4 Ways Marriage Can Affect Your Finances

One of the most important decisions you will ever have to make is choosing the person to whom you get married to. Getting married will not only shape your entire life, but also your finances. It is critical to choose the right partner that can bring you happiness and influence your finances in a positive light.

That being said, here are four ways marriage can change your finances:

DIFFERENCES IN FINANCIAL HABITS

Whether you marry a Singaporean or a foreigner, many people discover their partner’s financial habits later on. Some of these habits can be deal-breakers. Unpleasant financial habits include overspending, lack of savings, and gambling addiction.These lead to arguments and trust issues. However, you must not pack all your bags yet!

Being caught up in a financial dilemma with your spouse can be difficult as your financial values are taught while young. Therapy and financial planning could help. As can being completely honest with each other while you play with your financial strengths.

COMPLEXITIES OF INSURANCE POLICIES

You have two options when it comes to insurance. You can either hop on your spouse’s insurance policy or reap the benefits of your own employer-backed insurance policy. More often than not, insurance policies offered by your employer is cheaper than the policies that you buy for yourself. Your best bet is to choose the policy that benefits both of you the most.

Another factor to consider is the possibility of needing specialized insurances like pet insurance policy or travel insurance policy.

CREATION OF PRENUPTIAL AGREEMENT

If you are engaged to be married or are in the first months of matrimony, there may be a chance that you have already started combining your bank accounts. In any case, you should discuss your financial values and wealth plan to direct your future. A prenuptial agreement can be created to protect your assets in the event that your marriage fails or your spouse passes away.

By specifying your shared assets, you can both determine how possessions and debt will be divided upon separation. You will be able to determine how much you will pay for alimony and how much you will provide for child support. Furthermore, you may discuss how you will share each other’s estate.

IMMEDIATE EXPENSES OF MARRIAGE

It goes without saying that the wedding can cost you a lot of money. The upfront costs of matrimony can set you back by S$75,000 to S$100,000 on average. This amount includes purchasing a house and celebrating a wedding.

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Is your combined savings ready for that? With these major expenses come preparation. You must eliminate certain expenses to ensure that you create your dream life together.

Sources: 1 & 2

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Good Family Money Practices To Abide To

As year 2020 fast approaches, many of us rethink our past decisions and practices. Among these decisions and practices are the ones that greatly affected your finances. How did the past year influence your financial circumstance?

Discussions about assets, incomes, properties, and investments will come up whenever one thinks about wealth planning. A holistic financial planning approach can help improve your relationships in the coming year, including your family dynamics.

Katherine Dean, head of Family Dynamics for Wells Fargo Private Bank, once said: “When families communicate regularly and work on financial issues together, they often develop shared goals and a healthy sense of purpose.” An effective wealth plan not only helps with straightening out your household, but also with deepening your family relationships.

#1: SPENDING PLAN

Everything starts with a neatly laid out plan. Sit down together as a family to develop a household spending plan. You may opt to avoid using the word “budget” as it may highlight sacrifices and the pains of cutting back. Instead, focus on what is important to your family and the spending categories that you care less about. Cut down on the latter and explain to your family members why you must do so.

#2: CAREFUL USAGE OF WORDS

When it comes to conveying a message, it is vital to send out the proper signals. Choose your words carefully, especially when dealing with children. Saying “we cannot afford that” may send the confusing messages to young children. Some children may worry about their family’s financial state and its lack of capabilities to support the family’s necessities. Instead, try explaining why you choose not to spend your money on lavish toys in the aisle. Explaining the value of money and prioritizing expenses can help children learn more about managing money.

For instance, you may encourage your children to create wish lists when their birthdays come. Help them save for it by completing chores. This highlights the importance of saving and the practice of delayed gratification.

#3: IDENTIFICATION OF FAMILY VALUES

Recently, I sat down with my team to discuss the effect of having a shared goal fueled by our work values. Our personal work values affect how we work and how we interact with our colleagues. In the same way, our family values affect our family wealth plan. Having shared intentions and beliefs about money is one of the most effective ways to reach your long-term goals and to avoid making expensive financial mistakes.

Shared family values differ from household to household. For instance, one family may be committed to improving their eco-friendly lifestyle while the other is committed to improving their adventurous lifestyle. Once you pinpoint your common values, you will be able to direct your shared family wealth plan.

#4: SAVING AND SPENDING TOGETHER

You are a team – do not forget this. When it comes to tackling purchases that will greatly affect your household, it is best to spend and save together. Your new computer or your family trip to Bali can help show your kids the value of saving money. Get a piggy bank or a savings jar and add your loose change each week.

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Show your kids how savings can grow in time. When you have saved enough, teach your children how to get the most out of their money. Bring them along while you shop around.

Sources: 1 & 2

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Last-Minute Christmas Shopping Guide In Singapore

The temptation to turn on the Jingle Bell Rock or the Polar Express movie is approaching its peak level! Despite it being the 24th of December, I am sure that some of you have yet to purchase a set of Yuletide gifts. Your time is running out and your meeting your family soon. What must you do to get all your presents sorted out for the party?

Firstly, throw the online shopping option out of the window. The shipping period will never come in time no matter how much you click the “express” option.

Alas! There is still work to be done. Consider these shopping spots while you begin your search.

#1: THE POPULAR ONE

What is the first thing that comes to your mind when you think of shopping? Well, Orchard Road of course. Its world-class array of malls has gained popularity among tourists and locals alike. Hit up the retail havens such as ION Orchard and Paragon to explore international brands (of different price scales) such as Editor’s Market, Mango, Gucci, and Louis Vuitton. Nonetheless, almost everything can be found in TANGS.

Score great deals in footwear, cosmetics, clothing, and other items as you stroll around Orchard Road.

#2: THE HIP ONE

If you want to take Instagrammable photos while you continue your last-minute shopping, head down to Haji Lane or Bugis Street. These places attract shoppers and tourists on a daily basis. These two venues may be in close proximity with each other but, they offer contrasting shopping experiences. Haji Lane has an array of vintage or artisanal items that highlight one’s craftsmanship. While, Bugis Street is well-loved for its extremely low prices and Korean-centric stores. Both venues offer trendy and timeless pieces that will delight your fashionista friend or family member.

Get the best prices by strolling around Haji Lane or Bugis Street before committing to a final purchase.

#3: THE ALL-NIGHTER

From traditional Indian clothing to brightly-colored accessories, you can make your way to Little India to shop in a lively cultural part of Singapore. Visit Mustafa Centre for Christmastime gifts varying from children’s toys to sporting goods. What’s more? This massive store is open for 24 hours. Thus, you may literally shop until you drop.

Do indulge in a cultural immersion while you shop around.

#4: THE BIG ONE

What better way to spend your last-minute shopping ordeal than by visiting the city’s largest shopping mall – the VivoCity. VivoCity houses the cheap Japanese outlet Daiso where you can spend as little as S$2 for a stocking stuffer. Furthermore, there are other glistening brands such as Sephora and Pandora. Who can say no to a set of jewels and makeup?

If you have your little ones with you, you may let them have fun at the open-air playground on the second level or splash around in the water-based Sky Park on the third level while you shop around.

Image Credits: pixabay.com

With a countless array of shopping malls and indie outlets, Singapore offers the perfect spot for your last-minute Yuletide shopping. Good luck!

Source: Visit Singapore

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How To Carry Foreign Currency When Traveling

Armed with a debit card and a stack of American dollars, my significant other and I went on a vacation recently. We needed to unwind as we take a step back from the hustle and bustle of the city.

One thing is for sure! It was a good idea for us to research on how to carry foreign currency in a country we have not been before. Consider the following methods to safely convert your money to foreign currency while traveling.

#1: CREDIT CARD

Credit cards are best used for significant purchases such as hotel reservations, car rentals, and airline tickets. Credit card purchases are usually exchanged at the interbank exchange rate, which leans towards your advantage. What’s more? There are credit cards that rub off their rewards such as added travel insurance or airport lounge access.

The only downside with carrying mere credit card is that some restaurants or stores do not accept credit card transactions. While there are advantages in carrying a credit card, keep in mind the charges that can add up quickly as you return home.

#2: DEBIT CARD OR ATM

Arguably the most convenient and cheapest way to get local cash is to swipe your debit card through the ATMs. You will reap the same interbank exchange rate when you make cash withdrawals through your ATM or debit card as you do when you make a credit card purchase. Spend directly from your bank account with your Visa or MasterCard debit card when you go overseas. Simply ensure that you are aware of the in tree international transaction fees that come with it.

The downside to using your debit card is its foreign ATM use and currency conversion fees. Research on this.

#3: CASH

For immediate purchases that you must consume within the first 24 hours, it is a good idea to carry an ample amount of foreign currency. Before you leave Singapore, remember to exchange your SGD to foreign currency to handle expenses such as taking a cab or buying a meal. Use your cash until you can find the nearest ATM.

It goes without saying that you would not get the greatest conversion rate from your home country. However, it provides a cushion for your immediate expenses and prevents you from being stranded. If you are traveling to a major international airport or a well-known city, you probably do not need to hoard cash as ATMs are of access.

Image Credits: pixabay.com

A WORD FOR SAFE KEEPING

When you are traveling or living overseas, it is entirely impossible that you will not need to spend money in the local currency. Whether you are paying for your essentials or sending money back home, there are several ways to secure your funds.

Research is your best-friend! Know where to get or how to convert your funds while you travel. Bring a small amount of foreign currency abroad unless you can guarantee that the conversion rate is favorable to you.

Nonetheless, you may carry your local currency along with your plastic cards as you cross different countries. Convert your local currency periodically when needed.

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Ways to organize budget-friendly kid’s birthday party in Singapore

Kids are the bundles of joy. They bring immense happiness to the lives of the family members. Being the parent you want to shower him/her with happiness only. You want to fulfill all the dreams that the little member of your family is weaving. That’s why your kid’s birthday is also a big event for you. Birthday comes once a year and you must spend this day well and shower him/her with gorgeous birthday gifts. But again for that, you don’t always need a huge bank balance. And even when you have profuse income, why not save the money for your kid’s education rather than spending lavishly on his birthday party? So, in case you are looking out for budget-friendly or low-budget ideas to celebrate your kid’s birthday party in Singapore, then read below:

Home is the best venue:

No venue can be as inexpensive as your home. It’s free if it’s your own and in case you are already paying rent then also it’s perfect. Streaks n Strokes, My Little Climbing Room, or MINT Museum of Toys are some of the happening places to host a kid’s birthday party. But these places would be expensive and that’s why bring some elements as per the taste of your kids and decorate your home. If your kid is a fan of Minions, then, bring things like cut-outs of Minions and place them at different places. Use all your kid’s favorite superhero quotes and images as theme to give your home a perfect birthday special makeover. That way, you will save lots of money. And also remember that if you book any outside area as the birthday party venue, then, you will also need extra transport costs to reach there.

Bake your cake:

There are various online shops and local shops where you will find various designer cakes. And you also know they are costly. You can prepare the same cake at your home. All you need to do is watch a few videos on YouTube and buy the baking accessory items that are necessary. United Bakery Supplies, Bake King, and Sun Lik Trading are some of the places where you can easily find what you want. If you say that you don’t have an oven then you can always borrow that from a friend or relative for a day.

E-mail or Messenger invitation:

Save paper and also the cost of printing on your kid’s birthday party and opt for easier ways to send out your invitation. This way you will be able to contribute something to the environment also. Simply write fun and cute invitation and send them through e-mail, messenger, or WhatsApp. It will save the time of going to a press, selecting a card, waiting for them to arrive, and then sending them to everyone’s address.

Plan Food cleverly:

The best time to host a kid’s birthday party would be post-lunch hours and bring an end to it by the evening. Those ways, there won’t be any heavy meal commitment and you will save much. The kids will have their lunch while they arrive at 3-3:30 P.M. Provide lemonade or any special drink that you can make at home and after the cake-cutting ceremony distribute plates with a piece of cake, some candies, and spring roll/sandwich.

Plan activities too:

Don’t spend anything on a balloon carrying guy or a joker for entertaining the kids. Go for treasure hunt games that you can arrange yourself. Arrange quiz contest and give out nice gifts. These gifts can be anything like fresh fruits or popcorns dipped in chocolates or a box of sketch pens or crayons – that you can arrange in a tight budget.

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