The lyrics of a Canto pop song about a money-tight young couple remind me of the olden days when Mrs Chin and I were dating.
I didn’t make much money back then as a college graduate. Since I had to help with household expenses and repay my student loans, I could not afford to splurge on dates. Although we did not go to fancy places much, we did enjoy nice meals every once in a while. I consider myself quite a romantic and knew just how to spend my money wisely to make Mrs Chin happy.
Back then, we would set goals together, including some short-term ones, like enjoying a buffet, and mid- and long-term goals, and making travel plans. These shared goals motivated us to work harder, and when our pay cheques arrived, we would remind each other to save money. When we went out, we only spent on necessities. Our ultimate long-term goal was to get married, and luckily, we achieved it.
Money tips for couples
It’s important for couples to reach a consensus on financial matters in order to build a strong relationship for a happy live together. Small things such as whether to split the bill may seem trivial, but it’s a reflection of one’s attitude towards financial matters. Here are my tips for couples.
- Be honest about your financial situation
Share your financial status with each other, including your income, family expenses or debts, such as credit card debts and student loans. The more you know about each other’s money habits, the more support you can provide each other, and you can better avoid money problems in the future. - Discuss responsibilities
Reach a consensus on how to manage dating expenses. For instance, whether to split 50-50, or set up a budget to be handled by the more financially capable one. - Discuss the use of money
You should both agree on shared expenses, such as how often to treat yourselves to expensive meals. It also helps to be upfront and share about any unexpected or major purchases. - Set financial goals together
Discuss and set financial goals together. Through savings or investment, not only can you achieve your goals, but also gain a better understanding of each other, paving way for a solid relationship.
