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.”

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.”

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.”

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.   

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.

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.