You finished school for a few years already and now planning to get married. Before you even say “yes”, you have to make tough choices. Do you and your fiancé have a common understanding on financial planning? Have both of you discussed how you should make financial decisions?
- Should both of you have everything in a joint account?
- What is the appropriate amount to be set aside for marriage and honeymoon? Can both of you afford it anyway?
- How about your first home? What is the purchase price both of you can afford?
- Should you maximise the loan amount and invest whatever spare cash to earn a higher returns?
- At which year would both of you breach the CPF Valuation Limit for which all mortgage instalments must be paid using cash?
But wait, do you know how much your fiancé is earning and how much he has exactly? Feel embarrassed to probe? But if you do not know, how can you know you can afford to buy that house or even have sufficient money to raise a family? How many children can both of you afford?
Why don’t both of you engage a professional third party to advice on how to budget for marriage and build your first home?
If you are interested in this service, feel free to contact us at this link HERE.
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