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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How To Plan A Wedding Without Getting Fired

For many people, planning a wedding can be a time-exhausting task. It can feel like you are taking another full-time job on top of your current one. Do not fret just yet!

Proper organization, delegation, and time segregation can keep you sane throughout the planning process. Not to mention, you will still be able to keep your beloved job!

ORGANIZATION

To keep the boat afloat, organization is the key! You can either organize your wedding tasks traditionally (i.e., using paper and pen) or digitally (i.e., using computer software and apps). Traditionally, you must keep your wedding tasks and calendar in one notebook. Do not forget to give your partner a copy! Fortunately for you, you can easily update your partner or your wedding squad by creating a digital file.

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Go digital to enjoy the ease of accessing your wedding tasks while you are at work or while you are on the go! Google Drive, its computer software and its phone app, is a good option to seamlessly keep everyone on the wedding planning loop. Remember to use your personal email when getting back and forth with the suppliers and other people. You do not want to use the company’s email to complain about your supplier!

DELEGATION

Whether you like it or not, your career should remain your top priority during the wedding planning process. As such, you must turn to your friends and relatives for help. Treat wedding planning similarly as a big project in the office. Delegate wedding tasks to your wedding squad and provide everyone with a clear description of what they are responsible for. Pass the tasks that you know they will be great! Then, keep the communication lines open to review their works.

It is more efficient to split the delegation with your partner by creating a wedding checklist that includes proposed deadlines. These deadlines will help you to accomplish everything on time.

TIME SEGREGATION

Time management begins by scheduling your couple calendar according to your wedding tasks. This way, you will know you set aside the necessary time to tackle important matters. Moreover, you will be able to set your phone’s alarm to keep track of everything.

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Now, let us go to your downtime. Maximize the time you spent on commuting or relaxing by setting appointments with your wedding suppliers or by finalizing some details. It is better to search Facebook or Instagram with a goal in mind!

Sources: 1 & 2

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