Do you have a joint savings account with your boyfriend/girlfriend? Is your contribution 50/50? What is a reasonable amount to put in each month? - Seedly
 

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Asked on 25 Sep 2018

Do you have a joint savings account with your boyfriend/girlfriend? Is your contribution 50/50? What is a reasonable amount to put in each month?

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HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 8. Wizard
Answered on 25 Sep 2018

As nothing is 100% sure before marriage, where we've seen many of our friends lost their deposit for HDB due to change of mind but already committed to HDB.

$ is also the 1 reason by couples/marriage falls apart.

So the best way to save together is to:

  1. Help each other to learn to budget and save each month

  2. Keep the $ in own high interest account (eg. DBS Multiplier) or in SSB (since it is 1 to 3 years durations before marriage)

  3. Amount to save, invest and expenses, can refer to seedly guide:

https://blog.seedly.sg/working-adults-allocate-your-monthly-salary/

Agree that the above doesn't pool funds together for higher interest, but it is more of self disciplin to start savings, investment and keep expenses at bay.

Being able to practice good budgeting and financial managment helps in the future when it comes to wedding planning, after marriage family financial management.

With that financial / budgeting learning experience when one is single, one can continue and excel even better without entanglement after marriage when resources is pool together.

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I think 50/50 is reasonable. The actual amount depends on the agreement between you two. What are you saving for or what is the objective? Both must agree on it and work together

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Wilson Nid A Break
Wilson Nid A Break
Level 7. Grand Master
Updated 2w ago

Never mix money and relationship tgt when marriage is not yet on the cards​​​

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Tan Boon Hian
Tan Boon Hian
Level 2. Rookie
Updated on 07 Jun 2019

I tried creating one joint savings account with my girlfriend a few months and apparently the bank told us that we need to have the same resident address to be able to open a joint savings account.. Do take note

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Question Poster

04 Oct 2018

Hmm CIMB don't need to i think for me and my bf we have no issue with this :)
Tan Boon Hian
Tan Boon Hian

13 Oct 2018

I see, the bank we went to was OCBC
Nicholas Chan
Nicholas Chan
Level 6. Master
Answered on 25 Sep 2018

Equal amount before marriage, assuming the account is used for common purposes

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Yong Kah Hwee
Yong Kah Hwee
Level 8. Wizard
Answered on 25 Sep 2018

I think it depends. if your salaries are similar to each other's, then i think a 50/50 contribution is fine. However, if the difference is huge, then consider contributing in % terms :)

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Gabriel Lee
Gabriel Lee
Level 8. Wizard
Answered on 25 Sep 2018

Would go for 50/50 since it's fair and we are saving for a common goal. As for the amount to put in, it depends on how much both of you can afford to put in every month are deducting your expenses. Both of you should discuss on the amount, can and increase as the time goes by. All the best!

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Ck Chai
Ck Chai
Level 6. Master
Answered on 25 Sep 2018

50/50 is usually common. Both of you should come to a consensus as to how much to contribute each month. It really depends on your earning power and what you are saving for to decide the amount to contribute. It should be an amount which both feels comfortable to put in the account.

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