WHEN SHOULD COUPLES HAVE THE MONEY Speak
We each know of at least a few friends or acquaintances who have applied for a BTO with their college light, just to get independent way after.
Within my closer social group of 10 college buddies only, this happened to three of them. Why?
Part of this comes down to how the conversations and marriage relationships shift significantly after a few has applied for a BTO. When such a big financial commitment gets locked in, the couple ultimately have to begin discussing their finances and how to maintain the household up.
If the pair had never discussed this advance, this is often when the holes in the relationship start to appear.
Most people do n’t realise this, but the biggest financial decision one makes in life is not which property to buy, but who they choose to marry.
Make sure your spouse is economically compatible with you. That connectivity is never measured based on your income or discounts- these things can change over time as your job develops- but instead, both of your attitudes towards wealth and how you deal with the differences.
For example, my father is a contributor who used to live pay check to pay check. I, on the other hand, am a saving. I learned from younger the importance of having crisis funds stashed away for rainy days after witnessing the economic upheaval my household was plunged into after my mother was retrenched during the Asian Financial Crisis.
When my husband and I discussed our opposite attitudes towards money, we recognised the value of each other’s perspective and realised that we could work together to complement each other’s strengths and weaknesses.
I ensure our household spending does not exceed our budget, while he encourages me to spend on things that frees up time for us ( for example, outsourcing our household chores ).
As a personal finance blogger, it’s in my nature to have these conversations early. But I’ve observed from many friends around me that these topics are difficult, and most couples try to avoid talking about it until they cannot run from it any longer.
While the reduced initial down payment certainly makes it easier for young couples to start their home ownership journey, they need to ensure they are on the same page financially before doing so.
Dawn Cher, also known as SG Budget Babe, runs a popular blog on personal finance and has a licence in real estate.