Okay, you’ve said “I do,” danced the night away with your new spouse, and Instagrammed enough photos to last a lifetime. Now comes the hard part: sitting down and talking about finances.
It can be a pretty difficult topic. especially during the honeymoon phase. But eventually, you will sit down with your partner and talk about this crucial element that can make or break your years together. Here are the things you need to discuss:
1. Combined accounts, separate accounts, or a bit of both?
Upon marriage, or even before, some couples have already decided to swear by the complete merge. Others want to keep their financial independence. There is no right or wrong solution here.
Couples need to find a system that works for both. You can open a joint account dedicated to paying rent, groceries, and other shared expenses. At the same time, you can both set up separate accounts for personal spending (that way your spouse won’t know you bought them an anniversary gift!). The key is being transparent.
2. What about CPF
You’ve probably heard your parents muttering about it, but what exactly is CPF? Simply put, it’s your retirement savings scheme. Aside from that, your CPF contributions can be used for housing, healthcare, and even investments. Understanding how your CPF works together as a couple can help you make smarter financial decisions. Pro-tip: Have a look at the different CPF housing grants available, especially if you’re planning on buying your first home.
3. Goals, goals, goals
Remember that dream honeymoon you both fantasized about? Or that down payment on your future HDB? Well, dreams need a plan, and plans need, you guessed it, financial goals! Sit down with your partner and outline both your short-term and long-term goals. Want to travel the world? Invest in your education? Start a family? Having these conversations early on will prevent a lot of financial hiccups down the road.
4. Budgeting doesn’t have to be a buzzkill
Budgeting. The word alone is enough to send chills down your spine. But trust us, it doesn’t have to be a soul-crushing exercise. There are tons of budgeting apps out there (many of them free!) that can help you track your spending, identify areas where you can save, and even help you reach your financial goals faster. Plus, knowing exactly where your money is going can be strangely empowering.
5. Talk about deb
Student loans? Credit card bills? Loans from a Singapore money lender? We’ve all been there. The key is to be open and honest about any existing debts you might have. Hiding them won’t make them magically disappear. Talk about a plan to tackle them together. Remember, you’re a team now!
6. Treat yourselves responsibly!
Finances shouldn’t be all work and no play. It’s important to include a fun fund into your budget. Whether it’s date nights, spontaneous getaways, or that new gadget you’ve been eyeing, enjoying the fruits of your financial planning is crucial. Just remember, moderation is key.
7. Don’t be afraid to ask for help
Navigating the world of finance can be overwhelming, especially for a young couple. Don’t hesitate to reach out for professional financial advice. A financial advisor can help you create a personalized plan, answer your questions, and guide you towards making informed decisions for your future.
Conclusion
Remember, building a strong financial foundation together is one of the best investments you can make in your relationship. And hey, it’s definitely more fun than arguing over whose turn it is to do the dishes, right? So try to find the time to talk with your partner about money matters. That way, you’ll be on the same page.
