Celeste Elle, Author at MoneyDigest.sg

Is sharing your spouse-to-be’s salary with your parents a good idea?

Why so kancheong?

Getting engaged is stressful enough as it is, now you want to worry about whether to tell your parents how much your future spouse earns?

Take it easy, my friend. Because sharing such private details may do more harm than good. Your parents may start judging your fiance/fiancee based on their paycheck rather than their character.

Why invite such unnecessary drama and complications into your relationship and new chapter of life together? Keep money matters between the two of you and focus on planning your wedding and building a strong marriage foundation instead.

Downsides of sharing salary information

Creating unrealistic expectations

Your parents may start seeing dollar signs and build up unrealistic expectations of the kind of lifestyle you and your spouse can provide for them. This can breed resentment and conflict within the family if both of you “seem” to be able to afford it but choose not to do so.

Fostering dependency

Telling your parents the salary information may lead them to become financially dependent on you and your spouse over time (if both of you earn a lot). They may make poor financial decisions thinking you will bail them out, or keep coming to you whenever they need money instead of being more self-sufficient.

Causing tension

Sharing the details of your combined income with your parents can also create tension with other family members. Relatives may start comparing themselves and their own financial situations, or become jealous/boastful. This can damage relationships and cause rifts within the extended family.

Importance of privacy and consent

Image Credits: partnersunitedfinancial.com

Your spouse-to-be trusted you enough to share such personal information. If you reveal it to others without their permission, it can damage that trust and cause hurt feelings.

Even with good intentions, your parents may share that information with extended family and friends. Before you know it, people who have no business knowing those details now do.

Put yourself in your spouse-to-be’s shoes. How would you feel if they told their parents your salary without asking you first? Not so good, right?

Treat them how you would want to be treated. Ask for their consent before sharing sensitive details about their life, especially something as private as their pay. If they say no, accept their answer; their privacy is not worth risking your relationship over.

Relationships are built on trust, honesty, and communication. By respecting your spouse-to-be’s privacy and getting their ‘OK’ before sharing details with your parents, you show them they can confide in you going forward. They will appreciate your thoughtfulness, and it will help strengthen the foundation of trust in your relationship.

At the end of the day, you know your parents and situation best. If you foresee non-stop nagging about how you should spend the money or constant comparisons with your siblings’ partners, then maybe keep that detail between the two of you. The most important thing is you and your partner are on the same page. Whatever you decide, just do what feels right for your relationship.

Latest WFH internships posted from 9 to 12 October 2023

You’re here for the latest WFH internships and we’re here to show it to you.

Without wasting any of your precious time, let’s dive into the most recent opportunities this week.

#1: Modern Trade Technologies Pte Ltd – Business Development Intern

Website: moderntrade.co

Allowance / Remuneration: $800 – 1,200 monthly

Job Qualifications

Be able to communicate confidently and effectively in English and Mandarin to present and pitch ideas.
Highly motivated, self-driven, and able to work independently.
Desire to learn and adapt in a fast-paced startup environment.
Poly / Diploma and University Undergrad internships may apply.

Key Responsibilities

Sales Contacts Directory:

Compile a directory of fresh and non-fresh food & drink supplier salesperson contacts.
Engage these contacts, by introducing Modern Trade and verifying their contact details.

Supplier Engagement:

Schedule and attend meetings with supplier salespersons to demo products and solicit feedback.
Onboard supplier salespersons onto the app and walk them through the app.
Request for introductions to senior sales leaders to discuss deeper collaboration.
Document feedback and share insights with the team.

Merchant Activation:

Directly approach restaurants and corner stores (or attend events) to share more about Modern Trade.
Promote the merchant app and get restaurants and corner stores started on it.
Collect and document feedback from merchants.

Business Operations:

Act as a bridge between suppliers and merchants.
Assist suppliers/merchants with app troubleshooting, ensuring a seamless experience.
Continuously document feedback to help evolve offerings.

How to apply?

View the job post in full here and write to Yufen via this link.

#2: Givabit – Web3 Intern

Website: givabit.io

Allowance / Remuneration: $200 – 750 (project /contract based)

Job Qualifications

Passion for blockchain, cryptos, NFT, and digital art
A digital guru
A social and “doing good” mindset
A curious mind
Independent to work alone with little supervision
A team player mindset
Excellent communication and presentation skills
Previous early-stage crypto start-up experience is a plus

Key Responsibilities

Market research and creative ideas
Business & partner development
Social media & community management
Participate in company strategy and investor relationship
Support the CEO in his everyday tasks

How to apply?

View the job post in full here and send your application to [email protected].

#3: Mercedes-Benz Fleet Management Singapore Pte. Ltd. – Intern, Sales & Marketing

Website: mercedes-benz.com/en/

Allowance / Remuneration: $900 – 1,200 monthly

Job Qualifications

Degree in Business Management / Administration
Basic knowledge of the financial services industry preferred
International exposure and cross-cultural experience preferred
PC skills: MS Office and Outlook
Language skills: proficient in English and an additional Asian language will be an advantage

Key Responsibilities

Support the Fleet management sales team on projects / ad-hoc tasks
Support sales admin on monthly forecasting reporting to F&C.
Purchase ordering for sales-related functions in the concur application
Alignment of monthly forecast from the sales team
New vendor application processing
Work closely with marketing on sales promotion alignment
Attend regular sales meetings to align on any new promotions/events/launches

How to apply?

View the job post in full here and write to Ben via this link.

#4: Starshine Montessori – Social Media Content Creator

View this post on Instagram

A post shared by Starshine Montessori (@starshinemontessori)

Website: starshinemontessori.com

Allowance / Remuneration: $800 – 1,200 monthly

Job Qualifications

Experience or strong interest in content creation and design.
Expertise in image and video editing tools, including Capcut and Canva.
Strong knowledge of social media platforms and their specifications.
Excellent English proficiency, with impressive copywriting abilities.
High level of creativity, attention to detail, and ability to translate ideas into engaging content.

Key Responsibilities

Design and create unique images and video content using Capcut and Canva.
Craft engaging posts, reels, and ads tailored for each social media platform.
Monitor, track, and analyze the performance of posts to leverage insights for future content.
Stay up-to-date with the latest social media trends to ensure maximum audience engagement.

How to apply?

View the job post in full here and send your application to [email protected].

#5: Mighty Jaxx International Pte. Ltd – ECommerce Operations Intern

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A post shared by Mighty Jaxx (@mightyjaxx)

Website: mightyjaxx.com

Allowance / Remuneration: $800 – 1,200 monthly

Job Qualifications

Currently studying business, marketing, e-commerce, or a related field
Basic knowledge of e-commerce platforms such as Shopify
Familiarity with basic photo editing software (e.g., Adobe Photoshop, Illustrator)
A strong interest in e-commerce and a willingness to learn and adapt to new technologies and processes
Basic knowledge of SEO principles and e-commerce best practices would be a bonus
Previous internship or coursework related to e-commerce or digital marketing would be a bonus
Good communication skills, both written and verbal
Ability to work well in a team and collaborate with cross-functional departments
Proactive approach to problem-solving
Strong attention to detail and excellent organizational skills

Key Responsibilities

Assist in the creation, optimization, and maintenance of product listings on Mighty Jaxx’s e-commerce platform
Handle the uploading and updating of new and existing products on the website
Edit product photos and listing content to ensure information is displayed correctly and complies with brand standards
Coordinate and collaborate with the Marketing team and cross-departments for campaign/promotion setup
Manage inventory of e-commerce platforms
Manage any simple glitches if needed or escalate them accordingly
Feedback to IT or third-party vendors and follow-up on change requests or any bugs and issues

How to apply?

View the job post in full here and send your application to [email protected].

Editor’s note: These internships are selected based on the “remote” tag, but some positions are hybrid ones and you may need to report physically to the office. For more deets, do contact the employer directly.

How to talk sense into a spouse who wants to retire early but is not financially ready

So your spouse wants to retire early and you’re scratching your head until botak now trying to talk sense into them, worrying about how to pay bills if no more salary’s coming in?

Well, this one sure ain’t easy.

Your spouse is already excited at the thought of waking up late, going on long teh/kopi dates every day, and playing mahjong with the kakis. How to tell them that money is not yet enough for this kind of lifestyle?

Should you be the bad guy and pour cold water on their retirement dreams? Or let them retire and struggle together if the money isn’t enough? This is one big headache for you we know so let’s try tackling this together.

Signs your spouse may not be financially ready for early retirement

Image Credits: ichoose.ph

If your spouse wants to retire early but you have doubts about whether you have enough money, take these signs as a guide:

He/she still has outstanding loans or mortgages to pay. If one hasn’t cleared their housing loan or has other big loans like car loans, retiring early means less income to service the debt.
No proper plan or budget for how to spend money during retirement. If your spouse cannot show how much he/she needs to spend each month and where the money will come from, it’s likely they will end up withdrawing too much from savings.
Not enough savings or investments to last in retirement. Most financial experts recommend having at least 10x of your annual income (if you’re in your 60s) in retirement savings these days. If savings are nowhere near that, the answer is clear.
No idea how to pay for healthcare or insurance after retirement. Healthcare costs are one of the biggest expenses during retirement. If your better half has yet to think about how to pay premiums or out-of-pocket costs, retiring early is a recipe for disaster.

How to approach your spouse about financial readiness

Have a heart-to-heart

Explain your concerns sincerely but with respect. Say how you want the best for both of you, but early retirement may be too risky if not ready financially. Listen also to their reasons for wanting this. Compromise and find common ground.

Check your numbers

Suggest doing a “financial health check-up” with a professional advisor. See how much you’ve saved, how long it may last, investment returns needed, healthcare, and living costs. This can give a better picture to your spouse also on what’s needed to retire comfortably.

Consider the risks

Early retirement often means less time for savings to grow and more years of expenses to fund. Inflation, healthcare costs, and unexpected emergencies can impact your nest egg. Discuss the potential downsides and have contingency plans.

Strategies to help your spouse prepare financially for retirement

Check CPF and savings.

If it’s not enough to generate a steady income for potentially 20-30 years of retirement, your spouse may end up going back to work out of necessity, whether they want to or not.

Image Credits: cpf.gov.sg

Look into ways to earn passive income, like investing in stocks or real estate. Meet with a financial advisor to develop an investment plan. The sooner you start, the more time for the money to grow.

Discuss a realistic timeline for retirement that factors in your financial situation. Maybe your spouse retires partially by going part-time first before fully retiring. Or retire from their current career but start another, more flexible job.

Retiring early is a big life decision that requires careful planning. Help your spouse face the financial realities now so they can actually achieve their goal of a comfortable retirement, rather than struggling to make ends meet. With time and the right strategy, their nest egg can grow into something that can support him/her for life after work.

So if your spouse is insisting on retiring early when you are both not ready, don’t panic. Sit down, have a heart-to-heart talk, and explain how rushing into retirement when the money is not enough will only lead to more headaches and stress down the road. Show them the numbers, and let them see for themselves how waiting a few more years means a bigger nest egg and fewer worries. Early retirement is shiok but must do it right, not jump the gun. Take it slow, and plan properly. When the time is right, you both can retire comfortably without regrets, and start this new chapter of life on the right foot.

Circumstances to consider before you open a joint (bank) account with your spouse

So you finally tied the knot with your sweetheart and you’re officially Mr and Mrs, the next big step is to decide in your financial journey is if you should open a joint bank account or not.

Many couples think that it’s a must to show you’re sharing your lives. But wait, don’t rush into it yet because there are a few things you should think about first before taking the plunge.

Understanding joint bank accounts

Joint accounts can help couples eliminate the administrative work after purchases, etc.

Banks may allow you to choose either a “joint account” or a “joint-alternate account”.

With a “joint account”, both of you must agree before doing anything with the money. So if you want to withdraw or transfer money, your spouse has to give you the ‘go’ sign. This can avoid misunderstandings but is sometimes quite inconvenient.

For a “joint-alternate account”, any one of you can use the money without asking the other’s permission. It’s much more convenient but requires a great deal of trust since the other person can do whatever they want with the money.

Before opening a joint account, talk to your spouse and be very clear about how much money each of you will put in, who can withdraw and spend the money, and make sure you are both alright with that.

If you’re sitting on the fence, you can always start with a smaller joint account first to test the waters. Take your time, no rush—after all, marriage is for life.

Factors favoring a joint bank account

Opening a joint bank account with your spouse has its pros and cons, but the pros often outweigh the cons for most newlyweds. Here are some factors to consider:

More transparency and trust

Having a joint account shows you have nothing to hide from each other since both of you can obviously scan the transactions anytime, anywhere. This can cultivate better trust and financial openness in the relationship.

Easier to manage household expenses

With a shared account, paying for utilities, groceries, and other household necessities becomes more convenient. No need to fight over whose turn it is to pay or chase each other to transfer the other 50%. Everything can be paid from a single account.

Shared financial goals and responsibilities

With shared accounts come shared financial goals and duties. It gives both of you a chance to sit down together, look at your combined income and expenses, and come to an agreement on budgeting, saving, and spending priorities. This presents a good opportunity to be on the same boat money-wise and paddling as a team towards common financial objectives.

Circumstances to consider before opening a joint account

Image Credits: The Independent

Of course, there are risks involved. Whether you’re newly married or have been together for a while, opening a joint bank account is a big step. Here are a few things you should think through first before combining your finances:

Difference in spending habits

If one of you is a big spender and the other prefers to save, having a shared account may lead to arguments over how much goes into savings versus spending. You will need to compromise and be very transparent about your financial habits.

Outstanding personal debts

If either of you have significant personal debts like loans or credit card balances, it may be better to keep separate accounts until they’re paid off. That way you have more control over how much goes towards your personal obligations each month.

Uneven income levels

If there is a huge difference in your income, a joint account means the higher earner’s money will subsidize the lower earner. You will need to be comfortable with this arrangement. As an alternative, you can have a shared account for household expenses, but keep separate accounts for personal spending.

Potential legal issues

In the unfortunate event of a divorce, joint accounts can get messy. It may be difficult to determine who contributed what and split the money fairly. As a precaution, you may want to look into the law that specifies how joint assets will be divided if you separate.

Opening a joint bank account is a big milestone, so go into it with your eyes open. Discuss your concerns openly and make sure you’re both on the same page about how you want to manage your shared finances. If needed, start small by pooling money for essential household expenses before combining everything. At the end of the day, the most important thing is to build trust and understanding with your spouse. If you can get that right, having a joint account will just be one of the many joys of sharing your life. But do it at your own pace, no need to feel pressured just because that’s what most people do. You do you!

Reasons why you should never share your salary with a love interest at the workplace

So you’ve been asked how much you earn from your office crush?

Well, don’t take this lightly. If they think you earn peanuts, they will probably lose interest in you faster than the time it takes to queue up for cai fan during lunch hour.

But if they realize you’re earning way much more, they may start seeing you as their ATM. Before you know it, you might be paying for everything from kopi to karaoke sessions and more.

Keep that info to yourself if you want your initial relationship stage to be based on genuine feelings and not how much dough you’re raking in each month.

The complexity of mixing love and money

Money always complicates things

When it comes to relationships (honestly, not just romantic ones), money is a sensitive topic. The more you disclose about your pay or finances early on, the more complicated things can become.

Your date may develop certain expectations about how much you should spend on dates, gifts, or the lifestyle you both can afford. This can breed resentment if those expectations aren’t met.

So if I were you, I would rather focus on connecting emotionally first before bringing money into the equation. You’re not getting married immediately, aren’t you?

Office gossip spreads like wildfire

If the two of you work together, sharing your salary info is asking for trouble. Once you reveal that detail, it’s out there and you can’t take it back.

Your love interest may let it slip to others without meaning to. Before you know it, the whole office will be speculating about why you’re paid what you are, and comparing salaries. This kind of talk often leads to hurt feelings, damaged work relationships, and a toxic culture.

Image Credits: inc.com

Best to avoid the drama and keep your pay private, especially in the early days of dating a colleague. Let your connection develop based on mutual care, trust, and respect – not numbers.

Potential for awkwardness

Same company, similar work tasks, but different salary, how do you compare?

If you earn more, your new sweetheart may feel inadequate or taken advantage of. If they earn more, you may feel jealous and wonder why the company values them more.

Rather than risk an awkward salary standoff that threatens your budding romance, don’t even bring it up. Keep things light and focus on getting to know each other outside of work. If things get serious down the road, you will have built up enough goodwill to have an honest chat about finances. For now, zip it and enjoy the mystery!

The workplace is complicated enough without adding salary and relationship angst into the mix. Keep your pay private to avoid potential discomfort, hurt feelings, or damaged egos. What you earn doesn’t define your worth, so don’t let salary differences get in the way of finding love. For now, keep things fun and salary-stress-free.

Privacy concerns

Your salary is personal info that should stay between you and your boss. No need to share with everyone, especially a new relationship.

I don’t want to be a wet blanket but If the relationship doesn’t work out, that person now knows exactly how much you earn. And if they have a big mouth, the whole office might find out too. Then how? The awkwardness and potential office gossip can cause a lot of stress.

And looking at it in a positive light, keeping your salary private shows you value your financial independence and privacy. It’s not that you don’t trust the other person, but that you want to build trust slowly over time before sharing sensitive details about income or finances.

If the relationship gets serious, there will be plenty of time to have an open discussion about earnings, budgets, financial goals, and the like. But hold off on that conversation until you’ve properly assessed if this person can truly keep discreet with private information.

Overall, there are good reasons to avoid blurting out your salary to a new love interest at work, especially in the early stages of dating. Keep things light and casual, build a genuine emotional connection first before divulging the dollars and cents.

Image Credits: cnbc.com

As we come to a close, I hope I’ve given you some solid reasons why you should keep your paycheck figures confidential when chatting with that cute colleague you’ve been eyeing. Sure, salary sharing seems harmless at first, especially when those lovey-dovey feelings start bubbling. But once those numbers are out, there’s no taking them back. And when the relationship goes south, which romances often do, you will be left with an office ex who knows exactly how much you make and can use it against you. Why give them that power over you? Keep your salary details to yourself because some things are better left unsaid when you’re mixing business with pleasure.