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SeedlyTV S1E03

Couples: How to Talk About Money and Not Die. LIVE on Thurs, 25th April from 8-9pm!

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SeedlyTV S1E03

Do you have a car especially with a kid and why and why not?
Maisul
Maisul, Youtuber at Google (Channel : Say Do Invest)
Level 6. Master
Answered on 14 Jul 2020
A car is a liability. Period. Alternatives like car sharing seems to be a more viable option for me. Just my two cents.

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Family

Savings

Investments

SeedlyTV S1E03

How much should you budget for your kid in Singapore as they grow up and what strategies do you adopt? Save or invest their money pool?
Heng Kai Le
Heng Kai Le, Mondomover at School Of Life
Level 6. Master
Answered on 18 May 2020
Hi there! personally I chose to top up my child’s CDA fund so as to benefit from the dollar-for-dollar matching from the government. next I intend to look into endowment saving plans for him. Endowment plans don’t yield that much profit, so they yield more than saving accounts and their guaranteed cash components offer peace of mind. probably will then buy ETFs or even shares for him. If your child is still young, you have a long investment horizon, so you can afford to wait and cash in when the time is ripe there’s a similar thread here with some good insights: https://seedly.sg/questions/do-you-start-saving-or-invest-for-your-child-tertiary-university-education dont forget to plan for your own retirement too!

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Savings

SeedlyTV S1E03

How has your savings rate changed after becoming parents?
John Smiths
John Smiths
Level 5. Genius
Answered on 31 Oct 2019
I'm about to become a parent. Before the baby arrives, my savings rate increased because while there are maternity expenses going up, my entertainment and travel expenses went down. I reckon my savings rate will go down after the baby arrives since baby expenses will go up much more then the maternity expenses going down.

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Savings Accounts

SeedlyTV S1E03

What are the best recommended savings account to open as a couple, without the need for salary crediting?
Jessica Chuah
Jessica Chuah
Level 4. Prodigy
Answered on 14 Aug 2019
I'm using UOB One Account as my joint account. Instead of fulfilling the salary criteria, what my fiance and I did was to fulfill the credit card requirement and in future the 3 GIRO payment requirement when we move into our new place. For us this account worked best as we needed the cheque book and we were still able to maintain our regular salary crediting accounts separately. The main downside of this arrangement is that the principal account holder will not be able to open another UOB One account under his/her name, so do take note on that.

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Savings

General

Savings Accounts

SeedlyTV S1E03

How common is it to have couples to channel their salaries to a joint savings account so as to enjoy better interest rate gains? Do you personally do it?
There are many ways to enjoy better interests rate via your bank accounts. Need not necessarily be through a joint savings account. I recommend a couple (engaged or married) to have a joint savings account mainly for these 3 reasons. 1. Its a commitment towards the relationship and their future 2. It helps the relationship as both parties work together towards a common goal 3. It helps to keep track of the family expenses and separate it from individual expenses Ultimately, the joint savings account can help the relationship through behavioural finance.

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Savings Accounts

Savings

SeedlyTV S1E03

What is the best joint savings account for couple?
Cheryl Teng Sze Hui
Cheryl Teng Sze Hui
Level 4. Prodigy
Answered on 03 Jun 2019
My partner and I both have our own DBS Multiplier account and also a joint account. The joint account is a pass-through account for us to hit a higher tier. So our salary is credited to our joint account first. With salary crediting, investing and also credit card (DBS live fresh expenses), we are getting 2.2% interest for first $50k which I think is pretty decent for a savings account! Credit Card no min spend too, so you can still maximise savings with other cards where applicable.

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SeedlyTV Wishlist! Who would you like to see featured on SeedlyTV?
Gabriel Tham
Gabriel Tham, Kenichi Tag Team Member at Tag Team
Level 9. God of Wisdom
Answered on 10 May 2019
1M65! Ho Ching! because she shared seedly post before!

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3

SeedlyTV S1E03

What were your living arrangements while waiting for your BTO and how were discussions like before coming to a decision?
Alison Liew
Alison Liew
Level 3. Wonderkid
Answered on 27 Apr 2019
Hey, I was staying in my in-laws place for about 1.5 years before getting the keys to my BTO. She is staying in a more convenient location and that makes both of us decide to stay at her place. The discussions wasn't hard and we are thankful both set of parents were understanding

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Savings

SeedlyTV S1E03

How do you determine how much each couple should save? Should it be a fixed amount or by percentage?
SW
Shaun WQ Lim
Level 8. Wizard
Answered on 25 Apr 2019
I would say by percentage. As the couple progress on their individual careers, there should be income growth and likewise their savings have to grow in tandem. And also their financial needs like insurance and investment would have to be factored in. Life events would also be another determining factor that a fixed amount may not cover adequately.

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Savings

SeedlyTV S1E03

At what point should a couple who is still dating start saving for married life?
There isn’t exactly a perfect timing to start. It’s a journey and varies between couple. Savings should start from yourself first. Start saving towards your future, and when the relationship Is more stable, you can communicate about your future goals together and how both will like to handle it. ☺️

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