SeedlyTV EP03 - Seedly

SeedlyTV EP03

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

ASK A QUESTION

Do you see yourself facing difficulties in sorting out your combined finances with your partner be it now or in the future? This episode might just help you!

SeedlyTV EP03 presents: How to Talk About Money and Not Die. You can ask questions while the speakers answer them LIVE here.

Alison is the founder and writer of the blog, Heartland Boy. Heartland Boy is happily married to Heartland Girl, who goes by the real name of Sophia since 2015, and have walked through many adulting milestones together. Heartland Boy is a personal finance blog in Singapore where you can follow the arduous journey of a true-blue heartlander who is on the elusive chase for financial independence.

You can check out what was covered here:

NOTE: SeedlyTV is a series which will be covering topics via LIVE video and QnA on the Seedly platform. We will be inviting speakers to cover relevant topics in personal finance: Insurance, Debt, Saving, Spending and Investing. 

-This is a Seedly organised event-

Missed EP02? Watch it here: SeedlyTV EP02: Travel Hacks with Milelion

Remember to ask your questions via the QnA section below!

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SeedlyTV EP03

Bank Account

Jessica Chuah
Jessica Chuah
Level 3. Wonderkid
Answered 2w ago
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.

SeedlyTV EP03

Savings

Bank Account

General

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.

SeedlyTV EP04

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SeedlyTV EP03

Gabriel Tham
Gabriel Tham, Kenichi Tag Team Member at Tag Team
Level 8. Wizard
Answered on 10 May 2019
1M65! Ho Ching! because she shared seedly post before!

SeedlyTV EP03

Alison Liew
Alison Liew
Level 2. Rookie
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

SeedlyTV EP03

Alison Liew
Alison Liew
Level 2. Rookie
Answered on 27 Apr 2019
Hi, I do not have a car because I think it is a liability and decreases wealth. I am a great proponent of public transport and it is one of the reasons why I picked a BTO that is very near the MRT. I bought a stroller that can double up as a car seat. If the places i need to go to are inaccessible, I would just order a GRAB and notify the driver in advance that i have a child seat. no issues thus far.

SeedlyTV EP03

Savings

SW
Shaun Wq Lim
Level 4. Prodigy
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.

SeedlyTV EP03

Savings

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. ☺️

SeedlyTV EP03

General

Junus Eu
Junus Eu
Level 8. Wizard
Answered on 24 Apr 2019
I believe the 'treats/buy her stuff' should be mutual, so if should be split. And for me, it's not about the dollar amount that goes into treats and presents, but more of the thought behind it. In terms of frequency (since you mention how often) - if you get dinner, then maybe she can get dinner the next time. Unless it's a special occasion like her birthday, then probably you would pay for the full sum for the meal. Likewise with presents. In terms of dollar amount (since you mention how much is enough) - it really depends on your budget. And how much she wants expensive meals/expensive presents.

SeedlyTV EP03

HDB BTO

Loans

Kenneth Fong
Kenneth Fong
Level 5. Genius
Updated on 07 Jun 2019
This is a very important question for most Singaporeans to consider, especially since the majority of us will end up calling an HDB flat, home in the foreseeable future. Why Am I Buying The HDB Flat? Before we talk about home renovation and home renovation loans, you need to consider why are you buying the HDB BTO in the first place. 1) Buying To Sell Are you planning to buy the HDB flat, hold it for its Minimum Occupation Period (MOP) then sell it in hopes of upgrading to, say, a condo? FYI: for an HDB flat, you must occupy it for a minimum period of five years before you can sell the flat in the open market. If yes, then you wouldn’t want to spend so much on renovation. 2) Buying Your Forever Hom Are you planning to buy the flat and make it your ‘Forever Home’? Then you’ll probably want to spend a little bit more money to make it nicer since you’ll be living in it for a long time. ! Yeah... Preferably NOT like that... How Much Money Do I Need For Renovation? This is highly subjective and dependent on the aesthetic that you’re going for. 1) Buying To Sell If you’re planning to sell the flat in a couple of years, then you wouldn’t want to pour too much money into it. But hey, you’ll still need to live in it in the meantime so you’ll probably need to do some minor renovations. Let’s say you wanna go budget and don’t really care about creating a “dream home”. Then maybe you’d like to consider opting in for HDB’s Optional Component Scheme (OCS) . ! FYI: Not THAT OCS tho. What the OCS offers will differ between housing projects and can cost anywhere from $5,000 and up . For reference, the OCS for my 4-room HDB BTO (in a relatively mature estate) that was completed in 2017 costs $8,000 to $9,000 – depending on the types of fitting you choose. It's also important to remember that you have to opt for your OCS upon selecting your flat. Which means that it'll be 3 to 5 years before you see your flat. And by then, you might change your mind with regard to what you want your place to look like. #justsaying I've had plenty of friends who went for the OCS only to decide that they would rather overlay tiles or change out the doors and shower sets for something more their style. And that means extra cost. 2) Buying Your Forever Home Congratulations. 🎉 Now comes the hard part: saving and budgeting. If you plan on creating a home with built-in carpentry like kitchen counters and wardrobe cabinets, floors with homogeneous tiles, and maybe get some electricals and wiring done… Basic stuff really. Be prepared to set aside at least $40,000 (this is based 4 room BTO reno prices which my friends have paid). For reference, the renovation for my place was more than $60,000 . I've got friends who paid even more... ! You can definitely achieve a lot for lesser depending on what you prioritise. But I’ve seen what ‘lesser’ can get you, so at least find a contractor or ID who you really trust or has really good after sales service . So... Should I Take A Home Reno Loan? There are two schools of thought: 1) Take The Home Reno Loan Take the loan if you believe that you can grow your money at a much faster rate than the interest charged . Looking at the market rate now, loan interest usually ranges between 2.88% to 5.8%, with a tenure of 1 to 5 years. Basically, this will depend on how confident you are at beating the prevailing rates when you apply for a home renovation loan. The fact that you would like to do up your house nicely is also an equally valid reason, albeit within a reasonable budget of course. Because technically, this would be more of a want than a need. 2) Or… Start Saving Now I didn’t take a home reno loan because my investment horizon is way longer and I wanted to only spend what I could afford. Call me old fashioned or conservative but I didn’t want the nagging feeling of owing the banks more than I have to . So how did I do it? I started early. 5 years early to be exact – remember that I said I collected the keys to my home in 2017? When my wife (then girlfriend) started her first job, we decided that we would each put $1,000 aside every month. At that point, we decided that this amount would be saved for our future. Naturally, we wouldn’t have known how our relationship would work out, but it’s an amount that we decided is good enough. The caveat being this was for a future, with or without the other individual : 5 years x $2,000 = $120,000. With this amount, we had more than enough to cover her university school loan, our wedding, our honeymoon, and of course, our home reno. The more investment inclined readers will point out that it’s a lot of money which could be put towards growing a portfolio, and that’s true. But at the same time, nothing beats having a peace of mind when it comes to paying for big-ticket items like these. More About Home Reno Loans If you'd like to read more about the existing home reno loans in the market and which is probably the best one for you, Seedly has a pretty good article which you should check out: https://blog.seedly.sg/renovation-loan-interest-rate-singapore/
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SeedlyTV EP03

Savings

Junus Eu
Junus Eu
Level 8. Wizard
Answered on 24 Apr 2019
Personally, I'm very happy if I can get good deals for meals for two. I always look at value ultimately - and always try to achieve a goal of spending $5-10 per pax with quality food (read: not undersized burgers an/cheap soggy overpriced pasta/bubble tea etc.) And easy way would be to check out good food at hawkers. It's still enjoyable, relatively lower cost, and you are not likely paying +++ for service and ambience. Of course, there is a trade-off, and this is provided you both are ok with it. Additionally, I noticed that as couples get married - the budgeting bit really kicks in as both would need to start thinking about their finances. So if you guys are looking to get married, it's not a bad idea to get started on thinking about how much to spend on meals!
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