Dealing with household finances as husband and wife Ft. Suyen, with Maybank | How You Do Dad

[@Jslzs]

I am working full-time and my husband gives me a wife monthly allowance. We have our own individual bank accounts to spend our own money and a joint account for household expenses + 2 babies. It is all about portioning your expenses and savings. The spreadsheet trick works. Writing down everything is really good to visualise what you have, what you should save/how much you're saving and how much you have to spend. My husband and i have a shared spreadsheet where everything shared info is there. Money, loans, spending, gifts to get, everything. That's how we make it work since we got engaged. Communication is key when it comes to financials in a marriage. It's the number one cause of a divorce. Thanks for this podcast guys! Wish you would bring Su Yen on more

[@user.cfghjk]

suyen so pretty 😭

[@jessicalim51]

To be fair, some people have to be “spreadsheet person” simply because one doesn’t that big of range/disposable income so every cent counts. I’m at the stage now where I can be a bit more flexible and control my spending based on general ranges, but this flexibility comes with the increased salaries after almost 20 years of working. If you are just starting out at work and have various commitments to take care of, close tracking is probably still the smartest option. I think it’s just one of those “adulting” skills we have to take up, unless you are really privileged and dont need to worry about finances as much even as a fresh grad.

[@sanbrons]

Recording what you spent individually in spreadsheets is incredibly INEFFICIENT! I tried it and I decided to switch to just record my bank balance once every month to see how much money in and out. This month actual balance - (Previous month balance + this month income) = money out This month earning + (-money out) = savings (can be positive or negative)

[@oshjoyce]

Wonderful episode! Appreciate the perspectives and insights. A great topic to learn from as a single.

[@kelvinyap9248]

How do u plan your finances before and after having a kid?

[@JohnnyJohnJon83]

I give all my salary to my wife. I have a few side hustles which I give 50% earnings to my wife. The rest I use for my hobbies and reinvest.

[@isaactezza]

can maybank sponsor balls deep too? 🥹