However clichéd it may sound, one thing couples mostly fight about is money. How can you handle money issues and keep the flame of the romantic relationship alive? One very important tip: nip problems in the bud by discussing your personal views on money early and frequently.
You can begin by discussing your own money management styles and beliefs. Share your underlying insecurities so you can understand each other better, such as how you are extremely risk-averse because you lost money in bad investments previously.
Seeking objective advice from a qualified financial planner can help to reconcile your differing views too, especially if these are on opposite ends of the spectrum.
Remember that there are no hard-and-fast rules. You don’t have to let your partner control the purse strings. One option is having a joint account for household expenses and keeping your individual savings and investment accounts separate.
Instead of a fixed sum, which may tax one of you more, some couples choose to contribute an equal percentage of their incomes to a joint account.
This way, you have the freedom to spend the rest of your money as you see fit.
And talk about the mortgage before buying your first home together. Think about how much debt and the monthly mortgage payment you are comfortable with. If disagreements arise, work towards a compromise by weighing the pros and cons of each other’s views. Again, speaking to a qualified financial adviser may help at this point.
As you plan your future together, it is important to discuss your priorities and decide what is most important for your new family. If one spouse is more confident about handling the family’s finances, he or she should take charge of the joint account.
Fulfill your desires by saving every month!
Most Singaporeans believe that sufficient savings will help them attain their financial goals. How do you save and earn as a couple or as a family?
You can grow your money as a couple with the Monthly Savings Account! The OCBC Monthly Savings Joint Account helps you and your spouse to save a fixed monthly sum over 24 months and earn a higher interest rate of up to 4 times* your monthly fixed savings^.
Use the money that you saved for the down payment for a new house or the dream holiday that you and your spouse have always wanted! Existing OCBC customers with Internet Banking access can log in to https://www.ocbc.com/internet-banking to apply.
*Compared to normal savings account interest rate at 0.25% p.a.
^The minimum monthly savings starts from S$50 for application via mail-in application form or Internet Banking. Otherwise a minimum monthly saving of S$100 is required.
Singapore dollar deposit held by or for an individual or a charity in accounts listed in OCBC Bank’s Insured Deposit Register (available at www.ocbc.com/polices) will be insured in accordance with and for up to the limits specified in the Deposit Insurance Act.
As a SmartParent, you enjoy preferential rates for the OCBC Monthly Saving Accounts! |
