How To Discuss Finances With Your Partner

How To Discuss Finances With Your Partner – Money can be a touchy subject. However, an honest conversation about how we manage our finances is essential if we want to have a healthy relationship. After all, 93% of Singaporeans consider good money management to be an attractive trait in a potential partner!

Research where we partnered with dating app Coffee Meets Bagel to find out what Singaporeans think about money when they go out.

How To Discuss Finances With Your Partner

“Money and relationships are two very important topics in a person’s life and as we support Singapore’s investment journey, it is interesting to know how other aspects of life can be enriched through good money management and investment habits, especially in the dating area. . ,” said Sebastian Sieber, Marketing Manager.

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In an interview with TODAY, Director of Investment Research Grace Cheng said, “Personally, I like to think more holistically about wealth, going beyond topics like salary and money in the bank account, but rather our relationship to wealth creation and how to build We see wealth that helps us live more fulfilled lives.”

For couples considering marriage, some topics for discussion include savings and investment habits, spending patterns, and attitudes toward sharing finances.

Here are more tips on how to let the money do the talking, no matter what stage of your relationship you’re at.

While the cultural assumption that men should pay on first dates is still quite common, many people seem to prefer to split the bill. A third of the participants in the survey believe that they should go to the Netherlands on their first date.

Have Meaningful Money Talks With Your Partner Now

So how do you know what to expect? One way is to ask before that date. For example, you can say:

“Hey, I can’t wait to see you this weekend! Just sign in, do you usually like to split the bill or take turns? If you don’t mind, I’d be happy to have dinner!”

This shows that you are willing to pay, but also respect your date’s choice. Broaching the subject early can reduce the awkwardness of deciding who pays when the check arrives.

As for talking to your partner about money, don’t do it on the first date, but don’t avoid it forever either.

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Our survey found that more than 2 in 3 Singaporeans believe that the topic of money can be touchy and uncomfortable on a first date. The most suitable time is before the start of a relationship (32%) or when the couple is in a serious relationship (31%).

It’s important to be transparent with your partner and set expectations throughout the relationship. This includes open conversations about anything related to money. If the relationship is new, you can start the conversation by sharing your goals and dreams for the future.

For example, you can talk about your plans to take a vacation or how you envision your dream retirement. Your partner will likely share theirs in return. From such conversations, you can understand how they manage their money, financial goals, spending and saving habits.

So things got serious. Before you think about the next step, you would like to know how much your partner earns.

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Our survey revealed that 44% of Singaporeans think it’s normal to ask their significant other for their salary before becoming a couple, and one in three people will tell you how much they earn over five dates.

If you don’t feel comfortable asking how much your partner makes, one tip is to turn the question into a conversation about your shared values ​​or vision for your life together. You can start the conversation with something like:

“I think everything went well between us and I can’t wait to build my life with you. Maybe we can start planning ahead and see if we have the same vision for life together? And can we support those goals based on our current income?”

Grounding the discussion by talking about your hopes for the future can be a good way to open up to your partner.

Ways To Manage Money As A Couple

Whether you’re dating or in a committed relationship, the key to having open conversations about finances is treating money as a natural part of the relationship. Just relax and talk about your feelings about money management, understand each other’s expectations and goals, and be considerate.

Even being vulnerable with each other about money is a form of intimacy, and it makes planning for a future together memorable. Say “I do” to life together? Don’t forget to ‘discuss’ your finances with your partner. Tan Ze Kai, Senior Financial Advisor at Trust Advisors Group, tells you why it’s important for newlyweds and couples to discuss money management.

Money can be a complicated and sensitive topic, especially when discussing it with your partner. In fact, lack of communication about money matters is one of the main reasons for failed marriages, and there are financial problems in Singapore.

Many couples may feel uncomfortable dealing with marital finances, but whether your relationship has been through several seasons or is about to embark on a new journey, it’s important to sit down and discuss financial matters with your partner , to discuss business.

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Talking about finances is an important starting point for couples in planning their future together – this includes not only understanding individual financial goals, outstanding debt, insurance requirements and investment tastes, but also habits and concerns.

Financial compatibility helps create greater stability and reduce conflict, giving couples a clearer picture of important life decisions such as those related to asset ownership, child planning, and retirement.

Honesty is key when discussing everything in marriage, including finances. Be open with your partner and have a heart-to-heart about your financial goals – both individually and together. Openness is an opportunity for both of you to work as a team, which reduces conflict and builds a solid foundation for building a trusting and successful marriage. Creating a safe place to talk about money matters will reduce the likelihood of financial infidelity – where one partner hides important money facts, such as large debts, or makes major purchase commitments without asking the other partner.

It’s hard to find a person you want to live with, let alone pooling your finances. Not an easy task. But pooling your finances after marriage has some advantages and can help you feel a stronger sense of connection. You can also grow your savings faster and make budgeting more transparent.

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Combining finances can be complicated – especially if one partner spends more, earns less or has more debt than the other. Considering egos, control issues and preconceived notions of marital roles, the whole idea requires careful management with trust and commitment from both parties.

One of the main aspects to consider is the ability to create a joint account, maintain individual accounts, or both.

Greater financial success and less conflict is what every couple dreams of, and one of the best ways to ensure this is to create a budget together. Most people avoid budgeting because they find it complicated individually – imagine doing it as a couple! However, it’s important to develop strong budgeting habits as this helps you regain control of your finances and in turn gives you a clear picture of where your total funds are being spent and how much you can save. Budgeting helps couples create short- and long-term goals, emergency funds, and increase savings—a step in the right direction toward a happier marriage.

It’s important for two people in a relationship to grow together, which includes handling finances as a group. Financial literacy involves understanding how money works and how financial decisions can affect not only your bank account, but also your relationships. As a couple, review, track, and stay current on personal financial management skills like budgeting, setting financial goals, and debt management. How about going on a date every once in a while to check each other out on how well you’re managing your money?

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Talking about finances can be the antithesis of romance—but if you really want to create intimacy with your partner, it has to be done. Talking about money is a great way to plan for the future with your partner, and many couples find it easier to talk about it with a financial professional. Financial counselors help couples navigate the chaos of discussing finances in a mature way. A professional is trained to guide couples to ask each other the right questions without causing arguments or raising their voices. If you think it would be more productive to have a professional help you manage your finances, make an appointment with a trusted financial advisor!

As a couple, it’s not only important to work as a team, but also to celebrate your successes and achievements. Be honest about your finances

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