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Financial management
As a married couple, you will have to deal with money matters and decisions as a family unit. However, different individuals hold different views about the value of money and how best to spend it. That’s why it is important to identify and accept your individual values in this area and work out your differences before they become a source of conflict or misunderstanding.
Some guidelines on money matters
Build your home
Staying on your own
Staying with your in-laws
Some guidelines on money matters:
 - Avoid depending on your relatives for financial matters. You will feel less of a sense of obligation towards them and have more freedom in your decision-making.
- Develop a formula for the proper management of your income that you are both comfortable with.
- Take responsibility to live within your means. Financial stress that comes from overspending and servicing large loans may lead to marital stress.
- Discuss big purchases together to avoid impulsive spending.
- Make a will and take insurance policies to provide for the future of your family should a tragedy occur.
Click here for a list of MoneySENSE activities that covers a range of basic money management, financial planning and investment topics.
How do you feel about the following statements? Download this checklist and discuss it with your partner.
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Neutral |
Negative |
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Dollars & Cents |
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Set a budget and stick to it |
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Spend as you earn |
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No credit cards |
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Buy only with cash or NETS |
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Buy by installments |
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Quality is worth paying for |
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Branded is better than quality |
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One partner takes charge of the money |
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Settle all credit charges monthly |
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A car is a must |
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All money is pooled |
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Borrow from relatives before taking bank loans |
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Monthly support to parents and siblings |
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Monthly tithes |
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Insurance policies |
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Annual overseas vacation |
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Fixed deposits and unit trust |
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Wait for sales to buy |
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Investing in stock market |
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Eating out often |
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Save as you earn account |
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To help you plan a budget, here are some guidelines. Download it here.
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Build your home
You should discuss carefully with your partner about whether you should live on your own or with parents based on relative benefits and practical reasons.
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Staying on your own
 Making your own home is a tangible way to show that you are married and living your lives together. It gives you the privacy and freedom of not having to share living space and household responsibilities with other people.
Having a home decorated and furnished according to your personal taste also gives a sense of pride and individuality. It gives fewer opportunities for conflicts with in-laws as well.
However, owning your own home will also mean greater financial responsibilities, more household chores, and less help with taking care of your children.
When buying your new home, you may also experience dilemmas, confusion, frustration and even anxiety at times. This is because choosing and buying your own flat, condominium or house can be a rather complex matter.
Some considerations when you stay on your own:
- Be realistic.
- Consider renting or buying a residential property that is within your combined financial means.
- Try not to over commit your financial resources by having huge rents or mortgages to pay.
- Start modestly with something that is affordable and upgrade to a larger home when you can afford to do so.
- If you are applying for housing loans or using your CPF account, you should understand the legal and liability implications and consequences of doing so.
- You should be aware of the amount and the length of repayment for loans and mortgages taken.
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Staying with in-laws
 Staying with in-laws makes it possible and affordable for you to get married and not delay until you get a house of your own. While you may need to chip in with household chores, it also cuts down on expenses and reduces your financial burden.
Living with your in-laws also allows you to get to know them better and take care of them if they are frail or ill. However, this arrangement could also lead to more conflicts with both your in-laws and your spouse.
Click here to learn how to Relate to your in-laws
Click here to learn how to Balance your family & career
Where's the Money, honey?
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