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Sensible Strategies To Split Expenses with Your Partner

There is truth to the idiomatic expression – “it takes two to tango”. With a relationship that spans for nearly a decade, I came to realize that giving and taking is an essential element to success. Arriving at an agreeable place avoids potential conflicts from rising. Compromise is vital when it comes to financial matters.

Who would be primarily responsible to pay the bills or to account for outstanding debts? Use the following strategies to help you split the expenses.

STRATEGY #1: DOWN IN THE MIDDLE

Living together entails the discussion of bills, loans, and other expenses. The most concrete way to divide an expense is to split it in half. From groceries to rent, you may share the household responsibilities by contributing an equal amount of money.

Keep track of your purchases and bills by creating a document or a spreadsheet file. You may want to consider setting a monthly price threshold to avoid conflicts.

STRATEGY #2: SET A PERCENTAGE

If you and your partner belong to similar salary divisions, the first strategy is beneficial. However, it can be difficult to split everything by 50-50 if you belong to both ends of the salary spectrum. Contributing S$1,000 per month to the household expenses may mean nothing to you. While, it can mean everything to others!

One of the most sustainable ways to conquer this situation is to contribute a certain percentage of your income. For instance, you can agree to allocate 30% of your income towards household expenses and other miscellanous. Both parters will be paying the same percentage to other expense categories such as utilities and transportation.

STRATEGY #3: TOGETHER AS ONE

Some couples prefer to establish a joint account with a foundation of trust and mutual understanding. With this account, you may allocate a percentage for entertainment. Entertainment includes funds for hobbies as well as vacations. Maintaining an account to fund an expensive vacation allows you to team up to achieve a common financial goal.

Motivation is elevated as you work together. Furthermore, your dual streams of income widens the resources for your funds.

STRATEGY #4: TOGETHER YET APART

Another strategy that can be just as effective is separating the expense categories based on one’s financial capacity. You will be responsible to pay for specific bills from your own account or savings.

Under this strategy, each person remains their individual bank accounts and identifies which expense they are responsible for. According to Andrea Rizk, the founder and CEO of of Risk Public Relations, this arrangement maintains maximum financial independence.

Image Credits: pixabay.com

At the end of the day, you must choose a strategy that works well with your personalities and relationship dynamics.

Sources: 1 & 2

FUNtastic Ideas To Spice Up Your Dates

I am not familiar about your dating habits, but predictability is not a part of my book! My significant other and I are actively browsing through online articles and asking for recommendations. We make it a point to “shake things up” every once in a while.

On that note, here are just some of the romantic and fantastic ideas that we have gathered throughout the years:

1. Let us start with a nostalgic date. Share your most intimate memories with your beloved by exchanging family albums. Then, reminisce the milestones you had as a couple by going back to where you first met.

2. Take the slang “Netflix and Chill” in its literal sense by streaming your favorite shows while indulging on ice cream. Eat as many ice cream flavors as you want! Personally, Ben & Jerry’s Cookie Dough is my guilty pleasure.

3. Stay in touch with your artsy side by attending craft workshops. From Calligraphy to Bento Box classes, there are many interesting workshops in Singapore! For starters, you can create a spectacular keepsake by Pottery Painting for as low as S$15 at Goodman Ceramic Studio.

4. Be the star of your own editorial by pretending to be famous photographers for a day. You can either take turns in modelling or find a stranger to do the work for you. Snap pictures of your model at the picturesque spots in Singapore (e.g., Haji Lane and National Gallery of Singapore are totally Instagram-worthy).

Image Credits: pixabay.com

5. Immerse yourself into the art of storytelling by attending poetry slams. Artists gather together to eloquently spread their messages out to the public. Considering reserving a free spot at the “Slam: A One Man Show by Neil Basu” on September 30 or October 1!

6. We might be known as a concrete city, but that does not mean that we lack furry companions! Spend a day with adorable felines as you drop by The Cat Cafe. Unlike other establishments, The Cat Cafe only charges for the entry fee of S$15 (i.e.,including a complimentary drink).

7. Aside from furry cuteness, you can get up close with over 100,000 marine animals at the S.E.A Aquarium. Be dazzled with one of the world’s largest acrylic panel that houses over 800 marine species. Their interactive displays will entertain you too! Prices for adults start at S$30 (T&Cs apply).

8. Celebrate your love for sultry Jazz music by visiting the Blu Jaz Cafe. The establishment hosts free-flowing jazz bands that are open to improvisations. Check out their menu to know how to keep your tummies full while you heart sings with glee!

Image Credits: pixabay.com

9. Reconnect with nature by visiting the highest pedestrian bridge in the country – the Henderson Waves. Jog in the Mount Faber Park before watching the sun set in this creative spiral bridge. The wonderful reflection of the the sun shall set the romantic mood for your outdoors date.

10. Inspire each other to reach the optimum physical health by joining fun runs or marathons. Engaging in these activities will not only give you a fitness boost, but it will also allow you to consistently motivate each other along the way.

11. Tired of seeing your partner glued to his or her gaming console? Well, you can ditch the virtual games and immerse yourselves in an intense reality game with Exit Plan. Exit Plan is a local escape room that offers thrilling rooms for friendly prices. Admission starts at S$15 for off-peak hours.

12. Strengthen your bond by revealing your inner self to your partner. Start by writing ten personal questions. Test how well your partner knows you by throwing said questions to him or her. The person who gets the highest score wins, while the loser will have to do a consequence.

Sources: 1 & 2

Five Secrets To Handling Your Finances As A Couple

Managing your finances together can be tricky when you are in a committed or serious relationship. However, you can employ several strategies to avoid headaches and arguments surrounding money.

#1: DISCUSS ABOUT YOUR FINANCIAL GOALS

There are a handful of Singaporeans who tackle life from paycheck to paycheck. These people deal with the expenses as they come without forethought about their retirement fund. Do you want to be in the same situation?

You have to realize that financial stability is important in strengthening the future that you want to build together. So, start by establishing at least three financial goals. These initial goals are short-term and realistic. Whether you want to save up for a getaway in Bali or a broadband bundle, your short-term goals will serve as an encouragement to take on bigger goals that will lead up to financial security.

#2: KNOW EACH OTHER’S FINANCIAL STATE

Tying the knot or living with someone who has a bad credit score may affect your finances. Imagine taking out a mortgage. Your partner’s credit rating may affect the potency of your combined credit score. This is not good!

Mutual disclosure can help you reduce conflicts over financial matters. As early as possible, carefully examine each other’s financial state and exchange useful tips. Are there any spending habits that you want to help your partner with? Do you have some outstanding student debts? Familiarize yourself with his or her deeply rooted attitudes and habits toward money.

#3: CREATE A MUTUAL UNDERSTANDING

As a couple, aim to distribute the control of your finances equally. Educate your partner about the facets of personal finance no matter how uninterested he or she might be. Financial literacy is necessary.

Aside from mutual disclosure, mutual understanding is crucial to your success. This means that you need to be aware of what you two can and cannot afford. Furthermore, you must contemplate on the process of dealing with unfortunate events.

#4: MAINTAIN JOINT AND INDIVIDUAL ACCOUNTS

A couple’s joint account is primarily used for shared expenses such as groceries, utility bills, phone bills, and mortgage repayments. Maintain this along with your individual accounts. You are entitled to a separate account because you must treat yourself or your partner personally without affecting the “household fund”.

You might say that this burns the bridges of sharing, but not really. The foundation of having individual accounts is that both would have access to each other’s account to prevent from keeping secrets. Spending beyond the threshold of your personal account is something that you need to discuss with your beloved first.

#5: DIVIDE YOUR MONETARY RESPONSIBILITIES

Compromise could be your best bet when you are sharing the responsibility for your finances. This goes hand in hand with the above statement. Having a joint account and two separate accounts helps to keep your independence and to stick with your budget.

Here are just some things that you must contemplate on when you are dividing your monetary responsibilities:

a. What are the bills that you want to pay using your joint account?

b. How much shall each one contribute to the joint account?

c. Which of your partner’s spending habits do you want to keep and to ditch?

Image Credits: pixabay.com

May these tips help you to foster good financial management habits as a team!

Sources: 1 & 2

Savvy Couples’ Guide To Saving Money While Dining Out

Preparation Before Eating Out

First things first! Make it a habit to check the restaurant’s menu and price range before booking a reservation for two. Websites such as sg.openrice.com, yelp.com.sg, or hungrygowhere.com can help you to locate a restaurant, identify its menu, and give an estimate of the average spending. This will help you make tastier, healthier, and cheaper decisions.

You can employ a money-saving technique beyond your credible search. Simply have a light snack at home before you enjoy your exquisite main course. Or, you may do the opposite by eating the main course at your home and dining at the restaurant for luxurious desserts.

Relish The Moment Of Consumption

Relationships are all about giving and taking. Spread the spirit of reciprocity by sharing your meal to each other. Restaurants usually serve a portion that is bigger than expected. Instead of ordering for two, you may order one starter and one main course meal. Doing so will reduce the expenses.

To get most of their money, some couples indulge on all-you-can eat buffets. If you are not a fan of buffets, you may purchase less by savoring the taste of your food. Eating slowly will help you realize that you are actually satiated!

Consequences Of The Next Day

The romantic date night ended in a great note. You remembered to pack your leftovers from the restaurant. Fortunately, you do not have to cook breakfast because you can reheat the leftovers. You may also revamp the dishes by following the directions on this post.

Regularly dining out can put a strain on your budget. It is perfectly acceptable to spend on something you love, but you have to set boundaries and stick to them. Curate a “Date Fund” or a “Spending Plan” and adjust your budget accordingly. You will have to make significant sacrifices in order to follow your financial goals.

Image Credits: pixabay.com

Are you willing to enjoy three consecutive date nights and eat instant Ramen noodles for the rest of the week? Are you willing to restrict your food budget to S$100 per week?

That is the kind of discipline that you (as a couple) will have to maintain.

Sources: 1,2,& 3

How To Deal With Relationship Feuds About Money

The moral values that we learned taught us that relationships are far more important than money. Conflict is bound to happen when people put more weight on material items over interpersonal relationships or when they see money as a measure of the relationship’s worth.

Deal with the monetary feuds to save your various relationships.

1. PARTNER’S PERSPECTIVES

Differences in each others perspectives is inevitable when two people come together. Although you love each other dearly, it is rare to find couples who always see eye to eye. This is why it is important to start understanding each other’s views about money. Explicitly discuss about your beliefs on financial issues and spending habits. For instance, a partner who is a hardcore saver may view money as an important currency that shall not be wasted.

Learn to put yourself in your partner’s situation by recognizing his or her financial strengths. Let us put this in perspective by imagining that two people are buying a flat screen television. Half of this relationship is a spender while the other half is a saver. They can compromise by combining the spender’s ability to commit to a new purchase with the saver’s ability to get a good deal!

2. FIGHTING FOR INHERITANCE

The authors of the informative book entitled “The Family War: Winning the Inheritance” vividly explained what it is like to be tangled in estate disputes. Envision your own family tree with interconnected branches that share a single trunk. After it has been shaken by a strong force (i.e., war over inheritance), one or more of its branches are broken down. The sad part is that they may never grow back.

As you can see, money and death can do strange things to a close-knit family. Lawyers find this scenario as one of the most challenging cases to handle. This is why some of them advocate the drafting of a will and planning for estate distribution while the client is still alive. You must also appoint a trusted person to make medical decisions should you become incapacitated.

3. MARITAL WOES

Financial issues is among the top reasons why Singaporean marriages fight and eventually part. A committed couple who suffers from serious monetary problems will usually face loads of tension and stress, which often translates to heated quarrels.

Prevent a fueled fight by fully disclosing your financial circumstance to your significant other. This is uncomfortable and awkward at first but, you have to try. Tell your partner about your outstanding debts, financial obligations, income sources, and other assets. This will make you empathize with each other more. From time to time, do not forget to check if your financial goals are still in sync.

4. BORROWER VS. LENDER

To deal with the disputes over the money that you loaned, you can show your written agreement and other supporting documents.

You may have dodged the constant knocking of the bank by loaning from a friend or a family member but, you must still treat it as a business matter. Putting the terms of the loan in a handwritten format protects both parties as well as your relationship. After all, borrowing a substantial amount of money is not the same as borrowing a vehicle!

Get everything in writing if you are borrowing a large sum of money or if the lender is strict when it comes to full repayment. The agreement is called a promissory note. Have the promissory note signed by both parties and and a lawyer (if possible). This will ensure that pursuit of legal actions when necessary.

5. GRANDPARENT’S FAVORITE

If your mature child and his or her spouse are having a hard time drawing a healthy financial conclusion, you may offer to help them out especially for the sake of your grandchildren. As a grandparent, it is acceptable to give out money to your family for a specific purpose. You may also highlight that the money must be used for that purpose. However, it does mean that you are entitled to manage all their financial affairs.

Financial advice should be given only if asked. You do not want to be a “know-it-all” parent who constantly dishes unsolicited advice. Your children are no longer toddlers that you have to guide. Although, you can always make a polite offer.

6. FRIENDLY DISPUTES

No matter how much you disagree with your friend’s unhealthy spending habits, you must take a step back from those negative feelings. Do not immediately burst into anger when you see his or her credit card bills. Blaming your friend for his or her outstanding debt will not help too. It is crucial for you to remove anger and frustration out of the equation.

Break the cycle of constant fighting and help your friend out by discussing the matter maturely. Agree to support each other along the way.

Image Credits: pixabay.com

Do not let your financial woes to get the best of your meaningful relationships!

Sources: 1 & 2

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