Turns out that “coupling” doesn’t just mean “pairing” in the traditional sense but is also a catchphrase when it comes to finances. As we head into wedding season, it’s especially relevant. Because as much as you may think no two people have ever been more in love than you are, the truth is that it could be less than smooth sailing ahead if you’re not on the same page when it comes to financial matters.
“Couples have a very hard time talking about money,” Joan Atwood, a Hofstra University professor of marriage and family therapy, bemoaned on an NPR “Money Coach” segment on the issue. “I would say it’s the last taboo.”
Ready to break the cycle? Read on.
Set common goals
You have probably discussed this in a dreamy sort of way while dating, but turning those reveries into reality requires habitually saving to pay for them to finance your later retirement years. This is most likely one thing you may not have thought of at a time when the median ages, respectively, for brides and grooms are 29 and 31.
“While people may come into a marriage with their own assets, they need to take some time after the wedding to sit down and start getting organized as a couple,” advises Andrew Peterson, a vice president at Fidelity Investments.
There’s nothing that says you have to put all your cash into a joint savings account – but at the very least you’d be “less than truthful” by not divulging any outstanding debts – and then figuring out, together, how to pay them down.
Safely store your information.
Quick: What’s your new spouse’s insurance policy number? And what other vital information don’t you know if a sudden need arises?
“With all the other things on their to-do lists, newlyweds typically don’t focus on all the important financial and other documents they need to begin married life on a solid footing,” says Peterson. “This makes things easier for them from the start, as well as through the years as they have even more joint documents to retain – including those related to perhaps buying a house and having children.”
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek unbiased financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
By day, I’m the Digital Marketing Manager at Financial Alliance here in Singapore, where I get to blend my passion for tech and marketing. I build tools (like this ‘Engage’ platform), conduct trainings, and manage our internal ‘Content Creator Alliance’ – all aimed at helping financial consultants succeed online.
But when I’m off the clock, you’ll often find me underwater. I’m a certified SSI Freediving Instructor and love sharing the peace and challenge of freediving with students. It’s a world away from screens and strategy, yet teaches immense focus.
I’m constantly exploring new tech, especially AI and automation, and thinking about how it can shape the future. If you share interests in digital marketing, financial advisory innovation, or the transformative power of freediving, I’d love to connect!
🌏 Website: https://marshallwong.com
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提交此表格,即表示
In compliance with the Personal Data Protection Act, Financial Alliance Pte Ltd (“FAPL”) seek your consent to collect and use your personal data (e.g. name, NRIC, contact numbers, mailing addresses, email addresses and photograph) for the purposes of and in accordance with FAPL’s Data Protection Policy, which can be found on FAPL’s website at https://fa.com.sg/data-protection-policy/.
根据《个人数据保护法》,鑫盟理财私人有限公司征求您的同意向您收集并使用您的个人信息。鑫盟理财将根据公司的个人数据保护政策所阐述的用途使用您的个人资料(例如姓名,证件号码,联系电话,邮寄地址,电邮地址和照片)。 该政策可在本公司网站上查寻,网址为 https://fa.com.sg/data-protection-policy/.
By submitting this form, you are deemed to have read and understood FAPL’s Personal Data Policy.
提交此表格,即表示您已阅读并理解鑫盟理财私人有限公司的个人数据政策