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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What to expect from marriage counseling

marriage counseling

When you sign up for marriage counseling for the first time, you might encounter some anxieties, and that is perfectly normal. You may also be doubtful that counseling can actually help your relationship.

Mutual trust with a counselor, as well as mending your relationship, might take quite some time. Going into your initial few encounters of relationship counseling with an unbiased view and being upfront with yourself, your spouse, and your counselor is the best way to proceed. In fact, after a husband and wife attend their first counseling session, many of the perceived stigmas associated with couples counseling are generally dispelled.

Continue reading if you’re contemplating marriage counseling and want to know what to expect.

Introductions

A counselor will normally perform an initial conversation to discover your reasons for seeking therapy as well as to get to comprehend you as a person and as a pair. Your therapist will inquire about many aspects of your personal life from both you and your spouse to review your relationship and put your present relationship woes into context after listening to your experience.

Setting specific goals
a woman crying during marriage counseling

Image Credits: betterhelp.com

Maybe you desire greater affection from your spouse, while your partner desires patience from you. Perhaps you would want to understand how to cope with the frustration you’re experiencing as a result of your partner’s affair. One of the first stages in achieving your objectives is to share them with your spouse and marriage counselor. Bear in mind that as you and your spouse continue through the sessions, your priorities may alter.

Getting to the conversation

Both individuals in every relationship want to be noticed, cherished, and acknowledged. Most couples, on the other hand, get stuck in ineffective communication habits, leaving them unhappy and detached. Couples generally resent the other when this happens, not recognizing that the other party’s good intentions were not expressed effectively.

Marriage counseling helps couples to talk about their problems in a secure setting without relapsing to previous negative communication habits. The therapist assists the couple in determining why these patterns exist and what they may do to overcome them. The objective is to learn to interact with more empathy, improve your listening skills, and build bridges between what you want to express and what your spouse understands.

The truth is that marriage therapy can be extremely beneficial. Yes, it might be challenging, but it can also be rewarding ultimately. You will get a better understanding of yourself, your spouse, and, most crucially, your marriage. Because relationships should be viewed as a voyage rather than a conclusion, professional help at the start of a relationship feels just as useful as professional help later in the marriage. It’s a terrific opportunity to practice honest conversations, establish conflict resolution skills, and learn how to deal with tricky situations in the future.

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Best Financial Tips from Mothers

Mothers know best. We have heard this age-old saying before. Yet, how many of us are willing to admit that it is true?

It is normal to have little spats with our beloved mothers, some of us more than others. However, we would be lost without her unconditional love and support. In honor of Mother’s Day, here is a list of some of the best financial advice that several public figures received or gave as mothers themselves.

#1: NICKI MINAJ

Rapper, singer, and song writer Nicki Minaj gave birth last 2020. Her stellar career and experiences led her to value her worth. She once said: “One thing I learned along the way in business is the necessity for you to be unapologetic about asking for how much money you deserve.”

Image Credits: pixabay.com

Do not stop negotiating your pay once the company has absorbed you!

#2: JILLIAN MICHAELS

Jillian Michaels led contestants of the Biggest Loser to new heights with her expertise as a personal trainer. Both her parents always said:

“If you want to give someone money, then give it, but don’t give away anything you can’t afford to lose.”

Her parents imparted that she should never borrow or lend money to others. Lending money, especially to people closest to you, is a tricky situation due to the lack of a written contract. Sometimes, it is difficult to ask for the money that your friends or relatives owe you. Thus, be prepared to lose money on several occasions.

#3: DOUG LEBDA

LendingTree CEO Doug Lebda said that his mother “told me there was no free lunch. If I wanted to do all the things my friends were doing, I needed to pay for it myself – so go figure it out.”

Teaching your children responsibility at an early age can help prepare them for the future. As a mother, you can reward the household tasks which your child completes.

#4: ALEX RODRIGUEZ

Alex Rodriguez is well-known for his professional baseball career. He has since transitioned to being the Chairman and CEO of A-Rod Corporation. His mother thought him to be industrious and hardworking.

“There was no one in my life growing up more industrious than my mom. She worked two jobs – as a secretary during the day, and a waitress at night – to support me and my siblings and allow me to pursue my dreams.”

#5: PAMELA HABNER

Pamela Habner is the CEO of U.S. Branded Cards for Citi. Her mother’s most powerful financial advice was “to bet on myself and double down. Be an independent woman with the resources to take care of myself – no matter what.”

Image Credits: pixabay.com

It is important to invest in yourself and grow your knowledge. You do not need to be dependent on someone to succeed in life. Do things that excite you! My mother is a lifelong learner whose motivation comes from within.  She still takes webinars and furthers her education to this day. Whenever you do something that you are passionate about, you will never lose a reason to do what you must do.

Sources: 1 & 2

 

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Avoid these parenting mistakes when disciplining your kids

a displeased mom and angry child

When we think we’ve got it all figured out, our lovely children delight in turning our lives upside down with their erratic moods and behaviors. Nonetheless, we must remember the typical disciplinary blunders, particularly when correcting our children in unfamiliar areas, to guarantee that our actions and thoughts are beneficial and that we can stop harmful habits from blossoming.

Read on to avoid these parenting mistakes when disciplining your kids.

Bribing

You might be inclined to use the lure of sweets at the checkout counter to stop your child’s breakdown in the supermarket. This technique might succeed, but only for the time being. Bribing a child for poor conduct is essentially encouraging negative habits, so don’t be shocked if your kid starts whining the next time he or she wants anything.

Actionless

Set boundaries and stick to them, because leniency and counteroffers all imply that compliance is a choice. To encourage children to respect rules, set clear expectations, and intervene when those conditions are not met. Begin with courteous commands if you want your child to accomplish things like pausing computer games and finishing schoolwork. Compliment when they follow through and impose a “penalty” if they don’t.

High expectations
disciplining in public

Image Credits: parents.com

Young kids have yet to establish impulse control or the etiquette necessary in public areas such as restaurants and shopping malls. When your child deviates from the usual, consider the fact that they aren’t seeking to be a nuisance; they just don’t know what to do in the scenario, therefore exploding won’t help. Because children are born imitators, modeling or calling attention to something we would like them to do can likely help them succeed.

Long-windedness

It is not useful to give an extensive description of your child’s unacceptable conduct. Kids, especially those in primary school who are improving their attention spans, can quickly lose track of talks that go too far in-depth. Make things as simple as possible for your child by breaking them down into fundamentals. Clarify what the conduct was and why it was incorrect with younger ones and address what went awry with older children using various scenarios that may have resulted in better decisions.

Setting a bad example

You advise your teenager not to lie, yet you habitually do so to avoid joining a school volunteer event or attending an insignificant lunch meeting. You scream at your kids and implore them angrily to talk respectfully to one another.

The concern here is that we are frequently blind to our actions and forget that the little ones are watching and learning from us. Be a prime example of the conduct you want your child to mimic as often as possible. If you violate one of your standards occasionally, explain the situation to your kid, discuss how you could have acted differently, and respond with better grace next time.

Getting kids to obey might feel like an impossible endeavor since children are capable of pushing against the boundaries of their environment to learn what is tolerable and what is not. This may be perplexing for parents who feel compelled to constantly raise the stakes to turn every encounter into a teachable moment. Keeping the aforementioned missteps in mind, nevertheless, can assist parents in developing a disciplinary system that is fair, effective, and encourages a child to learn the right things when the opportunity presents.

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Here’s a glance at Singapore’s new private home sales for Q1 2022

Belgravia Ace

Watching the property market, especially for new private home sales this year? Before we take a glance at 2022, allow us to refresh your memory on December 2021’s stats:

In the wake of new cooling measures and the regular year-end slump, new private property sales in Singapore plunged 58% in December 2021 compared to November that same year. Overall sales, nonetheless, recorded an eight-year high in 2021. Experts believed that purchasers who were not subjected to the Additional Buyer’s Stamp Duty (ABSD) scheme will boost demand this year. These are first-time purchasers or people who have sold or plan to sell their current residential property to purchase another.

Fast forward to 2022, here’s a glance at Singapore’s new private home sales for Q1 2022.

January: Rose by 3.5%

In January, new private house sales in Singapore increased by 3.5%, following a significant drop in December 2021. Ikigai and Belgravia Ace were the only two launches in January, and the latter strata-landed development sold 77 apartments at an average caveated amount of S$4.4 million.

The majority of the customers, according to a Huttons Asia official, were first-time buyers who were unfazed by the cooling measures. He went on to say that the purchasers’ capacity to spend more than a million for the downpayment and stamp duties indicated either adequate cash flow or a hereditary transfer of wealth.

February: Fell by 22.5%
Royal Hallmark

Image Credits: royalhallmark.com

Sales of new private residences decreased 22.5% in February, owing to a combination of cooling measures and global uncertainty related to the Russia-Ukraine crisis. Other barriers might include increased loan rates, property tax increases in 2023, and fewer housing alternatives as a result of this year’s lower lineup of project debuts.

The single February launch, Royal Hallmark, fared quite well though, selling about one-third of its units despite cooling measures and some uncertainty brought on by the Ukraine conflict. The percentage of transactions worth more than S$2 million also remained unchanged. In other words, affordability remained steady, owing to the market’s substantial liquidity.

March: Rebounded by 20.7%

According to recent reports, new private house sales increased by 20.7% in March, following a significant drop in February. Last month, the private housing markets showed signs of improvement, with developers selling more properties. This might be a response to the relaxation of safe management requirements, allowing more people to view show flats. As a consequence of the greater visitor traffic, the number of deals closed increased.

According to an OrangeTee & Tie spokesperson, there were no big project launches above 200 units in March, and existing projects continued to reduce their unsold inventory as buyers returned to the market. The US interest rate rises, on the other hand, may raise mortgage rates and encourage more purchasers to re-enter the market. Some on-the-fence purchasers are likely to lock in house loans before interest rates rise too much since a sharp increase in the cost of borrowing might push some upgraders out of the sector.

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