7 Golden Insurance Tips Every Newlywed Should Know

The vow of “for better or worse…for richer or for poorer” entails an important promise to live in a financially able home. Managing your money on your own can be challenging enough so adding your spouse’s finances may be overwhelming at times. With that in mind, here are 7 Insurance Tips for Newlyweds

1. DISCUSS YOUR FINANCES AND SET YOUR GOALS

Discuss your finances with your new spouse as soon and as open as possible. You will need to communicate about your bank accounts and about your debts. Set up goals together in order to see which insurance suits your intentions.

2. LOCATION IS EVERYTHING

Housing insurance often pays for destruction, damage, and theft of your possessions. In the event of fire, your insurance will help pay to repair and replace your expensive belongings. Homes close to fire hydrants and fire stations cost less to insure. This is why location of your house is important.

3. TRY THE LUCKY SEVEN

If you are wondering how much life insurance coverage you need, then seek the experts help. Some experts suggest multiplying your annual income by seven so that your spouse is covered for at least 5 to 10 years.

4. CONTINUE DRIVING RED CARS

It is a myth that car insurance companies charge more for red cars. Higher charges come from the age of the client, client’s claims history, and age and model of the car.

5. CONSIDER FLOOD INSURANCE

Housing insurance cover damage caused by pipe overflows but, natural disaster flood are covered by flood insurance. Findings suggest that almost 25% of flood insurance claims are made from low-risk areas, so consider this policy.

6. HOME IS YOUR BIGGEST INVESTMENT

Your home is your biggest investment because unlike cars that depreciate its value the minute you drive them, your house increases its value over time. Houses that are less than 10 years old or those that are renovated within the last 10 years cost less to insure. What’s more? If the house is made of fire-resistant materials such as brick, you can save even more money.

7. BE FIT TO SAVE MORE

Live a healthy lifestyle that includes regular exercise and a balanced diet. Hop on the scale to see if your body weight is the ideal BMI for your age. This is because life insurance companies charge more for people who are overweight since they develop more health problems as time passes. So, stepping on the gym will not only give you a sexy body but it will also help you save more insurance money.

Image Credits: Alan Cleaver  via Flickr

Image Credits: Alan Cleaver via Flickr

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5 Ways to Teach Kids About Saving Money

Money gives people, of all ages, the decision-making opportunities they need. Educating your kids to make wise money decisions earlier on will affect their finances in the long run.

The most important thing you must do is to make saving money as fun as can be. Here are 5 Ways to Teach Kids About Saving Money…

1. MONEY INTRODUCTION

Once your children can count and discriminate, introduce them to the different denominations of money. Take a conscious effort in providing them information about money and savings and be ready in answering their countless questions.

Watch this cool way to introduce money and its values:

2. SET UP BUYING GOALS

Setting up realistic goals is the foundation to learning about the value of money and saving. Ask your children what they want to buy with their money. For instance, the toys, video games, and stationery items are the things they shall save money for. These goals will help the children learn to become more responsible.

3. USE A PIGGY BANK OR A MONEY JAR

After identifying the short-term goal, provide your child with a small piggy bank or a money jar where they can fill up their savings with. Have your child draw the picture of the specific toy on the side of the piggy bank or the money jar. Through this, they will be motivated to get what they want.

You may also want to help your child understand that some items will take longer than others to save for. For these long-term goals (e.g., going to Universal Studios), provide them with a bigger money jar.

4. ENCOURAGE SAVING

Be the good example to your children by putting some of your coins into their money jar. Since most young children want to be like their parents, seeing you do it will provide them with inspiration to save.

Aside from this, you may give them money in denominations that encourage saving. For example, give your children a $6 allowance that consists of three 2 dollar bills. Tell them to set aside $2 for their money jar.

5. PLAY GAMES INVOLVING MONEY

Image Credits: Rich Brooks via Flickr

Image Credits: Rich Brooks via Flickr

As I said, the most important thing you must do is to make saving money as enjoyable as can be. Play games that teach children about financial concepts. Such games include Monopoly and The Game of Life. They will not only have fun but it will also shape their money management skills.

Sources: Money Crashers and Family Education

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5 Tips For Couples with Joint Bank Accounts: Sharing is Saving

Being in a relationship founded by mutual trust may find it natural to create a joint bank account together.

Since you can trust your partner with everything else, why not trust him/her with your own finances?

But, managing this may be difficult especially when there are two people with different buying habits and priorities.

So, here are 5 Tips to Help Couples with Joint Bank Accounts…

1. HAVE SHARED GOALS

Maintain a joint bank account for big financial goals such as vacations, household bills, or insurance. Whatever the purpose and goals may be, be sure to make it unanimous as both of you will contribute each month.

Image Credits: Asher Isbrucker via Flickr

Image Credits: Asher Isbrucker via Flickr

2. CREATE RULES BEFORE OPENING AN ACCOUNT

Have a plan of how each of you will contribute (e.g. 50-50 or 60-40). As said a while ago, discuss the goals and priorities you want to pursue in order to know where the money will go.

3. MAINTAIN YOUR OWN BANK ACCOUNT

Aside from the joint account, each person is entitled to have an individual account. This is because you must treat yourself or your partner personally without affecting the “household money”.

You might say that this burns the bridges of sharing, but not really. The key to having individual accounts is that both would have access to each other’s account in case of emergency so there are no secrets.

4. RECORD AND MANAGE YOUR EXPENSES TOGETHER

Communicate openly about your joint bank account and organize your expenses. Make it a habit to log on to your online banking account to reconcile all your purchases together (i.e., every week or every two weeks). Through this, you will understand how you are spending the money. Make cut backs if possible so you can save more.

5. REMAIN EQUALS

Embody your marriage vows or treat it like a merger between to companies. Everyone has an equal say and contribution to the shared account. This is why setting up rules and agreement before the processing is very important. Through this, you can keep an open eye if one overspends on something you did not agree on.

Image Credits: BK via Flickr

Image Credits: BK via Flickr

Ultimately, you must respect each other’s decision and communicate openly about your finances. Having a joint bank account may not be easy, but it is possible! Sharing is not only showing Care but it also Saves money.

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More Women Breadwinners: When She Makes More

Evolution suggests that men are designed to hunt while women gather. Gender stereotypes also encourage females to stay at home and to take care of the off springs. But…times have changed.

More Women Work

Based on a study by Prudential Company in 2012, approximately 53% of the sample were women breadwinners while only 22% were married or living with a partner who made more than them. Furthermore, other research showed that about 70% of mothers with children aged 17 and under are in the workforce. And, those numbers are just in the United States. Global rise in dual-career bearer household have increased annually.

Image Credits: Kelly Garbato via Flickr

Image Credits: Kelly Garbato via Flickr

This fact that women are working more nowadays is something both men and women are accepting. The younger generations were raised to empower equality in the household. Moreover, the quality of life is getting harder as economies fail. And so, there is a great need for both men and women to work regardless of gender stereotypes.

Impact on Marriage When She Makes More

On of the largest impact of this contemporary shift is that it may affect the dynamics of the marriage. Psychology argues that men’s view of the self is formed by his work and his drive to achieve. If that is the case then if the wife makes more, it will make him feel far more inferior and insecure.

To avoid that, Farnoosh Torabi, the author of “When She Makes More”, suggests that most couples assume that if one makes more then that person has more responsibilities in the house, which she firmly stands against. According to Torabi, a couple must constantly make a conscious effort to ask the partner about financial decisions and share it openly with each other. Furthermore she gave these two tips: give everyone’s money a meaning, and treat each other once in a while.

Ultimate Financial Goal

The most important financial goal for women is to have enough money to raise their family, and to maintain the same lifestyle in their retirement. This is why young women need to take steps toward understanding investing. When women avoid investing young, they are losing out on the one thing that knowledge cannot buy– time.

Who makes more than whom should not be a huge matter as the couple’s combined earnings will only benefit not only the both of them but also their children. Couples shall work together and communicated openly on financial decisions in order to share the emotional responsibilities and keep the balance in order.

Image Credits: The Library of Congress via Flickr

Image Credits: The Library of Congress via Flickr

 

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5 Fun Family Activities in Singapore under $10

Who says that no family activity in Singapore is cheap? Think again! In fact, some of them are FREE! From free shows to art appreciation, here are 5 Family Activities (under $10) that you will surely enjoy.

1. STARGAZING

Be amazed by the stars and constellations you will see in the Omni Theatre at the Singapore Science Centre. Gaze over the vast universe from 7:50 to 10 pm every Fridays through a series of telescopes. Best of all? It’s FREE.

2. PICNIC BY THE GARDENS

In Singapore Botanic Gardens, your family may stroll over the Rain Forest Trail to see various forest animals (e.g., Giant Mahang and Common Tree Frog) ,and forest plants (e.g. Rattan and Meraga Tree) or the National Orchid Garden to see the beautiful orchids. The entrance for the National Orchid Garden is S$2 for adults and S$1 for children and senior.

Image Credits: Edwin.11 via Flickr

Image Credits: Edwin.11 via Flickr

You could lay down your blanket almost anywhere in the Gardens, but one of the nicest spot is probably at Palm Valley and Symphony Lake, especially when they’re staging one the regular free classical music concerts.

3. HEALTHY OUTDOORS

Cycle and jog across the lush greeneries and wondrous beach view of the East Coast Park. If you don’t own bike, you may rent one for S$6. You may also indulge in a family barbecue here, and stay on your own tents to cozy up.

4. ART APPRECIATION

Be absorbed with great contemporary art in the Singapore Art Museum. Their Learning Gallery especially caters for the young minds. It is a rich visual sight that your children don’t usually see. The admission is free for citizens and PRs, otherwise you may check the prices here.


5. WONDERFUL LIGHT SHOW

Enjoy the free “Wonderfull Show” at the Marina Bay Sands every evening from 8pm (full showtimes here). In here you will immerse yourselves in light, sound and music where your little ones will awe in delight. Remember to get there early to secure the best seats!

Image Credits: MarinaBaySands.com

Image Credits: MarinaBaySands.com

You don’t have to spend too much to have fun with the ones you love. At the end of the day, your presence and quality time spent are more than enough to make them happy. 

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