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Marriage

How do you manage the finances of two as one?

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Bank Account

Savings

Marriage

Jennifer Goh
Jennifer Goh
Level 4. Prodigy
Answered on 17 Jun 2019
Shortlisted top 2 savings account for couples giving you the highest attainable interest rate: 1. Maybank (Highest base interest of 0.3125%) 2. OCBC 360 Account (high bonus interest if you use their services like salary crediting, credit card spending and monthly increase of your account balance) Honourable mentions: 1. UOB One account 2. DBS Multiplier account/ POSB SAYE account (With salary crediting, investing and also credit card (DBS live fresh expenses), you’ll be getting 2.2% interest for your first $50k, neat!) 3. Standard Chartered BonusSaver Pro & Cons of a joint account Pros: 1. Useful for managing couple’s shared bills/ home expenses (simpler and faster than holding on to your bills and trying to split them all later) 2. Two pairs of eyes for oversight (Easier to keep track of finances because all expenses come out of one account) Cons: 1. Conflict (issues like student loans, credit cards, alimony, child support and other debts might make the other spouse feel responsible for paying the debts with the joint funds so communication is important!) 2. Danger in case of messy breakup (if the relationship ends, funds can be messy to separate) Whatever you decide, the most important thing is being on the same page with your partner from the very start. Hope the above helps a little! 😊

Wedding

Marriage

Seedly has an article on that here: https://blog.seedly.sg/cost-of-wedding/ Another article to refer to is here: https://www.theweddingvowsg.com/cost-of-wedding/ Estimates vary depending on your needs. I hope the articles will give you an idea!

Marriage

Lifestyle

Serene Toh
Serene Toh
Level 5. Genius
Updated on 07 Jun 2019
Before you ask him to stop. Please ask yourself the following questions; 1. Is this his only pleasure / vice? 2. Do you have any pleasure / vice that he thinks is a waste of money? If the answer if yes for no. 1, if you can afford it, just let it be, at most negiotiate a monthly limit. If the answer is yes for no. 2, you can do a swap; "I give up this if you give up this."

Savings

General

Marriage

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Jun)

Level 8. Wizard
Answered on 21 May 2019
What are your joint savings goals? And more importantly, what is the underlying reason to get married in 2 years time? Marriage fund is not just about the wedding budget, but also the housing (including reno, furnishings etc) - and all these add up to a tidy sum. Even if you are able to contribute more today, the question you have to ask yourself is if you would be resentful if the uneven contribution carries on as the relationship progresses.

Lifestyle

Marriage

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Jun)

Level 8. Wizard
Answered on 05 Apr 2019
A place that is special only to the both of you! It doesn't need to be expensive or extravagant. It needs to be meaningful. If however she is in fact looking for it to be ultra expensive/extravagant, then I guess you would also need to think about whether values about money are aligned.

General

Lifestyle

Marriage

Yes, Mackenize Bezos has turned out to be gold digger. Anyways, it is not her fault. Infact, it all started from Mr. Bezos who fell in relationship with other woman and so has to face this today. I guess these things are very common in the US. Mackenzie is a very lucky lady. Not everyone is so lucky. Yes, she made such huge fortunes without any struggle but it was all legal in the end. Even Mr. Bezos has no complaints from the settlement deal. He was quite happy as can be seen in this tweet - !
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Rent

Family

Marriage

HDB BTO

Png Cheng Xi Damien
Png Cheng Xi Damien, Happy Life Seeker at Home
Level 4. Prodigy
Answered on 30 Mar 2019
Why not get your bf to stay with you instead? Bto is quite easy to get if not picky about size and location. 4room selection is fast. Sale of balance flats are abundant too.

Lifestyle

Marriage

Yiyang Chen
Yiyang Chen
Level 3. Wonderkid
Updated on 07 Jun 2019
Sorry to hear of your situation. First try to talk to your husband and find out the cause of the affair. Listen to him and try your best to work on the problems. If the marriage cannot be salvaged and you file for a divorce, it does not mean you have to provide for your 2 children alone. You can apply for maintenance for both you and your children. You will be expected to find a job though as you are healthy so maintenance from him for you will not be high. But for your children, your husband will be reasonably expected to maintain their present lifestyle. As their mother, and if you are perfectly healthy, you will have custody of the children with access to your husband. Regarding housing, talk to your husband then and see if your husband is willing to transfer this house to you if you do not have the money to buy over his share. If you reach the stage of having to apply for a divorce, please seek advice from a divorce lawyer. And remember, you will not be alone. Hope the above helps.

Marriage

Savings

Investments

Yong Kah Hwee
Yong Kah Hwee
Level 6. Master
Answered on 22 Jan 2019
As you have some big ticket items to spend on in the next few years, I would suggest putting your money into safer instruments such as Singapore Savings Bond, High interest savings account, or Fixed Deposit. This will ensure minimal/no capital loss when you need the cash in the near future, while earning you some interest at the same time. In the long run, you might want to look at endowment plans (I have little knowledge on these, so you might want to research on them before putting your money in), or bonds (again, do your own research before putting your money in).

Lifestyle

Marriage

Insurance

Luke Ho
Luke Ho, Money Maverick at Money Maverick
Level 6. Master
Answered on 20 Sep 2018
Term insurance till retirement with a whole life/eci plan, as you'll need that spare cash to mitigate the fact that you two only have each other, and in adulthood/old age you'll only have yourself to depend on. Get a trustworthy adviser who can be with you throughout the many years because claiming is hard between just two people. Retirement planning should be high on your priority list, with a combination of annuities and steady dividends from investments. As Tat Tian said, speak to a good FA - and I'd love to help you on this. You can always PM me if you feel comfortable. https://www.facebook.com/luke.ho.54
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