surveyors and Valuers to determine your property’s valuation. While HDB homeowners should not worry about researching the valuation cost as they can get a valuation report on their unit from the HDB office.

Image Credits: unsplash.com

BOTTOMLINE

Choosing where to live is a personal decision. Consider all the factors that will affect your move. Some people are content with being near any primary school, while others feel that getting a good start in life is tied to an elite primary school. The choice is up to you.

Sources: 1 & 2

 

Read More...