7 Common Money Mistakes New Parents Make

Managing family finances is an essential skill for young couples to master, especially those who are pregnant and parents for the first time. In fact, financial management not only affects the spousal relationship, but also directly affects the future of the children.

1. Splurging on Children’s Activities

Parents are often thrilled when their children find an activity that they both love and excel in. However, don’t make the mistake of letting your child’s newfound interest turn into your personal identity. While you may relish the role of hockey dad or dance mom, don’t put yourself on financially unstable ground to support your child’s endeavors. It’s one thing to spend thousands of dollars on your kids’ activities, but when you make a late credit card payment because of it or you carry a balance, you can be hit with additional thousands of dollars in interest.

2. Not Creating a New-Baby Budget

One of the most dangerous financial traps parents-to-be can fall into is underestimating the costs of having a baby. That includes the costs incurred before the birth, such as doctor visits and new-baby gear, the costs of the birth and delivery itself, and the expenses that come after, like diapers and baby essentials.

3.Lack of Agreement on Spending Habits and Plans

If a couple does not agree on spending habits and plans, one will always feel “upset” and “frustrated” with the other’s spending. You also can’t save money if your husband is always spending beyond his means. Therefore, the first thing to do is that you two need to agree on your expenses and the family’s savings funds. For example, if you plan to have children, you need to plan an emergency fund specifically set up for them, such as a life insurance package that will accompany your children from the womb to adulthood.

4.Buying Everything New
For some of you, it’s hard to imagine putting your pure, precious newborn into a hand-me-down stroller. But by the time that infant is a few months or years old, you may be kicking yourself for buying new gear.

“I definitely started out buying everything brand-new that I needed,” says Suzanne Brown, author of Mompowerment and a mom of two from Austin, Texas. “Over time I realized I could have borrowed some of the items, like a bouncer or a bathtub to bathe baby, or bought them second-hand. I wish I had started that approach earlier because many items you buy for age 2 and under are used very little.”

5.Thinking You Need Every Baby-related Gadget
Just because a baby item exists doesn’t mean you need it. When you see other parents’ gear, it can be tempting to get your baby the same developmental toy or play mat.

However, your kid really won’t know what they’re missing. While baby blogs and parenting sites may sing the proverbial praises of having a jumper, a play gym, and so on, most little ones are happy chilling on a blanket outdoors or on your living room rug. Save your funds for the toddler years.

6. Failure to Educate Your Children About the Value of Money

Children need to know about the value of money and how to save money from an early age. Depending on your child’s age, you can turn this into a fun game, so that he/she can understand and form the following ideas: Why do I have to save money? How can I save money?

7. Forgoing Available Tax Breaks
Having a child can offer some advantages at tax time for parents who are eligible to claim certain tax credits or deductions. Some of the tax benefits available to new parents include:

If you are a parent, you may be eligible to claim the Parenthood Tax Rebate of $5,000 for your first child, $10,000 for your second child, and $20,000 for your third and subsequent child. The child must be a Singapore Citizen at the time of birth or within 12 months thereafter.

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Parents with Singapore Citizen children enrolled in licensed childcare centres can receive a Basic Subsidy of up to $600 per month for full-day infant care, and up to $300 per month for full-day childcare.

Sources: 1, 2, 3, & 4

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Marriage Registration Goes Digital in Singapore: New Era of Love Convenience

Starting from September 25, a transformative change is on the horizon for couples in Singapore. This groundbreaking shift grants couples the remarkable opportunity to register their marriages online through the newly enhanced “Our Marriage Journey” portal. This collaborative initiative, jointly unveiled by the Ministry of Social and Family Development and the Ministry of Culture, Community and Youth, is poised to revolutionize the marriage registration process, prioritizing seamless procedures and enhanced convenience for couples.

At the heart of this revolution lies the enhanced portal, a creation of the Registry of Marriages (ROM) and the Registry of Muslim Marriages (ROMM). This digital platform will guide couples through every stage of marriage registration, streamlining the entire journey from the initial application submission to the moment they receive their digital marriage certificates.

One of the most remarkable aspects of this novel system is its ability to facilitate online declarations by couples. Singpass, the national digital identity system, will automatically populate personal details, removing the need for physical document verification and in-person declaration signing at the ROM’s physical premises on 7 Canning Rise.

This modernized approach specifically caters to Singaporean citizens and permanent residents aged 21 and above embarking on their first marriage journey. However, for individuals in different circumstances, such as those entering non-first-time marriages or foreigners, the traditional in-person document verification process will remain necessary.

For Muslim unions, a distinctive prerequisite is in place: the bride’s biological father must be her lawful guardian (wali) for the couple to qualify for online declaration. Moreover, Muslim couples must arrange a meeting with their wedding solemnizer (naib kadi) before the actual solemnization ceremony. This task is made simple through the enhanced portal, which facilitates easy scheduling.

From September 25 onward, ROM will initiate the issuance of digital marriage certificates for couples submitting their applications on or after this date. The ROMM will embrace this digital shift in 2024.

Beyond the administrative facets, couples will have the delightful option of commemorating their special day with a personalized ceremonial certificate. This thoughtful touch allows couples to customize their certificate and either print it themselves or request it from ROM.

The array of benefits presented by this digital transformation is substantial. Beyond the evident convenience, couples will be freed from the complexities of managing and safeguarding physical certificates. The Ministry of Social and Family Development and the Ministry of Culture, Community and Youth underscore the simplification of administrative processes through this transition to digital certificates.

Mr. Timothy Pak, the esteemed ROM registrar, enthusiastically welcomes this change, underlining its potential to alleviate the need for couples to take time off work for in-person interviews at the ROM. This modernization marks a significant stride in simplifying and updating the marriage registration process.

In a continued commitment to adapt to evolving circumstances, video-link solemnisations, introduced during the COVID-19 pandemic, will endure as a viable option for couples. Additionally, couples will no longer be obligated to sign a physical marriage certificate during the solemnization ceremony. Instead, they will receive a digital certificate via email post-ceremony, serving as an official testament to their marital union.

Image Credits: unsplash.com

While Singapore embarks on this innovative journey towards digitizing marriage registration, it’s natural for the public to ponder the potential of online divorce proceedings in the future. However, for the present, the focus remains on enhancing the convenience and efficiency of marriage registration for couples in Singapore, ensuring that each step of the process is as smooth as possible.

Sources:1 & 2

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8 Tips to Save Money for a Memorable Bachelor Party in Singapore

Are you ready to throw an epic bachelor party in Singapore without emptying your wallet? We’ve got you covered! Planning a memorable celebration doesn’t have to be a financial nightmare.

With these 8 money-saving tips, you can have a blast while keeping your expenses in check. So, let’s dive in and make this bachelor party one for the books!

#1: SET A BUDGET

Before you start planning, get everyone on board with a realistic budget. Figure out how much each person is comfortable contributing and make sure it covers all the essentials like transportation, accommodation, activities, food, and drinks.

#2: CHOOSE AN AFFORDABLE PLACE

Who needs a fancy 5-star hotel when you can find cozy and budget-friendly options in Singapore? From hostels to budget hotels and serviced apartments, there’s something for everyone. Do some research, compare prices, and pick a place that meets your needs and fits your budget. Don’t forget to read online reviews to avoid any sketchy surprises. You might even consider booking an Airbnb for a more unique experience.

#3: PLAN AHEAD

The early bird gets the worm, or in this case, the best deals! Plan ahead and take advantage of early bird discounts, promotions, and group deals. Book your flights, accommodations, and activities well in advance to snag the best prices and avoid last-minute surcharges.

#4: EXPLORE FREE & LOW-COST ACTIVITIES

Singapore offers plenty of wallet-friendly attractions and activities. Take a stroll through stunning parks like Gardens by the Bay or East Coast Park, perfect for picnics and outdoor games. Immerse yourself in the vibrant culture by visiting local markets like Chinatown and Little India. Want some fun in the sun? Organize a friendly sports match or spend the day at one of the city’s beautiful public beaches.

If the groom is an adrenaline junkie or simply wants to conquer his fears before tying the knot, look no further than Sentosa for Singapore’s only bungee jumping experience! With heart-pumping jumps from 47 meters above the ground and a variety of jump styles, you can capture some epic footage to show the bride-to-be that her man is still thinking of her. Book through Klook for just S$11!

#5: DIY FOOD & DRINKS

Eating out for every meal can quickly drain your wallet, especially in a vibrant city like Singapore. Instead, consider cooking meals yourselves or ordering affordable takeaway options. Many hostels and apartments provide kitchen facilities, allowing you to whip up simple yet satisfying meals. When it comes to drinks, skip the expensive bars and clubs and grab affordable options from local convenience stores.

#6: POOL YOUR RESOURCES

Teamwork makes the dream work! Encourage everyone in the party to pool their resources to minimize costs. By sharing expenses for food, drinks, transportation, and accommodation, you can significantly lighten the burden on each person’s wallet. Work together with your crew to find the most cost-effective options for different aspects of the bachelor party.

#7: HUNT FOR GROUP DISCOUNTS

When booking activities, keep an eye out for group discounts or packages tailored specifically for bachelor parties. Many tour operators, spas, and adventure parks offer special rates for larger groups, giving you the chance to save money while enjoying unique experiences.

#8: PLAN YOUR TRANSPORTATION WISELY

Singapore boasts a fantastic and affordable public transportation system. Make the most of it by using the MRT and buses to get around the city instead of relying solely on taxis or private car hires. If you need to travel longer distances, book in advance to secure the best rates for group transportation.

Image Credits: unsplash.com

IN A NUTSHELL

Planning an unforgettable bachelor party in Singapore doesn’t have to drain your bank account. With a solid budget, affordable accommodation, free activities, and pooling resources, you can create memories that will last a lifetime without breaking the bank.

Armed with these money-saving tips, go ahead and plan the ultimate celebration for the groom and your group of friends!

Sources: 1 & 2

 

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5 Affordable Ways to Create a Wedding Album in Singapore

With hearts brimming with joy and a profound sense of fulfillment, my husband and I celebrated the culmination of our church wedding ceremony in May 2023. Your wedding day is an extraordinary occasion that overflows with cherished memories, and preserving those moments in a meticulously crafted wedding album holds immense significance. In this article, we will delve into some practical and affordable methods to create a stunning wedding album without straining your finances.

#1: SET A BUDGET

Before embarking on the journey to create the perfect wedding album for you and your spouse, it is crucial to plan ahead and establish a budget. Determine the maximum amount you are willing to spend, including the costs of printing and designing the album. Additionally, consider any other fees associated with hiring a professional photographer, if applicable. Having a clear budget in mind will enable you to make informed decisions and smart choices throughout the entire process.

#2: OPT FOR A DIGITAL ALBUM

Did you know that you can create your very own wedding website using free platforms like Zola and Wix? Take into account the option of opting for a digital wedding album instead of a printed one to save money. Digital albums come with several advantages, including cost-effectiveness and the convenience of easily sharing and storing your precious memories.

Image Credits: unsplash.com

There are numerous online platforms that specialize in digital wedding albums, offering user-friendly templates and customization options to create a personalized digital album. You can include your most cherished photographs, add captions, and even incorporate music, transforming it into a one-of-a-kind and interactive keepsake.

#3: DO IT YOURSELF

Upon hearing the price of the album from our official photographer, I realized that the best option for me would be to take matters into my own hands. I didn’t want to pay someone S$200 for a job I could do myself.

I started by carefully selecting high-quality photos and began searching for digital services that offer top-notch album printing. For example, Photobook Singapore provides a wide range of personalized photobooks, gifts, photo prints, travel albums, home decor, and more. I have personally printed with them twice, and the experience has been pleasant. This hands-on approach not only saves money but also empowers you to infuse your unique personality and creativity into the album.

#4: COLLABORATE WITH FAMILY & FRIENDS

Get the support of your loved ones to create a budget-friendly wedding album that holds a special touch. If you have friends or family members who possess skills in graphic design, photography, or crafting, don’t hesitate to reach out and ask for their assistance. They can lend a hand with designing the album layout, retouching photos, or even crafting unique artwork.

By involving your loved ones, you not only save on costs but also infuse your wedding album with a personal touch, making it all the more meaningful and heartfelt.

#5: TAKE ADVANTAGE OF ONLINE PROMOTIONS

Stay vigilant for online promotions, discounts, and special offers from various printing services. Numerous websites and social media platforms frequently feature exclusive deals on wedding albums. Seize these opportunities to save money while still obtaining a high-quality album. Stay connected by subscribing to newsletters and following the social media accounts of printing services to stay updated on their latest promotions.

For instance, Vistaprint regularly offers seasonal promotions on photobooks of various sizes, with three cover options: linen, leather, or photo cover. They even provide an autofill option to simplify the process of dealing with photobook layouts. Small photobooks start at $32.39, and shipping in Singapore begins at $8.99.

Image Credits: unsplash.com

CONCLUSION

Creating an affordable wedding album in Singapore doesn’t mean sacrificing quality or sentimental value. With careful planning, digital alternatives, a DIY approach, collaboration with loved ones, and leveraging online promotions, you can have a stunning wedding album that captures your special day while staying within budget.

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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

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