Is his money mine and my money his? Here’s how my husband and I split finances
Keeping communication lines open is key to achieving shared financial goals.
My husband and I, newlyweds a few years ago, initially avoided discussing money altogether. We believed this would help our marriage remain blissful, following the advice of a mentor. However, life often doesn't align with our plans, leaving us with unexpected expenses such as health check-ups or vehicle repairs. This made it clear that regular financial talks were necessary. I discovered that splitting finances fairly and maintaining a healthy marriage requires open communication about money matters.
Financial author David Bach recounted his own struggle with his wife over financial management in his book "Smart Couples Finish Rich." His wife assumed they would pool their money into a joint account, while Bach preferred a more structured approach. Their differing viewpoints led to disagreements and late fees. Bach eventually learned that discussing money daily is not taboo and is essential for healthy financial management in marriage.
In Singapore, dual-income couples with unequal earning power face more complex financial situations. Women with tertiary qualifications and an increasing number of fathers quitting their jobs to care for their children have challenged traditional notions of financial management. CPF top-ups and separate salary accounts can help provide financial security for lower-earning spouses.
Couples can choose from five methods of splitting finances: separate accounts, joint accounts, proportional contributions, team "one pot," and other variations. My husband and I currently have a mix of divide-and-conquer duo and hybrid harmonizers, where we handle specific expenses separately and jointly for big-ticket items.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
