December 26, 2019 | Lobang Guru Singapore

4 Ways Marriage Can Affect Your Finances

Lobang from: https://www.moneydigest.sg/4-ways-marriage-can-affect-your-finances/

One of the most important decisions you will ever have to make is choosing the person to whom you get married to. Getting married will not only shape your entire life, but also your finances. It is critical to choose the right partner that can bring you happiness and influence your finances in a positive light.

That being said, here are four ways marriage can change your finances:

DIFFERENCES IN FINANCIAL HABITS

Whether you marry a Singaporean or a foreigner, many people discover their partner’s financial habits later on. Some of these habits can be deal-breakers. Unpleasant financial habits include overspending, lack of savings, and gambling addiction.These lead to arguments and trust issues. However, you must not pack all your bags yet!

Being caught up in a financial dilemma with your spouse can be difficult as your financial values are taught while young. Therapy and financial planning could help. As can being completely honest with each other while you play with your financial strengths.

COMPLEXITIES OF INSURANCE POLICIES

You have two options when it comes to insurance. You can either hop on your spouse’s insurance policy or reap the benefits of your own employer-backed insurance policy. More often than not, insurance policies offered by your employer is cheaper than the policies that you buy for yourself. Your best bet is to choose the policy that benefits both of you the most.

Another factor to consider is the possibility of needing specialized insurances like pet insurance policy or travel insurance policy.

CREATION OF PRENUPTIAL AGREEMENT

If you are engaged to be married or are in the first months of matrimony, there may be a chance that you have already started combining your bank accounts. In any case, you should discuss your financial values and wealth plan to direct your future. A prenuptial agreement can be created to protect your assets in the event that your marriage fails or your spouse passes away.

By specifying your shared assets, you can both determine how possessions and debt will be divided upon separation. You will be able to determine how much you will pay for alimony and how much you will provide for child support. Furthermore, you may discuss how you will share each other’s estate.

IMMEDIATE EXPENSES OF MARRIAGE

It goes without saying that the wedding can cost you a lot of money. The upfront costs of matrimony can set you back by S$75,000 to S$100,000 on average. This amount includes purchasing a house and celebrating a wedding.

Image Credits: pixabay.com[/caption

Is your combined savings ready for that? With these major expenses come preparation. You must eliminate certain expenses to ensure that you create your dream life together.

Sources: 1 & 2

The post 4 Ways Marriage Can Affect Your Finances appeared first on MoneyDigest.sg.

4 Ways Marriage Can Affect Your Finances Read More »

Marina Bay Singapore Countdown 2020 road closures from 31 Dec 2019 – 1 Jan 2020

Lobang from: https://singpromos.com/motor-vehicles/marina-bay-singapore-countdown-2020-road-closures-from-31-dec-2019-1-jan-2020-234353/

The Marina Bay Singapore Countdown (MBSC) 2020 will be held on 31 December 2019….read more @SINGPROMOS.COM

Marina Bay Singapore Countdown 2020 road closures from 31 Dec 2019 – 1 Jan 2020 Read More »

Good Family Money Practices To Abide To

Lobang from: https://www.moneydigest.sg/good-family-money-practices-to-abide-to/

As year 2020 fast approaches, many of us rethink our past decisions and practices. Among these decisions and practices are the ones that greatly affected your finances. How did the past year influence your financial circumstance?

Discussions about assets, incomes, properties, and investments will come up whenever one thinks about wealth planning. A holistic financial planning approach can help improve your relationships in the coming year, including your family dynamics.

Katherine Dean, head of Family Dynamics for Wells Fargo Private Bank, once said: “When families communicate regularly and work on financial issues together, they often develop shared goals and a healthy sense of purpose.” An effective wealth plan not only helps with straightening out your household, but also with deepening your family relationships.

#1: SPENDING PLAN

Everything starts with a neatly laid out plan. Sit down together as a family to develop a household spending plan. You may opt to avoid using the word “budget” as it may highlight sacrifices and the pains of cutting back. Instead, focus on what is important to your family and the spending categories that you care less about. Cut down on the latter and explain to your family members why you must do so.

#2: CAREFUL USAGE OF WORDS

When it comes to conveying a message, it is vital to send out the proper signals. Choose your words carefully, especially when dealing with children. Saying “we cannot afford that” may send the confusing messages to young children. Some children may worry about their family’s financial state and its lack of capabilities to support the family’s necessities. Instead, try explaining why you choose not to spend your money on lavish toys in the aisle. Explaining the value of money and prioritizing expenses can help children learn more about managing money.

For instance, you may encourage your children to create wish lists when their birthdays come. Help them save for it by completing chores. This highlights the importance of saving and the practice of delayed gratification.

#3: IDENTIFICATION OF FAMILY VALUES

Recently, I sat down with my team to discuss the effect of having a shared goal fueled by our work values. Our personal work values affect how we work and how we interact with our colleagues. In the same way, our family values affect our family wealth plan. Having shared intentions and beliefs about money is one of the most effective ways to reach your long-term goals and to avoid making expensive financial mistakes.

Shared family values differ from household to household. For instance, one family may be committed to improving their eco-friendly lifestyle while the other is committed to improving their adventurous lifestyle. Once you pinpoint your common values, you will be able to direct your shared family wealth plan.

#4: SAVING AND SPENDING TOGETHER

You are a team – do not forget this. When it comes to tackling purchases that will greatly affect your household, it is best to spend and save together. Your new computer or your family trip to Bali can help show your kids the value of saving money. Get a piggy bank or a savings jar and add your loose change each week.

Image Credits: pixabay.com

Show your kids how savings can grow in time. When you have saved enough, teach your children how to get the most out of their money. Bring them along while you shop around.

Sources: 1 & 2

The post Good Family Money Practices To Abide To appeared first on MoneyDigest.sg.

Good Family Money Practices To Abide To Read More »