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4 Ways To Manage Your Money As A Couple In Singapore

Before you even get married, you may already have had your first taste of money issues on holiday expenses or over a shared purchase. If you are getting married soon or have recently gotten married, having a talk about money management as a couple should be on the cards.

Before you start planning, have a talk to find out about each other's financial situation. Are there any outstanding debts or individual investments? Do you have a shared financial goal?

We at GET.com show you the four ways of how you can manage money as a couple:

1. Individual Accounts

If the salary difference between the two of you is wide, keeping individual accounts may make things look 'fairer'. It's also great for couples who may not share similar spending patterns so each can still have the autonomy to spend on themselves without going through unnecessary conflict.

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You will need to agree on how you should split the bills – are you going 50/50 or by percentage proportionate to each's earning power?

2. Share A Joint Account

In this situation, both of you will combine your income into one single account which will be used to pay for all expenses, big or small. This can make paying for bills a lot easier and can make couples feel closer due to a shared responsibility. However, you will still need some rules or this arrangement can incur some resentment from certain types of people.

For instance, a similar spending pattern is required for a joint account to work smoothly. Imagine the woman in the couple as someone who loves shopping, and can splurge easily a few hundred or thousands of dollars on luxury goods. The husband may not really agree with this, especially if he is contributing more to the account.

He will think of it as funding her shopping! It's also important to establish a spending threshold for this method, or spending can easily go out of hand. It's always easier to save if you feel that it's not just your individual money.

You may want to set up a budget for this joint account so you can keep track. There should also be clear assignment of who pays what bills and expense tracking. This will also help towards achieving your shared financial goals.

3. Sharing Some Expenses

This could be the best sort of compromise, as both sides share some responsibility while they still retain autonomy over their individual wants. You can decide on a fixed monthly contribution from each person into a joint account which is used to pay for shared expenses such as mortgages, household bills and perhaps holidays and other big-ticket items.

4. Sole Bread Winner

While this situation may not be as common these days, there could be times where one half of the couple becomes unemployed for various reasons – sickness, retrenchment, taking a sabbatical, etc.

If the other has to shoulder the entire financial responsibility of the family for a while, there has to be a clear guideline on what to spend on so as to reduce feeling of unfairness.

Such situations can also increase the likelihood of a power play where the provider may feel the other is entirely dependent and thus have less of a say in the couplehood.

Reduce such circumstances through open communication and make sure you are equal partners!

This article was originally on the GET.com blog at: 4 Ways To Manage Your Money As A Couple In Singapore.

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