The financial crisis will always be a part of our lives no matter the amount of money that we earn. If you to search for any resident in Singapore who does not face a financial crisis, you will not find even one. Even if you are a person who belongs to middle class or high class at one point in life, you will face a financial challenge.
So many families in Singapore do face financial issues, especially at the end month. Many things usually erupt which cause so many troubles in your marriage. Although you may be earning a lot of income many problems can arise especially when it comes to managing it. If you are facing financial issues as a family as a result finance management, it is good that you look for financial experts in Singapore so that he/she can guide you so that you determine the issues that are causing the problem.
As seen in many families in Singapore is they have varying financial styles. In some cases, you find that you are a saver and your partner may love spending haphazardly because he/she thinks that money is earned to spent. This will pain you a lot as you will see your partner spending like that the money that you have worked hard to earn it.
In some cases, you can even find that the situation is reverse and you spend much while your spouse does not spend so much. Regardless of who spends a lot, your family will be at risk in the years to come. It is good that as a family you sit down and determine the best way to manage your income expenditures in the best way possible that can minimize family conflicts.There as so many ways you can manage this situation some of them are:
Opens family accounts
You can open a joint bank account so that you can save money once you receive your income. From this account, you will be able to able your bills such as food, cooking gas, utilities, rent and other basic living expenses.
There also issues such as diseases or accidents with you will face at any time of the day. It is during this emergency times that many families face a very drastic financial crisis, it is therefore good that they be prepared to face these situations. As a family, you can you decide to save on health insurance policies that can assist I paying for your medical bills at this time of emergency.
Also, you can open a separate account in which each one of as extra money which he/she can use to doing activities they like most. Sit down and agree that each one of you will control his/her account so long he/she spends on something that is ethical and legal.
For the sake of your relationship, you should keep silent when your partner spends this money. Try to live a simple lifestyle and avoid living a lifestyle that is not within your reach. Some people even if they have their accounts they can spend that amount within a day without remembering tomorrow. At the end, they start requesting extra money from their partners. In that, you will be forced to control the amount that your partner spends that you will not start fighting when he/she spends all the money.Try to interact with your partner and even set strict rules so that he/she should follow.
How much you budget
As a family, you require enough resources that can assist you in meeting your necessities. So many families face a challenge when it comes to providing monthly household expenses.
The two of you should be in agreement when you are deciding the amount of money that each of you will save in your accounts. Some families like 2 percent or 3 percent on the overall budget in their households that represent incidental amounts.
For instance, if you earn $10, 000 per month as a couple you can allocate like 1 percent which will be $ 100 to their accounts.
What if you earn different salary amounts
The situation can be somehow tricky if each one different salary incomes. In such a case the higher earning spouse may feel like he/she subsidizing the other partner who earns a low income. This happens mostly when couples have income production jobs outside their home, and the spouse who earns so much usually works for long hours.
On the other hand, the spouse who earns low income may feel less appreciated especially if he/she is the one who pays for most of the household’s bills. In that situation, he/she may feel as though his household contributions are not recognized.Some couples usually end up allocating the same amount for every partner regardless of what they earn. Others do allocate amounts depending on the level of income that you receive.
In this life, you will not know when you will lose your job. Many couples in Singapore tend to live happily when both of them are employed. When it chances that one of you is retrenched or looses his/her due to some reasons so many financial issues will immediately arise. During this time as a couple, you will need to have self-belief, self-confidence, and patience with your partner. If you have a savings account, it will be the best way you meet the financial demands during this period.
You can even look for an extra activity that will assist in supplementing the income that the other partner is earning. This will assist in keeping the other partner very busy and also reduce conflicts that may arise as you may see your partner as an individual who entirely sits the whole day, depends on you for all expenses.
By taking the above precautions, you will be able to live happily as a family. Shortage of funds and poor spending may lead to financial problems in your family. Should you need more funds, contact Credit Excel for more information. So many families in Singapore have followed these financial guidelines, and they have lived a joyful life, why not you?