6 thoughts on “The 4 ways couples manage their finances

  1. I am practising the semi joint finances. Works well for me and my family. Wonder how couples are managing their money these days.

    I have heard of many couples quarrelling because of money. Is it money not enough or is it a mismanagement of the money?

    Having a car and a comfortable life is what everyone wants. However the definition of comfortable varies from one person to the next. Having a simple life of 4000 is comfortable to one. Others may need 10k to consider as comfortable.

    • Hi Dave, thanks for your input. Seems like the semi-joint method is the preferred way couples manage their monies. Either that or they are clueless about money management. Many young people I spoke to does not even know how much they spend every month on different expenses and had no idea how to go about doing up a budget.

      For my fiancé and I, we agreed that I shall be the one handling our finances as he is clueless as well. For us, we need a minimum of 3k each (not including any savings), to pay for monthly expenses like car, parents’ allowance, food and entertainment. I am still trying to trim expenses for the both of us.

  2. Hi Jasmine,

    First of all, congratulations on your upcoming wedding! I remember mine being totally hectic and yet enjoyable, it’s one of those memorable days and the events leading up to the big day will also linger in your mind for years to come. Take more photos and videos!

    For myself, I practise the joint finances (Option 3) and I am the one managing the family’s finances. The family essentially has five different bank accounts – one each for myself and my wife (DBS/POSB), one joint account (UOB), one investment and emergency cash stash account (CIMB) and one child CDA account (OCBC – because we have a young kid).

    For each of our separate spending accounts, I do the budgeting at the start of the month and ensure sufficient spending money as the month goes by; and also ensure that the salary gets routed to the stash account immediately when received (pay yourself first). The joint account is used solely for joint expenses – conservancy charges, utility bills and the like. So it’s a fairly simple system but the micro-management part can be tedious, especially when the budget overruns! The devil can sometimes be in the details though, because each couple may have their own personalized way of managing their joint finances. But since your post was just about bank accounts, I shall leave it at that.

    Regards.

    • Hi Musicwhiz! You’re soon becoming an old friend here 🙂
      Thanks for the well wishes, I will sure posts photos and videos on my blog when the time comes.

      Thanks for sharing how you manage your family finances, it’s always good to learn from the expert. Like you, it’s highly likely I’ll be the one managing our finances.

      These are the bank accounts my fiancé and I have for different purposes.

      For myself:
      1) POSB account where my salary is being credited, and I use this account for my monthly bills and expenses. By the end of the month, there are usually minimal funds left here. I’ll do a cash projection to see how much is needed for each expenses before my salary is being credited and ensure I spend within the budgeted amount each month.
      2) UOB account for emergency/savings – the first thing I do when I receive my salary is to transfer a certain amount into this account (pay myself first)
      3) Citibank – opportunity funds for investments

      For my fiancé:
      1) POSB account for his salary to be credited in and for this monthly expenses
      2) UOB account – like me, he uses this account for his emergency funds and personal savings

      Joint:
      1) UOB account for all wedding expense. We plan to use this account for our future household expenses and also for common saving goals like for honeymoon and housing renovation etc.

      We have 6 bank accounts in total for different purposes, and I’m still thinking of ways to streamline our finances, and to have only one budget/spreadsheet for easy maintenance.

      • I think how many physical accounts is a matter of preference and how its arranged is a matter of COMMUNICATION. Joint accounts i do heard of tendancy to break down after a while, but usually its because there wasn’t much money discussion to begin with.

        There is also apathy on one part. he doesn’t put in the money. then she has this rule that if he doesn’t put i wont put.

        to be fair option 4 looks totally weird but i have friends who successfully did that.

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