marriage Archives | Page 10 of 13

Singaporeans, Must You Discuss Your Salary To Your Spouse?

If you were tasked to participate in a television game show to test your knowledge about your spouse, how well do you think you will do? Getting your spouse’s full name correctly is easy. But will you still get it correctly if you were asked about your spouse’s exact income?

According to a 2015 survey by Fidelity Mutual, 43% of the participants had no clue about each other’s earnings. The percentage of couples who were ignorant about their incomes have grown compared to the survey 3 years ago. Furthermore, 1 in 10 people was off by US$25,000 (S$33,700). This is no laughing matter.

You cannot blame these numbers on poor communication alone as the ever-changing economy may also be the malefactor. A shift in the workplace is seen as many employees become freelancers while others work on multiple jobs with unpredictable hours (much like Uber drivers). If your spouse belongs to the cluster of people whose income is relatively unpredictable, you still have to be informed.

Asking anyone how much they make is a taboo subject especially in our Asian culture but if you are planning to spend the rest of your lives with the person, you have the right to know. Your annual household income dictates how you are able to save and your quality of life in general. Knowing each others’ assets and liabilities can help plan your future well (including your plan for retirement).

To put that in perspective, you have to realize that our lives are filled with uncertainties. Emergency expenses, hospitalization fees due to chronic illness, loss of a spouse and unemployment can affect your finances. You have to be prepared. This is why it is vital that married couples communicate and cooperate in managing their finances no matter how much they earn.

As you begin to open up about this subject, it can be uncomfortable for some and fight-inducing for others. Given the extent to which our society judges the person based on how much they earn, this particular subject is susceptible to dangers. Dangers that the other person can feel insecure, frustrated or inferior. But as Richard Vondra, the first Vice-President of Spire Investment Management, once said: “You don’t have to be rich, but you do need to make sure you’re able to support each other.”

Beyond your fear of being judged, knowing your spouse’s income is one of the most basic elements of your finances. Moreover, it may just be the key to your marital bliss! Studies have shown that the happiest couples talk about money and stay out of debt.

Image Credits: pixabay.com (CC0 Public Domain)

Ask yourself: “Will having this financial information change my life?” Then take action based on your answer.

Sources: 1, 2, 3, 4, 5, & 6

Important Money Matters In Marriage

As you may know, money is one of the biggest reasons why couples get divorce. Perhaps the reason why people fight most about finances is because of its measurable nature. With money, the give and take parts are quantifiable. Thus feelings of inequality and resentment can arise.

Discussing money matters may not seem romantic but it is very essential. Here’s where you shall start:

1. DETERMINE YOUR FINANCIAL GOALS AND RESPONSIBILITIES

Setting long-term and short-term financial goals such as establishing realistic budget should be done together. Along with the goals, you must assign financial responsibilities to each other. Who shall pay the utility bills? Who shall do the bookkeeping? Consider various factors such as time, knowledge and skills when deciding which of you shall take the primary responsibility for each task.

2. CONSIDER GETTING INSURED

The vow of “for better or worse, for richer or for poorer…” entails an important promise to live in a financially able home. Buying appropriate insurance coverage, to safeguard you from unforeseen financial hardships, can help embody this vow. Consider these types of insurance:

a. Life Insurance: This policy protects you and your dependents by giving the sum assured under certain circumstances such as being permanently disabled or critically ill. The agreed amount of money is intended to help you and your dependents meet your financial needs.

b. Health Insurance: This policy covers accidents, illnesses, and disabilities that affects your health. To help you and your family deal with the expenses, different health insurance policies are available in the market.

c. Home Insurance: This policy is designed to protect your home and its contents as well as covering any renovation work. Usually, homes that are less than 10 years old or those that are renovated within the last 10 years cost less to insure.

3. ESTABLISH A REALISTIC BUDGET

If you are planning to spend your lives together, it is only fitting that you learn to manage your finances as a unit. Once a month, evaluate your expenses and review important documents (e.g., credit card billing statement or utility bills) to help you create a realistic spending and budget plan for the weeks ahead. Make this a healthy habit to shield your family from piles of debt.

4. DISCUSS ABOUT THE NECESSITY OF A WILL

A Will is a legal document that communicates an individual’s final wishes. It determines not only the distribution of your properties but also the guardianship over your children in the event that both you and your spouse die.

Some people find it difficult to discuss about creating a will as the thought of it seems unpleasant, pessimistic, and morbid. However, think of it as an insurance tool that protects your assets and ensures its smooth transition. It is ideal to make a Will before having children or while they are still young.

Image Credits: pixabay.com (CC0 Public Domain)

Sources: 1, 2, 3, & 4

You Need To Answer These 6 Essential Money Questions Before Getting Married

1. HOW DO YOU SPEND?

Your future spouse’s spending habits is one of the most important things that you must uncover. Whether you are a saver or a spender, your spending habits can influence the growth of your wealth. Discuss your this matter while keeping an open mind. Then, brainstorm on how you can blend your distinct spending habits in order to manage your wealth as a couple.

2. ARE YOU SPENDING A LOT FOR YOUR WEDDING?

Some people dream of lavish wedding ceremonies while otherS prefer simple gathering. As a unified couple, plan how much you are willing to spend on your wedding day.

If you want to save money, schedule your big day during off-peak months. Usually, getting married in “off-peak” months such as November, March, and April can be less expensive than marrying in “peak” months such as December and February. Save even more money by scheduling your honeymoon when the hotels and resorts are off-season.

3. DO YOU WANT TO HAVE A PRENUPTIAL AGREEMENT?

Even if we live in the most expensive city in the world where finances shall be carefully planned, do not assume that your fiancé is comfortable with pushing through a prenup. A prenup may suggest lack of trust in one party as you are planning for unforeseen divorce. Aside from this, talking about monetary and property division can make the marriage sound more like a business matter. Truly, this is a sensitive subject matter that should be handled with care, love, and honesty.

4. DO YOU HAVE EXISTING DEBTS?

To prevent unforeseen monetary issues, understand each other’s view by explicitly discussing your differences on financial issues. For honesty’s sake, show a copy of each other’s credit report. Know what your debt and income are actually worth so that you can realistically plan on how to pay for the remaining debt. Your partner’s lack of credit history will reflect on your credit score if you combine accounts.

5. SHALL YOU OPEN A JOINT ACCOUNT?

There are undeniably advantages and disadvantages to opening a joint account but it all comes down to your spending habits. Discuss whether you want to open a joint account solely because of the household bills or your emergency fund. Having a separate bank account is acceptable but, you have to tell your spouse about it.

6. HOW WILL YOU PAY THE BILLS?

Do not assume that your future husband has got all the bills covered for you. Instead, you must openly discuss how you will split the bills. If you come from a multiracial background, it is better to understand money with respect to each one’s culture.

Image Credits: pixabay.com (CC0 Public Domain)

Keep in mind that your goals are the same – to efficiently spend and save as a couple. As a team you may utilize your partner’s credit card to make use of the grocery rebates while the other takes care of the grocery shopping itself.

Sources: 1 & 2

5 Ways To Score The Cheapest Wedding Dresses In Singapore

One ensemble that enhances the glistening bride is the dress itself. Shopping for wedding dresses in Singapore can be difficult, especially if you pay close attention to the price tags attached to it.

This is why it is important to keep an open mind when shopping on a strict budget. Consider the “5 Ways Score Cheapest Wedding Dresses In Singapore” as a starting point:

1. RENT YOUR DRESS

If you are feeling guilty on spending thousands of dollars on a piece of clothing that you are bound to use once, why not rent your wedding dress? Renting your dress does not mean that you have to give up your envisioned design nor do you have to wear something that does not fit.

In fact, you can wear gowns from internationally acclaimed designers like Rosa Clara and Pronovias with Blessed Brides‘ renting services. They also have a wedding package that will save you a lot of money. And if you have a fixed budget for your dress, consider Dream Wedding‘s rental services that starts from S$99-399. This budget prices aim to bring you quality wedding dresses at really affordable rates.

2. SIMPLY YOUR EXPECTATIONS

Since materials such as embellishments, laces, and beading cost more, purchasing a plain and classic dress can lower the price tag significantly. With a simpler dress, you are given the freedom to go BIG on the accessories.

3. WAIT FOR SALES

If you have the luxury of time, you can wait until the annual sales or wedding events happen before you buy your dress. For example, Blessed Brides’ previous “End of Season Clearance” sold dresses from S$199-1,399. How is that for a bargain?

During the sale season, you can not only buy a gown for a cheaper price but also negotiate for a lower price. Do not feel embarrassed while negotiating as your future husband will appreciate that you saved more in the end.

4. FIND THE PERFECT FIT

When looking for the right dress, consider finding dresses that fit you perfectly. Since changing the shape of the neckline or adjusting the sleeves can cost you up to S$300, you can save hundreds of dollars in alterations by buying a dress as it is.

5. SHOP ONLINE

In order to score good deals at your home, you can try shopping online. Many gowns sold online come at a cheaper price simply because the overheads for websites are usually lower. While you are it, explore the shops at countries with lower production costs.

Image Credits: facebook.com/Blessed-Brides-Bridal-Evening-Prom-Gowns-117642394921072

Sources: 1, 2, & 3

Married With Benefits: 6 Financial Advantages Of Matrimony

Just as much as money crumbles relationships apart, it can also bring two people together.

As you settle down to the married life, here are some of the financial benefits matrimony can bring:

1. CHEAPER HOME EXPENSES

It takes no doctorate degree to realize that it is cheaper for two people to live together than to live apart. When living together, you are consolidating a singular mortgage or rent expenses. Not to mention, married couples enjoy the advantage of sharing the responsibility for the utility bills. Thus this arrangement can save you hundreds of dollars each month.

2. DOWNSIZED FURNITURE AND APPLIANCES

When married couples move in together, they get to keep some of their old furniture and appliances as they only need a set. Having one set of furniture and one set of appliances will reduce your maintenance costs.

Image Credits: facebook.com/damianwidowskihome

To make more money, you can sell your unused or underused furniture and appliances that are still in good condition.

3. INCREASED FINANCIAL STABILITY

It is easier to cope with the financial woes if you are married. For instance, if you get fired from your job but your spouse is still working, your partner’s income can support your family for the meantime.

4. PROTECTION OF THE ESTATE/S

If you are married, you can protect your partner’s properties and other assets once he or she dies. First, you must get the Will and contact the executors to ensure the smooth distribution of the estate/s to you and other family members. Then, you need to formally transfer the assets as well as the investments to your name.

5. IMPROVED RESOURCES TO PAY OFF DEBT

It is often challenging to pay debt with one income. By combining your income and your spouse’s, you get to expand your resources and increase your savings. Budget your combined income to pay off your credit card debts and other loans.

6. BETTER FINANCIAL ADVICE

In respect to your marriage, your spouse is supposed to know about your spending patterns and your cash flow. Aside from the financial expert, who can you turn to for reasonable and empathic financial advice other than your spouse?

Image Credits: pixabay.com (CC0 Public Domain)

So when making important money decisions, it is best to reach an agreement with your partner first.

Sources: 1 & 2

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