SeedlyTV EP03

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

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SeedlyTV EP03

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!

  • Asked by Anonymous

    Clarence Chua
    Clarence Chua, Financial Planning Specialist at Prudential Assurance Singapore
    Top Contributor

    Top Contributor (Apr)

    Level 6. Master
    Answered on 22 Apr 2019
    It’s often a scary step for many to start talking about their finances and do something about it. Many of my clients are similar. Try to understand your boyfriend fears and support him to take actions. You may want to understand why he finds it pressurising (as everyone has different reason) For example, many may find it pressurising because it is such a big, technical and complicated topic. Hence it is important to help them KISS it (keep it simple and Stupid) Eventually, one has to face the fact to be in charge of their financial future after all. P.S. I wrote a Marie Kondo inspired article on Finance, perhaps it can help your boyfriend https://www.linkedin.com/pulse/marie-kondo-might-able-help-tidy-up-your-finances-clarence-chua
  • Asked by Gabriel Tham

    Gabriel Tham
    Gabriel Tham, Kenichi Tag Team Member at Tag Team
    Top Contributor

    Top Contributor (Apr)

    Level 8. Wizard
    Answered 3w ago
    1M65! Ho Ching! because she shared seedly post before!
  • Asked by Anonymous

    Kenneth Fong
    Kenneth Fong
    Top Contributor

    Top Contributor (Apr)

    Level 4. Prodigy
    Answered 3w ago
    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/
  • Asked by Anonymous

    Junus Eu
    Junus Eu
    Top Contributor

    Top Contributor (Apr)

    Level 7. Grand Master
    Answered on 24 Apr 2019
    Whether or not you will get married, the two should start saving as separate individuals in any case. Because marriage is not just about the house, wedding and honeymoon. It's a long term commitment of living together, paying the bills, and potentially paying for kids if you decide to have them. What is even more important in my opinion, is to ensure that the couple knows each other well from a financial planning perspective. We all know that married couple who squabble because of money issues. We may even have seen it with our parents and grandparents before. So for me, that alignment is very key :)
  • Asked by Anonymous

    Clarence Chua
    Clarence Chua, Financial Planning Specialist at Prudential Assurance Singapore
    Top Contributor

    Top Contributor (Apr)

    Level 6. Master
    Answered on 22 Apr 2019
    For sure I will recommend a couple to do that. The execution may varies for different couple though. Nonetheless, Brandon has also pointed out many important points of the importance of knowing one another financial health. SeedlyTV EP03 Will also be covering on a similar topic: How to talk about money and not die. (With your partner) Highly recommend you to check it out if you have the time to. It will be on 25th April, 8 to 9pm. You can ask questions while the speaker answer them live too!
  • Asked by Anonymous

    Junus Eu
    Junus Eu
    Top Contributor

    Top Contributor (Apr)

    Level 7. Grand Master
    Answered on 24 Apr 2019
    I have noticed even with my colleagues that it seems to be more commonplace now. It really depends on the couple (and, more importantly the male ego + the female's need to feel that the guy shoud earn more). It is clear that we are hardwired to have certain expectations of males earning power in the traditional marriage. There are some guys who feel that they should earn more. If they don't, they somehow feel like they are 'less of a man'. Likewise, if the wife holds the same view - then it's better to just go with that. That said, if the wife earns more and the guy cannot command a higher salary than her (because of industry wage average etc) - then it needs to be discussed. That said, there are also couples who are very comfortable with the wife earning more, but yet the dynamics between them are such that the guy is still the head of the household. It's really both parties being comfortable with it, really.
  • Asked by Anonymous

    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.
  • Asked by Anonymous

    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
  • Asked by Anonymous

    Alison Liew
    Alison Liew
    Level 2. Rookie
    Answered on 26 Apr 2019
    Hi Anon, Yes it was. At the start it was awkward. We had very different attitudes towards $. In the end, i changed my attitude because i was sufficiently convinced about the impotance of money management. But we got better at it with practice :D
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