How To Succeed as a Dual-Career Couple in Singapore

It comes as no surprise that the relationship between life partners has an enormous impact on their professional lives. Sharing a life with someone entails that you are each other’s support system. Moreover, you must take your partner’s ambitions, needs, and wants to account when making decisions.

Career decisions affect how you manage your household. In Singapore, dual-career couples are becoming more of a norm. The Department of Statistics released a population census last 2021, which highlighted the current labor trends in Singapore.

The last decade has seen an increase in the proportion of resident married-couple households with working wives and an increase in households with spouses who hold equal qualifications. The proportion of resident married-couple households with spouses holding equal qualifications elevated from 44.3% to 46.6%.

Let us put our focus on dual-career couples. Dual-career couples were the largest group among married couples, increasing from 47.1% in 2010 to 52.5% in 2020. This significant increase was observed across all age groups. It is understood that resident married-couple households with both the husband and wife employed earned more. In fact, they earned a median monthly combined income of $11,101 in 2020. This is higher than the median monthly income of households with only the husbands were employed ($5,070) and those with only the wives were employed ($3,213).

As more households adopt the lifestyle of a dual-career couple, here are some helpful tips that can guide you through the journey.

#1: COMMUNICATE EFFICIENTLY

One of the main ingredients of a successful partnership is communication. Communication may take different forms for every couple, but it ought to be personal and practical. For day-to-day activities, you need to talk about the actions that will make your household run smoothly. Who will take charge of the household chores? Who will pick up the kids from school? Discuss feelings, ambitions, and challenges in a respectful and intimate manner. This will allow you to know what is going well and what is not.

#2: LOOK AT THE BIGGER PICTURE

When you make decisions, it is important to look at the bigger picture. For instance, a mother decided to quit her job to take care of her kids due to the excessive costs of childcare. However, this decision can decrease the net earnings of the household and affect their overall financial status. On the other hand, taking a short-term financial hit to pay for childcare may increase the earning power potential of the couple in the long run. Think about your current situation and examine the best options for your future.

#3: CONSIDER ALL THE PARTS

A partnership incorporates two people’s needs and concerns on the table. Moreover, you must include the needs of your family as a unit. Listen carefully to your partner and reach a shared understanding of each other’s goals. Doing this will help you strike a balance in your life as a spouse, a parent, and an employee/employer.

#4: SEEK PROFESSIONAL HELP

Let us face it! Communication does not come naturally to every couple, and that is okay. It is essential to acknowledge this and find other ways to communicate formally. For starters, a counselor can help you work as a couple to ensure that you are being equally heard and that you are developing your goals with consideration for one another.

Image Credits: pixabay.com

If your issue is finding time to communicate, you may ask a trusted family member to help lessen your workload at home. Seek part-time help while still meeting the needs of your household and your children. Seeking help can give you the physical and mental space to re-connect to your partner.

Sources: 1 & 2

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5 Money Conversations to Have Before Getting Married

Getting married changes your financial life in significant ways. Not only are you opening your doors to someone or sharing your expenses, but you are also opening yourself to legal changes. While your credit score remains individualized, your future choices could be changed by what your spouse brings into the table.

#1: MONEY BELIEFS

Does your partner value money? You will get information about your partner by how they manage financial successes and setbacks.

Talking about your financial problems can reveal how you fix and learn from your mistakes. Hearing about your spouse’s successes can also reveal how he or she works toward achieving goals.

#2: FINANCIAL BACKGROUNDS

Many financial beliefs and habits are developed in childhood and carried over into adulthood. Hearing about your financial histories can pinpoint underlying patterns.

You can build a foundation of mutual understanding about your financial backgrounds as time passes. It is important to gain clarity on why the other does what they do with their money.

#3: JOINT ACCOUNTS

Should you combine bank accounts when getting married? Or shall you have separate accounts and income streams?

You can either split the bills and expenses or divide it based on each other’s income. Maintaining separate accounts can be possible while having a joint checking account to cover shared costs such as your monthly utility bills.

#4: FINANCIAL RESPONSIBILITIES

As a team, you need to work out how you will divide the financial responsibilities. If your partner is more analytical, he or she can research on retirement investing options. Set your roles regularly and give feedback.

Do not forget to check in before making major purchases and increase your communication when there is a change in cash flow.

#5: OTHER OBLIGATIONS

Do you have other financial obligations such as running a business or supporting your sibling? The whole picture of a person’s financial circumstance cannot always be captured by personal net worth.

Image Credits: pixabay.com

Thus, you must disclose and discuss other financial obligations you each may have. Remember – you are a team!

Sources: 1 & 2

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4 Tips to Deal with Debt When Married

“Home life ceases to be free and beautiful as soon as it is founded on borrowing and debt.” – Henrik Isben

One of the most common issues that individuals bring into a marriage is debt. Money is high on the list of topics that couples fight about, and it is the among the top reasons why couples get divorced. Financial issues increase marital discord and stress.

If you are worried about marrying someone with debt, you must realize that you can help each other out. You are a team!

#1: BE TRANSPARENT ABOUT YOUR DEBT

Be honest about your debt situation. Hiding debt from your spouse before the wedding is simply a horrible idea. Your partner needs to know your economic situation and vice versa. You can only make shared decisions after talking about money.

#2: CREATE DECISIONS AS A TEAM

Married individuals have many financial arrangements to make. After discussing your pre-existing debt, decide how you will move forward together. Consider the following questions:

a. How will each partner contribute to the household bank balance?
b. Are you going to combine assets by opening a joint account?
c. What kind of investments will you make?
d. How do you plan to tackle previous debt?

#3: SET A MONEY DISCUSSION NIGHT

The key to surviving marriage and debt is to set a budget as a team. Find a quiet place and sit down for a discussion before next month begins. It may seem like a simple solution, but it is the answer to many money issues in marriage.

#4: NEVER PLAY THE BLAME GAME

Once you are married, you must work together to eliminate your debt. “My” debt turns to “our” debt. Having this perspective creates a significant difference.

an asian couple arguing

Image Credits: Asia Wedding Network

#5: CONSIDER PERSONAL LOAN TO RELIEVE SOME FINANCIAL BURDEN

Prudent use of personal loans can save you more in the long run, especially if you’re currently saddled with severe credit card debt or are facing a financial emergency that could wipe out your savings. Ultimately, the only way to prevent bad debt from snowballing is to have the discipline to control your spending until your loan is repaid. If you find yourself in any of the above situations and are looking for a personal loan to help relieve some of your financial burden, be one of the first 2 applicants daily to have your 1st year’s interest (up to S$550) covered by SingSaver. Click here to learn more. Offer until 21st Mar 2022. T&Cs apply.

Stick to the plan and motivate each other. Living without debt is not easy, but it is worth it.

Sources: 1 & 2

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Inexpensive Alternatives to Diamond Rings

You are one step closer to the aisle. Congratulations! Tradition dictates that you pop the question with a ring. With the variety of engagement rings in Singapore, how will you find the “perfect” one?

Diamonds are considered a classic choice for engagement rings. You see, diamonds are one of the strongest naturally occurring substances on earth and are capable of withstanding almost anything. It symbolizes the kind of commitment that comes with marriage. However, diamond rings may not be the best choice for everyone. If you are looking for a less expensive or a more unique engagement ring, you may consider a diamond alternative instead. Look at these five beautiful gemstones that can suit your partner’s taste!

#1: RUBY

Classic and bold are words that encapsulate the beauty of rubies. Ruby is the gemstone of love. Its visually pleasing color comes in shades of deep pink to red. It makes a wonderful contrast when paired with yellow or white metals.

Suitable for everyday wear, rubies are certainly durable. When it comes to its price, ruby is not as inexpensive as the other gemstones. Rubies are priced higher per carat than any other colored gems.

#2: MOISSANITE

In the past several years, moissanite has become increasingly popular as a diamond alternative. It not only resembles a diamond, but also sells at a fraction of the price of the diamond. Active brides can benefit from the durability of moissanite gemstones. After all, moissanites are the second hardest gemstone used in jewelry making today.

#3: AQUAMARINE

Looking for your “something blue”? Opt for a serene and elegant choice such as the light blue aquamarine. Part of the beryl family, aquamarine can be a beautiful family heirloom. Just ensure that you keep it separately from other jewels and polish it over the years. With its hardness rating of 7.5-8, aquamarine can be scratched by diamonds and sapphires.

#4: EMERALD

With its glistening green hue, emeralds are a gorgeous choice for an engagement ring. Emeralds are customizable. It comes in a variety of shapes and sizes to easily fit your dream ring.

Like aquamarine, emeralds have a hardness rating of about 7.5. Thus, it will require a little more attention and care when being stored or worn. The most appealing emeralds come in deep green with a highly transparent appearance.

#5: SAPPHIRE

Sapphire is a precious gemstone known for its elegance and durability. Sapphires are one of the hardest diamond alternatives and are ideal for everyday wear. It is made to last a lifetime. Moreover, there is less upkeep with these gemstones.

Sapphires are usually less expensive than diamonds of similar carat weight and shape. Because of this, white sapphires are highly sought after as an alternative to diamonds for engagement rings. Couples who are eager to maximize the size of the center stone while staying within a budget can opt for a sapphire.

Image Credits: pixabay.com

As you start this life-changing journey, remember what the ring symbolizes for you and your partner. As J.W. Lord put into writing:

“A wedding ring is a symbol of commitment; a promise, a pledge, and a vow. The promise is to forsake all others, to stay devoted and true; the pledge is to honor that promise selflessly, to see the whole thing through; and the vow is to keep that pledge unwaveringly, until the days are few. It is a mutual agreement to become one instead of two.”

Sources: 1 & 2

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4 Common Financial Problems In Long-Term Partnerships

Arguments about finances hamper many marriages and professional partnerships. It is no wonder that financial problems are the leading cause of divorce.

A committed couple who suffers from serious monetary problems typically face loads of stress and tension, which often translates to heated quarrels. Prevent a fueled fight by fully disclosing your financial circumstance to your partner. From time to time, check if your financial goals are still in sync.

#1: STUCK IN DEBT

From school loans to gambling addiction, many people come to the altar bearing their financial baggage. If a partner has an outstanding pile of debt and the other does not, this situation can ignite a conflict.

In such situations, people often take solace in knowing that debts are not carried over through the marriage. However, it is understandable to share the responsibilities over childcare and housing debts.

Acknowledging what you are getting yourself into can help you employ various strategies to pay off debt. Both partners must be non-judgmental and honest when discussing about their financial habits and debts. Use several tools and strategies soon after. Seek professional help when necessary.

#2: DIFFERENCES IN MONEY PERSONALITIES

Tension brought by money can be due to the opposing personalities and beliefs of two people. Personality towards money plays an important role in a couple’s marital bliss or lack thereof.

Imagine living in a home with a hoarder when you are a spender yourself. Or, living with someone who is risk-avoidant while you are a risk-taker. These opposing personalities can be mediated by empathy and compassion. Walk in the other person’s shoes to understand where he or she is coming from. Paying attention to your partner’s financial habits before and during matrimony can be beneficial too. Discuss about your financial views and habits to reach a level of understanding.

#3: LEVELS OF COMMITMENT

Whether the spotlight is on a romantic or a professional partnership, the commitment levels of each individual can be an issue. You need to clearly discuss what each partner is looking for. Let us take a business partnership as an example. Partner A wants to keep his full-time job and invest some funds to the business, while Partner B wants to fully dedicate his time and resources towards the business. Can you see the gap between these two?

When it comes to romantic relationships, two people may not be on the same page when it comes to commitment. Partner A wants to start a family, while Partner B is not yet ready. It is important to discuss the commitment levels before it is too late.

#4: DIFFERENCES IN FINANCIAL CONTRIBUTIONS

The nature of partnership is a struggle that many partnerships face. After all, not every partnership is split 50/50. The differences in financial contributions can yield many questions such as how the profits will be divided (i.e., professional partnership) or how clear these financial responsibilities are (i.e., romantic partnership).

These questions must be addressed at the end of the courting period. Thus, both parties will aim to eliminate lingering tensions as they move forward.

Sources: 1 & 2

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