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Humanising Finance
August 2016
     

5 Financial Tips For Couples Getting Married

1. Talk about your finances
One essential aspect of embarking on the next stage of your lives together is to learn how to plan and manage your finances jointly for your key life stages, and understand each other’s values about money.

You will need to know what your combined income is, any debts or liabilities, regular spending levels, and any other commitments that you have. Having a realistic understanding of your finances will help you make your future plans within your abilities.

It is important to communicate and agree on your goals and priorities to avoid conflicts over financial matters in future.
 
2. Set a budget
In trying to create the perfect wedding and choosing the perfect home, costs can quickly escalate if you don’t keep track of the budget you have. It may also be useful to get input from family members early and manage the expectations and resources.

It may be tempting to stretch your limit, but make sure you have factored in all the costs involved, such as the bridal package, honeymoon, and any other upcoming expenses needed.
 
3. Start saving
When it comes to saving, start early! To start saving for your wedding or your new home, you may want to consider starting up a joint account, and set up automatic monthly contributions from your salary. You may also need to discuss how to minimise non-essential expenses and work towards a common goal, such as skipping short trips to save for the honeymoon.
 
4. Plan for the future
As you go through different stages of married life, your financial goals and needs will change, and it helps to plan ahead. During the early family and career building years, your focus may be on managing large expenses like your wedding, home purchase, childbirth, and saving for future education costs of children.

However, it is important for couples to start building their retirement savings early, to ensure that you are able to maintain your desired lifestyle during retirement. Products like the ePROTECT lifetime can provide you with protection for as long as you live, plus a lump sum retirement benefit.
 
5. Be protected

  • Make your savings work harder
    For the medium to longer term, you can make your savings work harder, by investing in financial products such as Etiqa’s eSAVE flexi, which can provide yearly cash benefits and provide protection while you save. Such plans can also allow you to enjoy the flexibility of receiving guaranteed yearly payouts or re-investing it to earn interests.

  • Protect your assets
    If you are planning to buy a home, consider taking on a policy like the ePROTECT mortgage, which can continue to pay for your mortgage loan in the event your income gets disrupted. Apart from the mandatory fire insurance required by HDB which only insures the physical structure of your flat, you should also add on Home Contents Insurance, to protect your valuable home contents including your fixtures and fittings, furniture and other personal belongings.

  • Protect yourself and your family
    It is important to make sure that you and your family have the sufficient insurance coverage to take care of life’s unexpected events. Some basic areas to consider protection for are hospitalisation coverage, personal accident, term/life insurance, and critical illness. There are also policy riders which can cover co-insurance and deductible costs, as well as continue the policy coverage in the event you are no longer able to pay the premiums.
 
 
Getting married starts a new chapter in a lifelong journey with your partner. Maybank’s insurance arm, Etiqa Insurance, provides a comprehensive range of insurance products and solutions to keep you smiling. To better understand your financial needs, visit us at any Maybank Branch, or contact Etiqa Customer Care at 6887 8777 to or visit www.etiqa.com.sg for more information.
 
Always wanted to find out more about a finance-related issue? Email us at: corporateaffairs@maybank.com.sg
 
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