Couple Talk: Budgeting Income  


When we decided to get married, it follows that we need to secure a home to build our family. When we have the family, it follows that we need to provide the needs especially clothing, food and education. Some welcome the challenge but there are few who cannot commit to such.


For those who welcome the challenge, we need to talk about budgeting income first. On a daily basis here in Singapore, it is hard not to spend money because of the enticing advertisements that appeal to us. Whenever we spend unnecessary things, we have to think that the money is hard earned.

What is the best way to budget income? Couples should change their mindset and continuously challenge one another to spend less. The best mindset is to think that we are only a single-income family. This means that only one person is working for the whole family – even if both couples are in fact, working.


Now, spending less will not appeal to couples but it can make a whole world of difference at the end of the day. It will be tight. Drafting budget to spend less is probably boring but there are many advantages to it. If we spend less, our emergency fund will be bigger, our savings ballooning as time goes by and our retirement secured.

Spending should be based on our income. We should not spend beyond our means unless we are ready to give up something and adjust our lifestyle today. Giving up our car or that dream cruise may be a big sacrifice but it is nothing compared to the financial freedom we will enjoy later in life. It really pays to be frugal.


Financial Planning

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