Love may be the glue that binds a marriage, but money matters can make or break it. Before exchanging vows, it’s essential to have a heart-to-heart conversation with your partner about how to manage your finances together. Laying solid financial groundwork can prevent financial woes from putting a strain on your relationship and help safeguard your future together.
Building a strong financial future together
It’s not uncommon for couples to have differing attitudes towards finances, and that can definitely pose some challenges. Planning ahead can help you build a strong foundation for your future life as a married couple. Here are some tips:
#1: Work on a budget together.
Start by learning each other’s spending habits and making adjustments if necessary. Agree on some limits and come up with a plan that works for both of you. Then, consider drawing up a joint budget together. This can help you track how your salaries are being spent and identify areas where you can cut back.
#2: Save for common goals.
Find a way to share your household expenses. Agree on each person’s contribution—this could be in proportion to your income. Don’t forget about emergency funds, as unexpected costs can pop up at any time. As your family grows, expenses will inevitably grow, so it’s essential to plan and save early.
#3: Know your priorities.
Avoid making large purchases on your own or on impulse. Instead, take responsibility and discuss them with your partner first. This not only ensures that you’re on the same page financially, but it also helps you make more informed and thoughtful decisions. Additionally, choose a protection plan that meets your needs and safeguards your family adequately.
Protecting your family and your assets
When entering a new marriage, it’s important to review and update your estate plan to reflect your current situation. Estate planning ensures your assets are distributed and managed according to your wishes after you pass away. It aids in determining who receives what after your passing, who you want to be the guardian of your children, how you want your assets to be managed, and who you trust to carry out your estate plan. If you have young or disabled children or elderly parents you support financially, a detailed plan can ensure that your family’s needs are covered.
By making sure your finances and estate are in order, you can spare your loved ones a lot of unnecessary headaches down the road. So don’t wait until it’s too late; start having those important conversations—your future family will thank you for it in the long run.
Disclaimer:
This article should not serve as a substitute for independent professional advice. Contact Summit Planners to schedule a consultation with our team of professional financial and estate planning experts.
Sources:
- https://www.moneysense.gov.sg/articles/2018/10/getting-married-planning-your-finances-together
- https://www.moneysense.gov.sg/articles/2018/10/what-is-estate-planning
- https://sg.finance.yahoo.com/news/protect-assets-marriage-140127937.html?guccounter=1&guce_referrer
- https://www.rocketlawyer.com/family-and-personal/estate-planning/estate-planning-preparation/legal-guide/focus-on-financial-planning-estate-planning-for-married-couples
- https://www.singaporefamilylawyer.com/insights/prenuptial-agreement-singapore/
