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Bad Money Habits That You Need To Drop When In A Relationship

Maintaining a healthy relationship with your significant other entails stabilizing the disposition of your finances.

Read thru this article to know how bad monetary habits can potentially harm your relationship. Furthermore, you will get an idea on how to conquer these habits.

#1: AVOIDING FINANCIAL CONVERSATIONS

A healthy long-term relationship is built on trust and transparency. As things get serious with your partner and marriage becomes a viable option, consider discussing about finances. You need to resolve your potential spouse’s money problems before it is too late.

Fully disclosing about your financial circumstance to your partner can be uncomfortable at first but, you have to at least try. Tell your partner about your outstanding debts, financial obligations, income sources, and other assets. This will make you empathize with each other more. From time to time, do not forget to check if your goals are in lined with each other.

#2: STICKING TO YOUR OUTDATED BUDGET

Improve your financial state this 2017 by establishing a robust budget. The budget that you created when you were single may be efficient, but you are now budgeting for two. Being in a committed relationship means that you have to take on more expenses with more resources. Begin by studying each other’s spending habits. Then, trim down unnecessary expenses after compromising. You may also adapt the budgeting techniques of your partner.

I, for one, allocate a small portion of my income to date nights. Let us face it! We belong in a generation where it is acceptable for women to split the tabs with their dates. Give this new perspective a chance as a loving relationship is a two-way street.

#3: LOANING YOUR VACATIONS

I know how much travelling can ease the stress of a hard working Singaporean. However, consistently deducting your romantic vacations on your credit card can take a toll on your wealth. Spending money that you do not have is a dangerous habit to possess. Imagine the arguments that boil down due to the frustration of not being able to meet up with the outstanding debts. This is why you must cultivate a travel fund in advance.

#4: SKIPPING THE BUDGET FOR GIFTS

According to the internationally-acclaimed book by Gary Chapman, there are five ways to express your love to your partner. These five ways include gift giving, quality time, words of affirmation, physical touch, and acts of service. Understanding your partner’s love language will help you to strengthen your bond.

I am only going to focus on one love language – the gift giving. For people who place importance on the tangible symbols of affection, it is important to remember your special dates. You are bound to celebrate various occasions together such as anniversaries and birthdays. Not to mention, Valentine’s Day is coming up soon. Is your wallet ready?

It is a good idea to allocate a budget for gifts before buying one. Otherwise, you have to face budget trimming and other financial woes.

#5: KEEPING A MONETARY SECRET

Secrecy is rarely beneficial to a relationship. Research showed that 1 in 10 people considered breaking up with their partners upon the discovery of a financial secret. Millennial participants were even less forgiving as reaped a figure of 1 in 5. These numbers convey how secrets can strain a “loving” relationship.

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The impact of keeping a monetary secret depends on the couple’s income, the item purchased, and the frequency of purchases. Another significant monetary secret is having a stash for escaping the relationship. Having undisclosed assets and secret bank accounts can affect the level of trust given by your partner. The primary source of damage is not money on its own, but it is the unpleasant habit of concealing the truth.

Sources: 1 & 2

Incredible Saving Tips That You Must Know Before Buying An Engagement Ring

Take A Chance On The Pawn Shops

In a gloomy night in November, my friend proposed to his long-term girlfriend. The surprise does not stop there as they are expecting an adorable edition to their family. Due to the urgency of the situation and his tight budget, he considered purchasing from the pawn shops along the Little India. The varying rates of the rings here are slightly lower than those offered by the chain jewellers. He grabbed this opportunity ferociously!

You see, unlike some Singaporeans, my friend is not superstitious. He does not believe that purchasing a second-hand ring can induce bad luck. It is a surefire way to stretch your dollar if you hold the same perspective as him.

Negotiate With The Craftsman

I cannot deny the fact that going to a commercial jeweler follows a swifter process. You simply have to step inside the likes of “Love & Co.” and “Lee Hwa Jewellery” and purchase a ring right away. However, convenience comes with a hefty price tag. Consider buying personalized rings from local or online craftsman.

Negotiate with the jeweler and ask if he or she is willing to change the settings of your desired ring. Settings include the 4C’s: carat, cut, color, and clarity.

Opt For The Color Yellow

Different hues grace the very essence of the diamond rings. Since colored diamonds are extremely rare, they are priced handsomely. The supply and demand dictates the varying prices of the said fancy colored diamonds. There is still hope for your pocket as the least popular hues are less expensive.

This is why you must go for the most underrated colors such as Grey, Brown, and Orange. Asians shy away from Yellow diamonds due to the common misconception that it does not suit our skin tones. Try out intense and fancy Yellow diamonds first before believing the majority. Do not be too quick to judge!

Use Your Beneficial Card

Subscribing to the “married club” entails costs that exceed thousands of dollars. How often will this happen to you? Well, you better maximize your purchase! Get as many discounts or rebates as possible by charging your engagement ring in your credit card.

For instance, you may use your American Express True Cashback Card. It offers 3% cashback on the first S$5,000 that you spend. And, there is no limit on your earnings. Isn’t that amazing?

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May these tips help you to save enough money to buy your dream engagement ring. The only thing that you may worry about is your ability to gather your guts in order to ask one of the most significant questions in your life.

Sources: 1 & 2

How To Be Financially Ready For Matrimony

My friends and I shared a significant night last Wednesday. You see, we witnessed the proposal that my friend had orchestrated. The only catch was that he intended to get married in two months. The relatively short amount of time to prepare shook everyone. I noticed that their resources were stretched due to the absence of a stable budget. This scenario made me realize how important it is to set the tone of the wedding earlier on.

Take control of your wedding by financially planning at least 6 months ahead. Relatives from both sides are more likely to state their opinions during the planning process. They will feel like they have the right to impose if they are contributing to the costs. Be open to their colorful suggestions, but remember that it is your special day.

Employ savvy steps such as these:

DISCUSS EACH OTHER’S FINANCIAL GOALS

Before tying the knot, one of the first steps that you must take is to discuss about each other’s short-term and long-term goals. Spare a portion of your weekend to openly converse about your thoughts on personal finance. Respect the opinion of your partner to reach a beneficial decision for your wedding and your future household.

Doing so will give you an opportunity to build joint financial goals. Whether you decide to save for a new car or for an early retirement, aligning your goals to a common plan will serve as a good bonding experience.

DECIDE YOUR OVERALL BUDGET

The overall budget can make or break your dream wedding. This is why you must arrange your plans ahead of time. Curate a list of all the items that you will need to purchase. Include miscellaneous and other expenses such as your airfare tickets for the honeymoon.

It is important to stick to what you can afford despite the expectations of your friends or family. For an informed decision, you may use this guideline:

Wedding banquet – 60%
Bridal package – 15%
Wedding ceremony – 5%
Honeymoon – 20%

CONSIDER THE SOLEMNISATION AND OTHER TRADITIONS

What type of customary ceremony do you want to uphold? For example, the Chinese tea ceremony occurs when the couple greets the elders of the family either around or on the wedding day itself. Extra costs may include refreshments and hong baos for the children and helpers.

On the other hand, it is compulsory to register the Civil Marriage at a solemnisation ceremony. The solemnisers are generally volunteers who officiate weddings at no cost. It is advisable to send your gratitude by giving a token or providing a reimbursement for the transportation costs. The ceremony may be held at the Registry of Marriage (ROM). To know more about ROM’s affordable fees, please visit: rom.gov.sg.

BORROW MONEY AS YOUR LAST RESORT

If the wedding that you envision will cost a fortune, consider making alterations. You may even hold the wedding at a later date in order to save money to fulfill your fantasy. A simple and intimate wedding can be great too. Remember that borrowing money shall be your last resort.

If you intend to borrow money, please shop around for the lowest Effective Interest Rate (EIR) on your loan.

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Lavish venues and luxurious honeymoon are not really necessary for a fruitful marriage. What is more vital is that you celebrate the day with the people whom you love the most.

Sources: 1 & 2

Why Many Singaporeans Are Not Tying The Knot

About 4 out of 5 Singapore residents express their intentions to get married. But, why are they not pursuing what their hearts deeply desire?

In 2013, 83% of the participants in the survey by National Population and Talent Division said that they want to tie the knot. This figure is slightly lower than the reported 85% in the previous survey (2007). We can only predict that the decline will continue by 2019.

The leading reasons why most of the respondents are not employing immediate marital plans are saving up for the wedding and saving up for the housing. Furthermore, 84% of the 4,646 participants intended to have 1-2 children only. Those people who are not planning to have any children or to have an extension to their family cited financial costs as one of their top reasons. It does not take a notable genius to understand how money gravely influences the Singaporean’s approach to marriage and parenthood.

Many residents of Singapore are delaying the the event of matrimony as they want to earn more money, to build an attractive career, and to be financially independent. These factors push up the national median age of first marriages.

MAKING MONEY IS HAPPINESS

“Making money is happiness…”, said Nobel Peace Prize winner Muhammad Yunus. Along with happiness, money seems to go hand-in-hand with marriage. Many Singaporeans perceive that the primary focus of life is building careers and gaining more pay. A relatively significant amount of the population delay marriage to save money for cushioning the high cost of living. They are wary about certain expenses too. I cannot deny the fact that the wedding ceremony, home renovation, and infant care costs an overwhelming wealth!

The recent report by the Department of Statistics Singapore support these sentiments. It found that the median age for grooms at first marriage rose to 30.3 years old in 2015. During the same period, the median age for brides rose at a faster rate to 28.2 years old. These respondents wanted to attain “some level of success” to attract potential partners.

I AM A STRONG WOMEN WITH OR WITHOUT THIS OTHER PERSON

“I am a strong woman with or without this other person…”, said American performer Queen Latifah.

It is probably no coincidence or sorcery that as women gained more economic power in the recent decades, they have been less likely to get married. Women are less likely to wed due to financial security alone. Dr. Norman Li, the Associate Professor of Psychology at Singapore Management University, has his own take on this trend. He said that: “Women are now becoming more and more educated and earning increasingly more income. So, there are increasingly fewer men who meet their standards.”

Do you agree with Dr. Norman’s statements? Well, one thing is for sure. Birth rates have been hit due to women marrying later or not marrying at all.

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In order to entice more Singaporeans to get married and have children, institutions may employ different rewards. Banks may start to offer matrimony loans that specialize on the expenses of the wedding and the early years of marriage. Moreover, employers may provide a baby bonus (i.e., a cash gift) or a paid maternity leave.

Sources: 1 & 2

How To Deal With Relationship Feuds About Money

The moral values that we learned taught us that relationships are far more important than money. Conflict is bound to happen when people put more weight on material items over interpersonal relationships or when they see money as a measure of the relationship’s worth.

Deal with the monetary feuds to save your various relationships.

1. PARTNER’S PERSPECTIVES

Differences in each others perspectives is inevitable when two people come together. Although you love each other dearly, it is rare to find couples who always see eye to eye. This is why it is important to start understanding each other’s views about money. Explicitly discuss about your beliefs on financial issues and spending habits. For instance, a partner who is a hardcore saver may view money as an important currency that shall not be wasted.

Learn to put yourself in your partner’s situation by recognizing his or her financial strengths. Let us put this in perspective by imagining that two people are buying a flat screen television. Half of this relationship is a spender while the other half is a saver. They can compromise by combining the spender’s ability to commit to a new purchase with the saver’s ability to get a good deal!

2. FIGHTING FOR INHERITANCE

The authors of the informative book entitled “The Family War: Winning the Inheritance” vividly explained what it is like to be tangled in estate disputes. Envision your own family tree with interconnected branches that share a single trunk. After it has been shaken by a strong force (i.e., war over inheritance), one or more of its branches are broken down. The sad part is that they may never grow back.

As you can see, money and death can do strange things to a close-knit family. Lawyers find this scenario as one of the most challenging cases to handle. This is why some of them advocate the drafting of a will and planning for estate distribution while the client is still alive. You must also appoint a trusted person to make medical decisions should you become incapacitated.

3. MARITAL WOES

Financial issues is among the top reasons why Singaporean marriages fight and eventually part. A committed couple who suffers from serious monetary problems will usually face loads of tension and stress, which often translates to heated quarrels.

Prevent a fueled fight by fully disclosing your financial circumstance to your significant other. This is uncomfortable and awkward at first but, you have to try. Tell your partner about your outstanding debts, financial obligations, income sources, and other assets. This will make you empathize with each other more. From time to time, do not forget to check if your financial goals are still in sync.

4. BORROWER VS. LENDER

To deal with the disputes over the money that you loaned, you can show your written agreement and other supporting documents.

You may have dodged the constant knocking of the bank by loaning from a friend or a family member but, you must still treat it as a business matter. Putting the terms of the loan in a handwritten format protects both parties as well as your relationship. After all, borrowing a substantial amount of money is not the same as borrowing a vehicle!

Get everything in writing if you are borrowing a large sum of money or if the lender is strict when it comes to full repayment. The agreement is called a promissory note. Have the promissory note signed by both parties and and a lawyer (if possible). This will ensure that pursuit of legal actions when necessary.

5. GRANDPARENT’S FAVORITE

If your mature child and his or her spouse are having a hard time drawing a healthy financial conclusion, you may offer to help them out especially for the sake of your grandchildren. As a grandparent, it is acceptable to give out money to your family for a specific purpose. You may also highlight that the money must be used for that purpose. However, it does mean that you are entitled to manage all their financial affairs.

Financial advice should be given only if asked. You do not want to be a “know-it-all” parent who constantly dishes unsolicited advice. Your children are no longer toddlers that you have to guide. Although, you can always make a polite offer.

6. FRIENDLY DISPUTES

No matter how much you disagree with your friend’s unhealthy spending habits, you must take a step back from those negative feelings. Do not immediately burst into anger when you see his or her credit card bills. Blaming your friend for his or her outstanding debt will not help too. It is crucial for you to remove anger and frustration out of the equation.

Break the cycle of constant fighting and help your friend out by discussing the matter maturely. Agree to support each other along the way.

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Do not let your financial woes to get the best of your meaningful relationships!

Sources: 1 & 2

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