Joint Account

[dark_choz]

I'm wondering if any cotters opened a joint account with SO to prepare for wedding?
If yes, how much do each contribute per month? and what's the "timeline" of the joint account?

For me, I've just opened a joint account with SO recently. We're planning to each contribute 500 bucks per month (as a start) to save for our house reno next time. Of course if we have additional income, e.g. bonus, we'll both contribute the extra equivalent comfy amount to our joint account at any time.

Hope to see more contributions here so I can compare and review to see if I need to change my savings pattern. TIA gals.

[Alya]

hello!
me also started an account with SO
we are starting small about $200-300 per pax
this is for our wedding - honeymoon actually. but we are not putting alot as we have our own saving accounts.
timeline for me is about 1.5 years
we would be increasing as time goes by to a comfortable 500 per month.


when we are married, would be having another account for household,
think 2 joint accounts would be ok then..one for saving, one for expenditure

[PrettyPanda]

I contribute 25% of my salary to our joint account. Last time my hubby also contributed around the same amount but now is less since he picked up most of our household bills and meals.

If you have a goal (e.g. wedding), you need to work it out backwards. Decide how much money you want to have and when. For example, if your wedding will roughly cost $20K and you want to do it in 2 years, you can calculate how much you need to save each month to achieve the sum.

If it's just for daily expenses, I'll say 15% of your salary and above is pretty safe. But again it depends on your spending habit so can be different for each people

[Limin]

Like Alya, we start small and gradually increase to a amount whereby SO will contribute 60% of the total bill and me 40%. However, a friend advise us not to have a joint account for the wedding/honeymoon/reno and etc as we will get complacent when we see a large amount of money inthe account and chances of not contibuting into the account, when we are tight for the month, is very high. Hence, SO and I have seperate account.

[dark_choz]

i see... but how about house renovations? Are you all not saving up for renovations? Only mainly for wedding day itself?

[JS]

Him:$500
Her:$300
Total:$800 every month in our joint a/c

$300 is for our bill payment & $500 is our saving.

[Fluffs]

Hi gals,

Hope this is not too OT - Care to share the cost for your wedding? My SO and I hope to be able to arrange our wedding next December, but we're not sure whether we have enough. Was just wondering whether we have enough savings to pay for wedding, down-payment for 4-room flat, simple renovations, furniture and a honeymoon at some exotic but not-too-expensive island resort. Appreciate every contribution.

My SO saves about 500 a month with me, I only put in 300 since my pay is much smaller. hehe

[blurblur25]

We opened a joint account few years back. The plan is to save at least 10K every year. But due to over spending almost every month, our account is dipping & draining soon.

Have to really start saving as we are planning to get married next year...

[tristanloh]

him: all the household expenses
me: SGD 1000/MONTH
Total savings: SGD 1000/mth

doesn;t have much balance because we r saving hard to pay for his university study loan.... target is to clear all the loan within these two yrs time. Still got long way to go....

[dark_choz]

Hi gals,

Hope this is not too OT - Care to share the cost for your wedding? My SO and I hope to be able to arrange our wedding next December, but we're not sure whether we have enough. Was just wondering whether we have enough savings to pay for wedding, down-payment for 4-room flat, simple renovations, furniture and a honeymoon at some exotic but not-too-expensive island resort. Appreciate every contribution.

My SO saves about 500 a month with me, I only put in 300 since my pay is much smaller. hehe

Hi Kelly,

This is my breakdown expenses expectation:

- 20 to 25k home reno
- 10k furnitures (some pay by cc installment)
- 15k wedding expense including every single nitty gritty stuffs
- honeymoon perhaps only comes in later, say 3-6 months after wedding...

totalling to 50k I'm wondering did I do the correct calculations? any married cotters pls advise?

Anyway, SO & I won't be able to save up to 50k in such a short time and with our current salary. Hopefully we get pay raise and convert to perm staff to get fat bonus, only then we can put in more to our joint account.

I know of a friend, whom each contribute 1k to joint account each month... I can't do that... will have to eat grass if I do that

[Fluffs]

E-raine, 50 K ! Think even if my SO and I manage to scrimp on the wedding also need about 40 K right ? Gosh ! We don't even have a quarter of it yet, can't get married next year already

[blueybubble]

Hey e-raine,

My reno is about 30k, so I'm using bank loan. If I'm not wrong, there's also furniture loan. If you think that u are unable to save $50 k for marriage, you can consider the reno loan.

[dark_choz]

Hey e-raine,

My reno is about 30k, so I'm using bank loan. If I'm not wrong, there's also furniture loan. If you think that u are unable to save $50 k for marriage, you can consider the reno loan.

thanks gal for the advice
Taking renovation loan will be my last resort cause I dun want to be burdened with heaps of debt once married. Furthermore, our expenses will hike if we have our own home, e.g. we have to start paying our ultilities, phone, internet bills, groceries and other nitty gritty household expenses etc... So hopefully SO & I can be in our comfy zone without worrying so much with coping with new life & debts.

Looks like me & SO really need to buck up with our savings...
btw blueybubble, the reno that you did was for a 4-room or 5-room flat?