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Money management; personal finance

Money Talks with Spouse

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Recently, my wife and myself reviewed our financial health and done some financial planning. We reviewed our household incomes, savings, monthly expenses, insurances and our child’s endowment plan.

I always enjoy these money talks with my spouse because during these sessions, we would set realistic goals and aligned our monetary values. This process also forced us to think through areas we did not do well and motivated us to improve further.

Who said money is not important in a relationship?
Many couples tend to underestimate the role of money in a relationship. Some even claimed that a relationship based solely on love is sustainable and that money should never stand in the way of two people who love each other deeply.

In Singapore’s context, I would say this sort of thinking can land a couple in deep trouble, at least financially. The high cost of living in Singaporea means that any relationship without a good financial foundation would likely end in disaster. Personally, I have seen many couples broke up because of money issues.
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Many times, the couples were clueless about each other financial health and habits. They fail to realize the powerful impact on a relationship that can be brought about by financial struggles. Many relationships swiftly turned sour or became permanently strained as a result of financial problems.

Respect Money
Although money is not the most important thing in life, we must always remember to respect money. Failing to do so might lead you to the road of financial ruins. Henceforth, I always felt that married couples should share with each other information on their financial health.

Some felt that such money talks can be sensitive as it involves certain amount of personal privacy. But then again, if you cannot even bring yourself to share such basic information, how do you expect to overcome other non-monetary major hurdles together with your spouse?
It is important that a couple have common visions and values in managing personal or household finances. And this can only be achieved through regular money talks with your spouse.

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Magically yours,

SG Wealth Builder

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