{"id":3523,"date":"2012-03-29T09:05:43","date_gmt":"2012-03-29T01:05:43","guid":{"rendered":"http:\/\/singaporebrides.com\/articles\/?p=3523"},"modified":"2016-03-07T12:43:45","modified_gmt":"2016-03-07T04:43:45","slug":"newlywed-finances","status":"publish","type":"post","link":"https:\/\/singaporebrides.com\/articles\/2012\/03\/newlywed-finances\/","title":{"rendered":"Newlywed Finances"},"content":{"rendered":"<p><i>Ah money. \u201cA necessary evil\u201d, because \u201cit makes the world go round\u201d. Something that \u201ccan\u2019t buy you happiness, but can buy the things that would make you happy\u201d. Whatever it is to you, it\u2019s hard to deny that everyone needs it. After all, we can\u2019t survive on love and fresh air alone, can we? Well, not for long anyway. And after a while, we discover that all we need is indeed more than just love, love, love.<\/i><\/p><p><b class=\"special\">A<\/b>ccording to a study done by Utah State University, couples who disagreed about finances once a week were 30 per cent more likely to proceed with a divorce compared to couples who reported who had differing views about finances a few times a month.<\/p><div class=\"banner\"><script type=\"text\/javascript\">OA_show(5);<\/script><\/div><p>If money management is challenging when you\u2019re a swinging single, imagine how much more tricky it can be with a partner in the mix. Financial issues may present themselves to couples of certain situations more than others. For example, a newly-wed couple without children and live with their parents, may feel less inclined to have a serious talk about money. On the other hand, a couple expecting a child and has other financial commitments like housing mortgage and monthly car instalments, may know right from the start that they need to sort out their money matters in an agreement that\u2019s comfortable for both husband and wife.<\/p><p><b><b>Joining Forces<\/b><\/b><\/p><p>Sales and Marketing personnel Jacklyn Phang, 33 and Personal Trainer Jerome Simon, 29, have been married for less than six months. They had dated for two and a half years before tying the knot. The pair has a joint account and they each contribute 35 per cent of their salary to it. The money from this account is used to pay for all the bills and household items as well as anything that benefits the both of them.<\/p><p>\u201cWe started the joint account a year before our wedding. The financial arrangement was discussed when we both decided to get married. Good thing we had the same idea towards money management. We also went for a pre-martial counselling course and the topic was also further discussed. We don\u2019t know how much there is in each other\u2019s personal account but we do consult each other if we want to spend more than $200 on an item; this helps us not to overspend.\u201d<\/p><img decoding=\"async\" loading=\"lazy\"  title=\"Newlywed Finances\" src=\"http:\/\/singaporebrides.com\/articles\/wp-content\/uploads\/2012\/03\/iStock_000019523953Small-e1332733244370.jpg\" alt=\"\" \/><p><b><b>What&#8217;s yours is yours, what&#8217;s mine is mine<\/b><\/b><\/p><p>Sharon Lim, 36, an accountant, and Sebastian Kang, 41, an IT consultant, dated for three years, have been married for six, and have a three-year-old. They do not have a joint account, and have no intention to start one.<\/p><p>\u201cThe thought of having a joint account never crossed our minds. When we were dating, we simply took turns paying for everything. Seb earns about 20 per cent more than I do, so for the big ticket items like the wedding and the house, he contributes more than I do. Seb now pays for our home and instalments, while I pay for our daughter\u2019s childcare and enrichment classes. This arrangement seems to be working out well for us; I think we\u2019ll be sticking with it.\u201d<\/p><p><b><b>We&#8217;ll play it by ear<\/b><\/b><\/p><p>31 year-old Vikneswari Rethinam, a primary school teacher, and her self-employed husband Dinesh Kumar, 32, dated for six months and knew they were right for each other. Despite only being married for three months, the couple has a very rigid financial agreement. They have a joint savings account and intend to let the money accumulate while they split the responsibility for pricier items, and are still maintaining their individual savings accounts for which they use for their personal commitments. Interestingly, they take turns to pay for meals, and choose to go dutch when the bill is an exceptionally big one.<\/p><img decoding=\"async\" loading=\"lazy\"  title=\"Newlywed Finances\" src=\"http:\/\/singaporebrides.com\/articles\/wp-content\/uploads\/2012\/03\/iStock_000019611211Small-e1332733276558.jpg\" alt=\"\" \/><p>The New York Times suggests yet-to-be married couples address four issues relating to money before tying the knot:<\/p><ul><li><i>Ancestry<\/i>: Many of our money behaviours are learned so look back at your own childhood, and dig out the memories of your own parents and how they dealt with money.<\/li><li><i>Credit<\/i>: Be honest with each other about loan payments or credit cards that you might have.<\/li><li><i>Control<\/i>: Figure out who will be paying which bills at the end of every month. Talk about how you want to pay those bills \u2013 would they come from a joint account? Would the one who contributes more get to have a bigger say to the financial decisions?<\/li><li><i>Affluence<\/i>: Think about how rich you want to be, and what kind of things you or your partner would need to do to reach that status. Would it mean that one of you would have to give up time with the family to work 18-hour days to achieve that status? Would the other person then have to be a &#8220;single parent&#8221; and raise the children on his or her own?<\/li><\/ul><p>If this is all too overwhelming for now, don\u2019t worry &#8211; it\u2019s never too late to take a step in the right financial direction. Make some time this weekend to talk things through with your partner; you might be surprised at the outcome. Remember that honesty and an open channel of communication is crucial when you approach sensitive issues such as money.<\/p><hr\/>","protected":false},"excerpt":{"rendered":"<p>Ah money. \u201cA necessary evil\u201d, because \u201cit makes the world go round\u201d. Something that \u201ccan\u2019t buy you happiness, but can buy the things that would make you happy\u201d. Whatever it&#8230;<\/p>\n","protected":false},"author":5,"featured_media":3688,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"yasr_overall_rating":0,"yasr_post_is_review":"","yasr_auto_insert_disabled":"","yasr_review_type":"","footnotes":""},"categories":[10],"tags":[],"class_list":["post-3523","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-weddings-101"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Newlywed Finances - SingaporeBrides<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/singaporebrides.com\/articles\/2012\/03\/newlywed-finances\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Newlywed Finances - SingaporeBrides\" \/>\n<meta property=\"og:description\" content=\"Ah money. \u201cA necessary evil\u201d, because \u201cit makes the world go round\u201d. 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