Money can’t buy happiness but the right money habits could minimise financial fights at home and make your marriage stronger. Jump straight into this quiz for insights on how to avoid couple money issues.
Why money pulls couples apart
Couples have been known to call it quits because of money – and it’s not always because of the lack of it or bad habits like overspending and problem gambling. In fact, high-earning couples are not spared from financial break-ups. Even if two people are compatible in just about every aspect of life, salary differences and family money can cause rifts.
Rising affluence can be a bugbear in some ways. More dual-income couples today can mean that young newlyweds’ limited time together is spent on immediate matters while nurturing their relationship post-marriage is relegated to the backburner. Lack of deep communication plus misaligned goals and values makes it more challenging to navigate financial issues – a subject many already find difficult to discuss.
The importance of having patience and those hard, honest discussions
If you think banning money talk will eliminate financial disagreements, errrmmm… good try, but it doesn’t work! In fact, making these conversations a natural and regular affair is crucial for a healthy marriage. So, instead of letting your differences create tension between you and your other half, or affect your mental health, speak openly about them.
Time alone together, be it a day out without phone distractions or an overseas trip for a friend’s wedding, can present opportunities to talk about everything, even money, in a neutral setting. By understanding each other’s approach to finances and making some compromises – as you do with all other aspects of couple life – it’s possible to achieve financial bliss.
At the individual level, adopting healthy financial habits from an early age can also lay the foundation for managing finances with someone else later in life.
Do this quiz together!
Dive into this marriage and money quiz and pick up tips from Pamela Tan, Team Manager at Affinity, who’s been in the finance industry since 2008 and advised couples and people from all walks of life. She and her team believe that there’s no one-size-fits-all financial solution – their focus on fostering strong client-adviser relationships helps to pinpoint solutions that are a better fit to the needs of individuals, couples and families.
Are you as compatible in money as you are in love? Take this Marriage & Money quiz with your partner.
Once married, couples should only have joint bank accounts because “what’s yours is mine and what’s mine is yours”. True or false?
Correct
Answer: False
Combining all your accounts may seem like a practical way to manage your financial responsibilities like buying a home and raising a child, however, it’s better to keep them separate, especially at the start when you don’t have a full picture of each other’s money management style yet.
Pamela says, “Having joint accounts for everything is only feasible if the couple shares all financial commitments jointly, and we know this may not be the case in real life. For example, when it comes to buying property, couples can choose joint-tenancy or tenancy in common to suit their financial needs.”
Incorrect
Answer: False
Combining all your accounts may seem like a practical way to manage your financial responsibilities like buying a home and raising a child, however, it’s better to keep them separate, especially at the start when you don’t have a full picture of each other’s money management style yet.
Pamela says, “Having joint accounts for everything is only feasible if the couple shares all financial commitments jointly, and we know this may not be the case in real life. For example, when it comes to buying property, couples can choose joint-tenancy or tenancy in common to suit their financial needs.”
Newlywed couples should share everything, including pre-wedding debts such as student loans. True or false?
Correct
Answer: False
Pamela says, “Whether or not to share pre-wedding finances really depends on the couple’s own financial situation and values. That said, it's good to discuss such topics before getting married, so that there are no surprises once you’ve formally started a life together.”
Incorrect
Answer: False
Pamela says, “Whether or not to share pre-wedding finances really depends on the couple’s own financial situation and values. That said, it's good to discuss such topics before getting married, so that there are no surprises once you’ve formally started a life together.”
Your spouse loves to lavish expensive gifts on you while you’d prefer if they saved more money for a home upgrade instead. What should you do?
Correct
Answer: Have an open talk about balancing your spender-saver differences
Pamela says, “Open communication is important in marriage, especially when it comes to sensitive topics related to money. That said, one should still accept the gift if it is already bought to show appreciation for their other half’s gesture of love.
“Financial values take time to form and it is not realistic to expect your spouse to change their behaviour or spending habits overnight. Patience and open communication with each other are key to managing differences in financial values as you work towards a compromise.”
Incorrect
Answer: Have an open talk about balancing your spender-saver differences
Pamela says, “Open communication is important in marriage, especially when it comes to sensitive topics related to money. That said, one should still accept the gift if it is already bought to show appreciation for their other half’s gesture of love.
“Financial values take time to form and it is not realistic to expect your spouse to change their behaviour or spending habits overnight. Patience and open communication with each other are key to managing differences in financial values as you work towards a compromise.”
You and your spouse are torn between saving for your retirement and your child’s university education. What should you do?
Correct
Answer: Save for both
Pamela says, “While saving for retirement and your child’s education are both big financial commitments, these two events are not mutually exclusive and you don’t have to compromise one for the other. To avoid such a dilemma years into their marriage, it's advisable for individuals and couples to start planning for retirement as early as possible, even before starting a family.
“It helps to take baby steps when planning for each milestone so you don’t feel overwhelmed. One common financial mistake is thinking that ‘you either go all out to plan or do nothing at all’”.
TIP: If you’re looking for a flexible insurance savings plan that guarantees you’ll get back every cent you’ve paid, you’ll like Singlife Choice Saver which gives you a capital guarantee, i.e. you’ll get back at least the total premiums you’ve paid at your policy maturity date.
Incorrect
Answer: Save for both
Pamela says, “While saving for retirement and your child’s education are both big financial commitments, these two events are not mutually exclusive and you don’t have to compromise one for the other. To avoid such a dilemma years into their marriage, it's advisable for individuals and couples to start planning for retirement as early as possible, even before starting a family.
“It helps to take baby steps when planning for each milestone so you don’t feel overwhelmed. One common financial mistake is thinking that ‘you either go all out to plan or do nothing at all’”.
TIP: If you’re looking for a flexible insurance savings plan that guarantees you’ll get back every cent you’ve paid, you’ll like Singlife Choice Saver which gives you a capital guarantee, i.e. you’ll get back at least the total premiums you’ve paid at your policy maturity date.
If one of you is a financial nerd while the other is a self-professed financial dummy, who should be the financial manager?
Correct
Answer: A financial adviser representative
Pamela says, “When both parties communicate their values and perspective to a neutral party, in this case, the financial adviser representative, they can expect the latter to dispense objective advice and moderate the concerns of both individuals. Another advantage of engaging a professional for your financial matters is that you often discover things about your financial needs and situation which you never thought about previously.”
Want to do your own financial health review? Check out this six-point checklist to assess how you’re doing in the financial department.
Incorrect
Answer: A financial adviser representative
Pamela says, “When both parties communicate their values and perspective to a neutral party, in this case, the financial adviser representative, they can expect the latter to dispense objective advice and moderate the concerns of both individuals. Another advantage of engaging a professional for your financial matters is that you often discover things about your financial needs and situation which you never thought about previously.”
Want to do your own financial health review? Check out this six-point checklist to assess how you’re doing in the financial department.
Your new company offers health insurance benefits for family members, but your spouse’s current employer already provides this. Should you keep both plans or just enrol for one?
Correct
Answer: It depends – there’s no straightforward answer
Your course of action boils down to several factors. Pamela says, “It depends on whether you have personal health insurance coverage, like an Integrated Shield Plan. If you do, it’s advisable to only enrol for one of the corporate plans and not both.”
It may sound economical to get maximum coverage under two corporate plans in lieu of a personal health plan, but it’s not advisable. What's more important is to always have personal medical coverage, even if it’s a basic plan. Pamela explains, “Should you or your spouse need to stop working or leave the company for any reason, you’ll be able to fall back on your personal health insurance plan.”
TIP: If you’re hospitalised, remember to make a claim on your company’s group hospital insurance first, leaving your personal Shield plan as the last option for a claim.
Incorrect
Answer: It depends – there’s no straightforward answer
Your course of action boils down to several factors. Pamela says, “It depends on whether you have personal health insurance coverage, like an Integrated Shield Plan. If you do, it’s advisable to only enrol for one of the corporate plans and not both.”
It may sound economical to get maximum coverage under two corporate plans in lieu of a personal health plan, but it’s not advisable. What's more important is to always have personal medical coverage, even if it’s a basic plan. Pamela explains, “Should you or your spouse need to stop working or leave the company for any reason, you’ll be able to fall back on your personal health insurance plan.”
TIP: If you’re hospitalised, remember to make a claim on your company’s group hospital insurance first, leaving your personal Shield plan as the last option for a claim.
The server has encountered an error. Please try again later.
Notes
This advertisement has not been reviewed by the Monetary Authority of Singapore.
