marriage Archives | Page 3 of 12

Can You DIY Your Wedding to Save Money?

When it comes to wedding planning, it is all about knowing your priorities and allocating your money wisely. Making a list of your priorities and setting a budget should be the number one step of wedding planning. Apart from this, here are other ways you can save money.

#1: LEAD YOUR GUESTS TO A WEDDING WEBSITE

When it comes to your wedding invitation, you can save money by directing your guests to your wedding website instead of printing out multiple invitations. You can create free websites through platforms such as Wix and WordPress.

Do not forget essential information such as the welcome party or rehearsal dinner details as well as the transportation and map to your ceremony.

#2: SELECT THE “OFF-PEAK” MONTH

The wedding off-peak season typically runs from November to March. If you want to get the most bang for your buck, you can host your wedding during this period. Considering having a celebration in November or March can help you save money in your venue rental fee. Just ensure that you have a Plan B for inclement weather!

#3: CUT DOWN YOUR GUEST LIST

It goes without saying that a smaller guest list is easier on your budget and sanity. Reducing your guest list from 300 to 150 can be overwhelming, but manageable.

Image Credits: pixabay.com

Intimate ceremonies require less money and less effort. Moreover, you will be able to have quality interactions with the people who mean most to you.

#4: CONDUCT THE ENTIRE WEDDING IN ONE PLACE

Avoid worrying about the coordination/logistics and the extra expense of transportation by having your entire wedding at one venue. Everyone will be on time for your ceremony and reception.

#5: EMBRACE THE ALL-IN-ONE PACKAGE

If you are maximizing your wedding budget, you must keep an eye for the words: “all inclusive”. There are venues that provide all-in-one packages that cover amenities, catering, staff, cake, guest accommodation, host, and more. Bundling all these services in one roof can help you save money and reduce your stress!

#6: ORDER YOUR WEDDING GOWN IN ADVANCE

Ordering your wedding gown at least eight or nine months before the ceremony can help avoid the rushed delivery fees. Last-minute alterations that are costly can also be prevented.

Image Credits: pixabay.com

Sources: 1 & 2

Advantages and Disadvantages of Having a Joint Bank Account

Financial matters are one of the top-cited reasons why conflicts in marriage occur. Although some couples do not like talking about money, it is still a key area to discuss with transparency and respect. Every relationship is different and there is no single right solution to tackle the finances of a couple. Having a joint bank account may be God sent for one couple, and a disastrous ordeal for another couple. Choose a solution that works best for you and your partner.

ADVANTAGES

#1: EFFICIENCY OF HOUSEHOLD MONEY MANAGEMENT

It is easier to write one cheque under a shared account when you are sharing your rent, utilities, and other household expenses. Other household expenses include your insurance costs or auto loan payments. With a joint bank account, you can streamline a lot of financial processes to manage your household. You and your partner can make equal contributions or contribute proportionally to your income.

#2: APPLICATION OF RIGHT OF SURVIVORSHIP

If an unforeseen event occurs and your partner passes away, you do not have to go through the tedious legal process of accessing your partner’s money. The right of survivorship can be applicable in this situation.

For instance, DBS can release all remaining account balance to the surviving joint account holder. The entire process can take anywhere from a few months to a year depending on the size of the estate and on whether your partner has a will.

#3: INCREASED TRANSPARENCY

Having a joint bank account diminishes secrecy. You will be able to see where your dollars are going, especially with online banking. You and your partner will see which categories you spend most of your money on. Thus, you will be able to pay taxes, balance check books, and plan your finances together.

#4: MAXIMIZE YOUR SAVINGS

Apart from getting closer to each other as you agree on your shared expenses and income, sharing a joint bank account can be financially beneficial for you. You can maximize your savings for better returns by sharing a joint bank account. Most high-interest savings accounts require salary crediting as one of the requirements. Contact your preferred financial institution to learn more.

Image Credits: pixabay.com

DISADVANTAGES

#1: DIFFERENCES IN FINANCIAL HABITS

Sometimes, you will not be able to control how your partner spends your money. If your partner has different spending patterns and decides to spend your money frivolously, you will both feel its consequences. It can be hard to explain why you spent S$200 on a shopping spree and skipped on a gift for your sister-in-law.

#2: CARRYING FINANCIAL DEBT

People come from diverse backgrounds. You bring different things into a relationship such as credit history, debts, liabilities, and other obligations. Marriage does not affect your individual credit score or credit history. However, opening a shared account could impact the credit scores of all its account holders.

#3: RISK OF RELATIONSHIP TERMINATION

What happens to your shared account once you break up? We cannot deny the possibility of relationship termination and failure. In fact, the rates of divorce in Singapore increased over the years. For instance, 16 percent split up before their 10th wedding anniversary among those who wed in 2006. This is nearly double the percentage of those who split up in 1987 (i.e., 8.7%).

#4: LACK OF PRIVACY

Now that your accounts are merged into one, you need to be open to your partner about your individual debts and spending habits. It takes time to be comfortable with a portion of your income going toward your partner’s debt and prior commitments. You need to strike a balance between privacy and transparency. Otherwise, one’s independence may be compromised.

Sources: 1, 2, & 3

How To Succeed as a Dual-Career Couple in Singapore

It comes as no surprise that the relationship between life partners has an enormous impact on their professional lives. Sharing a life with someone entails that you are each other’s support system. Moreover, you must take your partner’s ambitions, needs, and wants to account when making decisions.

Career decisions affect how you manage your household. In Singapore, dual-career couples are becoming more of a norm. The Department of Statistics released a population census last 2021, which highlighted the current labor trends in Singapore.

The last decade has seen an increase in the proportion of resident married-couple households with working wives and an increase in households with spouses who hold equal qualifications. The proportion of resident married-couple households with spouses holding equal qualifications elevated from 44.3% to 46.6%.

Let us put our focus on dual-career couples. Dual-career couples were the largest group among married couples, increasing from 47.1% in 2010 to 52.5% in 2020. This significant increase was observed across all age groups. It is understood that resident married-couple households with both the husband and wife employed earned more. In fact, they earned a median monthly combined income of $11,101 in 2020. This is higher than the median monthly income of households with only the husbands were employed ($5,070) and those with only the wives were employed ($3,213).

As more households adopt the lifestyle of a dual-career couple, here are some helpful tips that can guide you through the journey.

#1: COMMUNICATE EFFICIENTLY

One of the main ingredients of a successful partnership is communication. Communication may take different forms for every couple, but it ought to be personal and practical. For day-to-day activities, you need to talk about the actions that will make your household run smoothly. Who will take charge of the household chores? Who will pick up the kids from school? Discuss feelings, ambitions, and challenges in a respectful and intimate manner. This will allow you to know what is going well and what is not.

#2: LOOK AT THE BIGGER PICTURE

When you make decisions, it is important to look at the bigger picture. For instance, a mother decided to quit her job to take care of her kids due to the excessive costs of childcare. However, this decision can decrease the net earnings of the household and affect their overall financial status. On the other hand, taking a short-term financial hit to pay for childcare may increase the earning power potential of the couple in the long run. Think about your current situation and examine the best options for your future.

#3: CONSIDER ALL THE PARTS

A partnership incorporates two people’s needs and concerns on the table. Moreover, you must include the needs of your family as a unit. Listen carefully to your partner and reach a shared understanding of each other’s goals. Doing this will help you strike a balance in your life as a spouse, a parent, and an employee/employer.

#4: SEEK PROFESSIONAL HELP

Let us face it! Communication does not come naturally to every couple, and that is okay. It is essential to acknowledge this and find other ways to communicate formally. For starters, a counselor can help you work as a couple to ensure that you are being equally heard and that you are developing your goals with consideration for one another.

Image Credits: pixabay.com

If your issue is finding time to communicate, you may ask a trusted family member to help lessen your workload at home. Seek part-time help while still meeting the needs of your household and your children. Seeking help can give you the physical and mental space to re-connect to your partner.

Sources: 1 & 2

5 Money Conversations to Have Before Getting Married

Getting married changes your financial life in significant ways. Not only are you opening your doors to someone or sharing your expenses, but you are also opening yourself to legal changes. While your credit score remains individualized, your future choices could be changed by what your spouse brings into the table.

#1: MONEY BELIEFS

Does your partner value money? You will get information about your partner by how they manage financial successes and setbacks.

Talking about your financial problems can reveal how you fix and learn from your mistakes. Hearing about your spouse’s successes can also reveal how he or she works toward achieving goals.

#2: FINANCIAL BACKGROUNDS

Many financial beliefs and habits are developed in childhood and carried over into adulthood. Hearing about your financial histories can pinpoint underlying patterns.

You can build a foundation of mutual understanding about your financial backgrounds as time passes. It is important to gain clarity on why the other does what they do with their money.

#3: JOINT ACCOUNTS

Should you combine bank accounts when getting married? Or shall you have separate accounts and income streams?

You can either split the bills and expenses or divide it based on each other’s income. Maintaining separate accounts can be possible while having a joint checking account to cover shared costs such as your monthly utility bills.

#4: FINANCIAL RESPONSIBILITIES

As a team, you need to work out how you will divide the financial responsibilities. If your partner is more analytical, he or she can research on retirement investing options. Set your roles regularly and give feedback.

Do not forget to check in before making major purchases and increase your communication when there is a change in cash flow.

#5: OTHER OBLIGATIONS

Do you have other financial obligations such as running a business or supporting your sibling? The whole picture of a person’s financial circumstance cannot always be captured by personal net worth.

Image Credits: pixabay.com

Thus, you must disclose and discuss other financial obligations you each may have. Remember – you are a team!

Sources: 1 & 2

4 Tips to Deal with Debt When Married

“Home life ceases to be free and beautiful as soon as it is founded on borrowing and debt.” – Henrik Isben

One of the most common issues that individuals bring into a marriage is debt. Money is high on the list of topics that couples fight about, and it is the among the top reasons why couples get divorced. Financial issues increase marital discord and stress.

If you are worried about marrying someone with debt, you must realize that you can help each other out. You are a team!

#1: BE TRANSPARENT ABOUT YOUR DEBT

Be honest about your debt situation. Hiding debt from your spouse before the wedding is simply a horrible idea. Your partner needs to know your economic situation and vice versa. You can only make shared decisions after talking about money.

#2: CREATE DECISIONS AS A TEAM

Married individuals have many financial arrangements to make. After discussing your pre-existing debt, decide how you will move forward together. Consider the following questions:

a. How will each partner contribute to the household bank balance?
b. Are you going to combine assets by opening a joint account?
c. What kind of investments will you make?
d. How do you plan to tackle previous debt?

#3: SET A MONEY DISCUSSION NIGHT

The key to surviving marriage and debt is to set a budget as a team. Find a quiet place and sit down for a discussion before next month begins. It may seem like a simple solution, but it is the answer to many money issues in marriage.

#4: NEVER PLAY THE BLAME GAME

Once you are married, you must work together to eliminate your debt. “My” debt turns to “our” debt. Having this perspective creates a significant difference.

Image Credits: Asia Wedding Network

#5: CONSIDER PERSONAL LOAN TO RELIEVE SOME FINANCIAL BURDEN

Prudent use of personal loans can save you more in the long run, especially if you’re currently saddled with severe credit card debt or are facing a financial emergency that could wipe out your savings. Ultimately, the only way to prevent bad debt from snowballing is to have the discipline to control your spending until your loan is repaid. If you find yourself in any of the above situations and are looking for a personal loan to help relieve some of your financial burden, be one of the first 2 applicants daily to have your 1st year’s interest (up to S$550) covered by SingSaver. Click here to learn more. Offer until 21st Mar 2022. T&Cs apply.

Stick to the plan and motivate each other. Living without debt is not easy, but it is worth it.

Sources: 1 & 2

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