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

Image Credits: pixabay.com

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

Sources:  1 & 2

Read More...

Do Not Tell These Money Statements To Your Kids

There are some financial issues and information that you shall just keep to yourself.

1. “Your Dad makes more money.”

In a dual-career household, you shall refrain from pointing out which parent earns more than the other. Putting a distinct label on the breadwinner signifies that one’s contribution is more important than the other. It is better to highlight that the two of you work as a team in order to cultivate a brighter future.

2. “Your uncle owes us S$5,000.”

You may be infuriated that your brother has not paid his debt. Sure! S$5,000 is a decent amount of money, but you shall not get your children involved in this issue. Children usually mirror the reactions and emotions of their parents. Telling your daughter that her uncle owes you money may ignite hatred or uncomfortable feelings toward him.

It is an admirable thing to warn your children about the risks of lending money. However, you must use an example that is too close to home.

3. “I spent a lot of money for your gift.”

Most children do not mind the cost of your gift. They simply want to relish the excitement that the act of receiving brings. To an innocent child, there is no difference between a bespoke and a store-bought cake. It is still a sweet dessert!

Putting a price on a gift (i.e., high/low or cheap/expensive) can just change their perceptions. Teach your children that the value of the gift is not always reflected on its price tag.

4. “I am broke.”

Have you ever noticed that some of our adult conversations are exaggerated? Children are less likely to absorb our subtleties in communication. Imagine you uttered these words: “I am broke.” Your young offspring may misunderstand what you just said due to your choice of words. Avoid declarations of financial disaster.

Instead, it is important to give your children reassuring messages. You may say that you have to wait a week until the pay day comes.

5.”Do not tell your Daddy/Mommy that I bought this.”

Your devotion to your spouse does not stop after having kids. Make it a point to discuss about your spending habits and future goals. If you are about to purchase something that you want to conceal for now (e.g., a surprise birthday present), do it at your own time. Do not use the vulnerability of a child as an escape.

If you encourage a child to lie to the other parent, it increases the likelihood of dishonesty. It sends a message that spending money is merely a shameful act. All these wrong signals can be prevented by you.

6. “I dislike going to work.”

No matter how tired you are of answering demanding calls or how much you hate your boss, you shall not verbalize these thoughts when your child is around. Complaining about these negative aspects of the job can make your child feel anxious about the future.

Opt for sharing the aspects that you enjoy the most about your job. What makes your work fulfilling and interesting? Dwell on that. Save the serious talk until she or he reaches maturity.

7. “We cannot afford to buy that.”

After spending a few hundreds on the grocery store, it can be confusing to tell your child that you cannot afford to purchase a toy. He or she may think that you spent all your money on groceries or that you have no more money for the important things. Turn this situation around by teaching your children about the importance of prioritizing and delayed gratification.

You may say something along these lines: “Please put that toy back. We do not need it right now. If you really want to buy it, you have to save up for it. I can help you!”

Image Credits: pixabay.com

Image Credits: pixabay.com

As with most aspects of parenting, it is best to lead as a positive example to your children. Choose your words wisely.

Sources: 1 & 2

Read More...

4 Must-Read Books On Pregnancy (Under S$40)

1. THE PREGNANCY COUNTDOWN BOOK: NINE MONTHS OF PRACTICAL TIPS, USEFUL ADVICE, AND UNCENSORED TRUTHS

The eye-catching title of the book bears it all. Expect practical advice as the authors take you on a nine-month journey towards parenthood. Singaporean moms will enjoy reading this book because it avoids sugarcoating. The tone of the book is not too harsh either. Simply, it gets straight to the point!

I am mostly impressed about three parts. Firstly, it elaborates on the pregnancy issues that you are probably afraid to ask (e.g., stretch marks or eating regimen). Secondly, it pays attention on the relationship dynamics between the husband and wife. Lastly, it seeks to educate the expectant fathers on the trials that the pregnant partner is about to face.

Get the uncensored truth for as low as S$24.25 at Popular Bookstore.

2. MAYO CLINIC GUIDE TO A HEALTHY PREGNANCY

If you are a health-conscious individual like me, chances are, you have read several Mayo Clinic articles. Mayo Clinic is a non-profit medical research group based in Minnesota. The institution provides free online resources for everyone. The professionalism manifested in their website translates to the information packed inside the “Mayo Clinic Guide to a Healthy Pregnancy” book. This elaborate book functions as a reference guide, which you can browse from time to time.

The book includes three main sections: the pregnancy, the childbirth, and the newborn. The first part gives you week-by-week explanation of the changes that your body and mind will go through. Also, it shows the complete illustration of the baby’s development.

What will draw you closer to the book is its ability to give you informed decision by highlighting several pros and cons on important topics such as breastfeeding. Stand your ground after getting this 36-dollar book!

3. THE EXPECTANT FATHER: FACTS, TIPS, AND ADVICE FOR DADS-TO-BE

Let us turn the tables around by focusing on one of the best pregnancy books for dads-to-be. I have to admit! There is a limited amount of pregnancy books tailored for men, but The Expectant Father is highly recommended. The author of the book speaks from his firsthand experience as a dad. This makes the book personal and relevant.

Most expectant dads are full of anxiety about the whole process at hand, but this book aims to ease your worries. The organized chapters of this book includes dealing with labor as well as the potential emergencies that can arise. Hopefully, you can prepare for all types of scenarios.

What you will enjoy most about this book is its witty and humorous tone. Grab your own copy for only S$18.32.

4. BE PREPARED: A PRACTICAL HANDBOOK FOR NEW DADS

It seems like humor is a common writing style for authors who offer pregnancy books that are tailored for dads. This is not a bad thing! Aside from humor, Be Prepared boasts a wide array of topics from basic newborn care to selecting the ideal stroller.

Are you wondering how to successfully read your baby’s temperature? Or, do you need a step-by-step illustration on how to swaddle a newborn? All these are covered by the book. You read that right! This 29-dollar book is suitable for men who have no previous experience on fatherhood.

Image Credits: pixabay.com

Image Credits: pixabay.com

[Disclaimer: Due to the public’s clamor for these helpful books, local bookstores occasionally run out of stocks. You can either wait patiently for the re-stock or consider the alternative options of purchasing. Thank you!]

Sources: 1 & 2

Read More...

Bad Money Habits That You Need To Drop When In A Relationship

Maintaining a healthy relationship with your significant other entails stabilizing the disposition of your finances.

Read thru this article to know how bad monetary habits can potentially harm your relationship. Furthermore, you will get an idea on how to conquer these habits.

#1: AVOIDING FINANCIAL CONVERSATIONS

A healthy long-term relationship is built on trust and transparency. As things get serious with your partner and marriage becomes a viable option, consider discussing about finances. You need to resolve your potential spouse’s money problems before it is too late.

Fully disclosing about your financial circumstance to your partner can be uncomfortable at first but, you have to at least 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 goals are in lined with each other.

#2: STICKING TO YOUR OUTDATED BUDGET

Improve your financial state this 2017 by establishing a robust budget. The budget that you created when you were single may be efficient, but you are now budgeting for two. Being in a committed relationship means that you have to take on more expenses with more resources. Begin by studying each other’s spending habits. Then, trim down unnecessary expenses after compromising. You may also adapt the budgeting techniques of your partner.

I, for one, allocate a small portion of my income to date nights. Let us face it! We belong in a generation where it is acceptable for women to split the tabs with their dates. Give this new perspective a chance as a loving relationship is a two-way street.

#3: LOANING YOUR VACATIONS

I know how much travelling can ease the stress of a hard working Singaporean. However, consistently deducting your romantic vacations on your credit card can take a toll on your wealth. Spending money that you do not have is a dangerous habit to possess. Imagine the arguments that boil down due to the frustration of not being able to meet up with the outstanding debts. This is why you must cultivate a travel fund in advance.

#4: SKIPPING THE BUDGET FOR GIFTS

According to the internationally-acclaimed book by Gary Chapman, there are five ways to express your love to your partner. These five ways include gift giving, quality time, words of affirmation, physical touch, and acts of service. Understanding your partner’s love language will help you to strengthen your bond.

I am only going to focus on one love language – the gift giving. For people who place importance on the tangible symbols of affection, it is important to remember your special dates. You are bound to celebrate various occasions together such as anniversaries and birthdays. Not to mention, Valentine’s Day is coming up soon. Is your wallet ready?

It is a good idea to allocate a budget for gifts before buying one. Otherwise, you have to face budget trimming and other financial woes.

#5: KEEPING A MONETARY SECRET

Secrecy is rarely beneficial to a relationship. Research showed that 1 in 10 people considered breaking up with their partners upon the discovery of a financial secret. Millennial participants were even less forgiving as reaped a figure of 1 in 5. These numbers convey how secrets can strain a “loving” relationship.

Image Credits: pixabay.com

Image Credits: pixabay.com

The impact of keeping a monetary secret depends on the couple’s income, the item purchased, and the frequency of purchases. Another significant monetary secret is having a stash for escaping the relationship. Having undisclosed assets and secret bank accounts can affect the level of trust given by your partner. The primary source of damage is not money on its own, but it is the unpleasant habit of concealing the truth.

Sources: 1 & 2

Read More...

Surefire Ways To Nurture Your Child’s Marketing Abilities

The core of your business’ success relies on its marketing. Teach your beloved ones the marketing skills that they needs to thrive throughout their lives!

Do so while you have the luxury of time.

WATCH COMMERCIALS AND OTHER ADS

Children do not have the capacity to carry a stable job nor do they have the ability to budget money. However, they can influence how you spend it. Savvy marketers know this! For instance, expensive products for kids are usually placed in lower rack to meet their eye level. Television marketers focus on producing more content for toys, candies, computers, and so on.

Commit at least once a week to introduce the potent effect of advertising to your suggestible children. Select some commercials or ads to ask the following questions:

a. WHO was the intended audience?
b. WHAT was the description of the product or service?
c. WHY was the ad placed during or between this show?
d. HOW did you feel about the commercial or ad?

KNOW DIFFERENCE FROM REALITY AND FANTASY

Aside from discussing the detailed content of the commercials and other ads, you must create a distinction between reality and make-belief. It is easy to be trapped into the advertiser’s magic, if you do not know what to watch out for. Tell your children that there is more to advertisements than what meets the eye.

Image Credits: pixabay.com

Image Credits: pixabay.com

Discuss the various types of commercials on radio, television, print, and online. Help your children label these said ads so that they become less susceptible to the marketers’ influence.

CREATE CATCHY SLOGANS AND TUNES

Your dedication has led your children to understand the effect of advertisements. To absorb the essential marketing abilities, allow them to make their own catchy slogans and jingles. These activities will help the potential entrepreneurs to use their resources to create significant marketing tools that will make a particular product rise above the pack.

Without valuable customers, even the best businesses will fail. Introducing this topic to your children can prepare them to attract loyal customers for their future businesses.

TRANSFORM THE OLD INTO THE NEW

As you may notice, existing brands are constantly thinking of ways to improve their products and to satisfy their loyal customers. The longstanding OREO boasts with a variety of unique flavors such as Banana Split and Birthday Cake.

Ask your child to apply this idea by putting his or her own spin into a popular product. This activity is a good way to maximize his or her own creativity as marketing heavily depends on innovation.

Image Credits: pixabay.com

Image Credits: pixabay.com

Sources: 1, 2, & 3

Read More...