Managing money as a couple
Jo-Ey Chee | 17 May 2019 00:30
So, you’ve stepped into a new phase of life with your partner. What follows is a lot of big firsts – becoming a home owner, a parent and more.
Starting a family is no small task and according to reports, the cost of raising a child can range from about RM393,000 to RM1.3 mil on average from birth through college.
Money can be either the bane or boon of couples. In a survey conducted for the Prudential Relationship Index 2017, a majority of arguments between couples in Asia stemmed from money issues.
Couples need to learn how to manage money together. According to the Credit Counselling and Debt Management Agency (AKPK), married couples make up the majority of its clients. Many newly married couples run into financial trouble due to the mishandling of credit cards. On the flip side of the coin, marriage increases wealth. Getting hitched makes financial sense as most of your living expenses are now halved.
Download and read the latest issue of Focus Malaysia here: