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Financial Moves That Recently Divorced Men Shall Take

Much like any other major life transitions, you shall seek support if you and your spouse recently part ways. This may seem like a simple task for some but it can be really difficult for the “macho men” who want to keep their own matters private. As David Blaylock, a LearnVest Planning Services Certified Financial Planner, once said: “Divorce is difficult for everyone involved, but it can be especially challenging for men who don’t typically express their feelings.”

Lucky for you, I collated some of the best financial moves that a person in your challenging situation shall take.

1. CREATE A NEW BUDGET

Recently divorced men usually think about the immediate financial responsibilities such as payment for divorce lawyers and monthly child maintenance. However, they forget that they are basically single again!

With your circumstance, it is best to remind yourself that you are starting a fresh chapter in your life. You have to think about your family expenses (e.g., child’s school fees) as well as your daily expenses (e.g., grocery costs). This is why it is important to create a post-divorce budget that incorporates these two types of expenses.

2. DIVIDE YOUR BANK ACCOUNTS EQUALLY

Allowing your vengeful ex-lover to withdraw all your money is the worst thing that can happen when you have joint bank accounts. Avoid this by honoring your prenuptial agreement. Alternatively, you can discuss the matter as two mature adults.

Given that your former spouse is trustworthy and understanding, you can talk about dividing your joint bank accounts in half. Dividing your wealth equally will entail that you have the welfare of your family and children in mind. If you are the breadwinner in your previous household, it is ideal to make financial arrangements so that the monthly bills are covered.

Image Credits: www.pixabay.com

3. REDUCE YOUR PERSONAL EXPENSES

It can be more expensive if you are living in two separate households unlike before. You may have to pay for two mortgages, two utility bills, and so on. This is why you must cut down your expenses everyday for at least a week and realize your spending habits. Eliminate the areas which are unnecessary such as cable television.

4. AVOID COSTLY IMPULSIVE BEHAVIORS

Sure, binging on alcohol can help you drown the sorrows of yesterday but your problems will not disappear with every bottle you chug! It is not only an unhealthy way to move on but it is also a costly behavior in the long run.

Avoid self-destructive behaviors such as spending too much money on sex, drugs, and drinking. Evidence of said behaviors will only strengthen the case of the other camp.

5. DECIDE ON WHO KEEPS THE RINGS

Since Singapore is a cultural melting pot, we have different beliefs and traditions when it comes to wedding rings. Most people are accustomed to return the gifts that their previous lovers had purchased for them. However, if the ring was an heirloom from your former spouse’s family then you must let her keep it.

Image Credits: www.pixabay.com

If she refuses to give back the rings that you purchased then, be the bigger person and move on! They are merely Earthly possessions after all.

Sources: 1 & 2

5 Major Money Lies That Can Tear Your Relationship Apart

The fundamental basis of marriage is trust. And when one or both parties breached that trust, it harms the relationship. As family law attorney, Steven Mindel once said: “Financial infidelity is the root cause of many crumbling unions.”

Prevent this crumbling from happening by knowing the 5 Major Money Lies That Can Tear Your Relationship Apart:

1. “IT IS JUST S$60!”

One of the most common financial lies that people are guilty about is lying about one’s spending. Instead of admitting that you bought a S$68 dress, you would round off its price to S$60 as it seems easier to accept.

I have to admit, I had done this a couple of times during my teenage years. I just did not want to tell my mother the whole truth due to the irrational fear of her getting mad at me. Applying the same childish notion to your marriage does not build a mature relationship! It is an unfair approach to spending the money that you both worked hard for.

2. “I ONLY HAVE ONE BANK ACCOUNT!”

Another financial infidelity case that experts see most of is hiding a secret stash. Having a separate bank account is acceptable but, you have to tell your spouse about it.

According to Nancy Butler, a certified financial planner and divorce financial analyst, one of the telltale signs that your partner is guilty of this offense is when you received a bank statement for an account that you did not even know existed.

3. “I PAID THE BILLS ON TIME.”

Sometimes, work and home stress can consume you to the point that you forget your responsibilities such as paying the monthly utility bills. To avoid confrontation, you immediately said that you settled everything already. By doing so, you can experience damage to your credit history as well as penalty fees.

4. “ALL OF MY MONEY GOES TO US.”

Growing up in an Asian household where family is one of the top priorities, it is hard not to help a family member in need. It is hard to be in a situation wherein you are thinking of your financial health while feeling responsible for that of the others.

These type of lie may come from the people who hate lying but they do not know how to handle the situation.

5. “WE ARE ABLE TO AFFORD THIS DEBT.”

In most cases, going further into a pile of debt is never a good idea especially if one of two parties is not even aware of it. Keeping your bad credit score or debt history from your spouse may lead him or her to taking on more credit. Instead of purchasing a home within your means, your partner goes beyond it due to the assumption that you both can afford it.

Image Credits: pixabay.com (CC0 Public Domain)

Telling your partner that you already have a budget for your debt is only misleading you both.

Sources: 1 & 2

Most Profitable Savings Accounts In Singapore To Date

Savings Account is an account managed by the bank, which provides principal security and a moderate interest rate. This account lets the client set aside a portion of his or her liquid assets while earning a monetary return. Personally, I value this financial tool because it serves as an accessible shield to cover the immediate expenses with its facilities such as Internet banking and online transactions.

In Singapore, savings accounts predominately require a minimum amount of deposit. The amount ranges from S$0-1000. To get most of the benefits of your savings account some encourage you to transact more while others encourage you to withdraw less. That being said, here are the Most Profitable Savings Accounts In Singapore To Date as they offer the highest interest rates…

4. CIMB STARSAVER SAVINGS ACCOUNT

CIMB StarSaver Savings Account requires a minimum deposit of S$1,000 with S$0 maintaining balance. With this savings account you can get up to 0.8% of interest per year as long as you deposit at least S$100 more to your account every month. On the other hand, you will get an interest of 0.5% per year for balance under S$100. There is more! Funds transfer to CIMB Malaysia is free. Also, there are no withdrawal fees from CIMB Group ATMs across ASEAN countries.

But wait, there is still more…sign-up for CIMB StarSaver Savings Account from now until June 30, 2015 online to be rewarded with S$20 worth of shopping vouchers. Apply here.

3. MAYBANK ISAVVY SAVINGS PLUS ACCOUNT

For people who are very diligent and disciplined savers, Maybank iSAVvy Savings Plus Account is the perfect partner for you. With this savings account, you will not only earn an interest of 0.38% a year but you will also be rewarded with additional interest with every dollar you save. You see, an additional interest rate of 1.56% per year will be rewarded as long as the average daily balance increases every month. The base interest rate, depending on how much money you have, ranges from 0.19% and 0.38% per year. That is not all! Being a super saver with a minimum account balance of S$100,000 will get you a free insurance coverage.

All you have to do is to deposit a minimum amount of S$500 and apply here.

2. DBS MULTIPLIER PROGRAMME

In contrast of Maybank’s iSavvy, DBS Multiplier Programme rewards you for regularly using your account. The more you use your account for transactions, the higher interest you shall receive. Specifically, if you’re banking transactions adds up to S$7,500 a month then, you are eligible for an interest up to 2.08%. It offers a starting rate of 1.08% per annum. Enjoy the flexibility to withdraw and deposit anytime, as there is no lock-in period.

With a minimum balance of S$3,000, you can apply here.

1. OCBC HIGHER-INTEREST DEPOSIT ACCOUNT- BONUS PLUS

As the name suggests, OCBC Higher-Interest Deposit Account – Bonus Plus offers its clients the higher interest rates for up to 2.35% a year. But, there are conditions attached to it. First, the initial deposit required is a fresh fund of S$10,000 with a minimum balance of S$3,000 every month. Second, you will earn higher interest rates if you do not make any withdrawals every month or every quarter. Here is a detailed illustration of how the system works:

Image Credits: www.ocbc.com.sg

Nonetheless, they offer secure online banking or mobile banking, and no lock-in period for your transactions. Apply here.

Sources: Investopedia and iMoney

As you park your money inside the bank, consider the savings account that suits your lifestyle and needs. 🙂

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