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8 Feb 2024 


An infographic on the 10 uses of MediSave

Talking about money can be sensitive for couples. Managing your personal finance alone can be a complex task, and it can be even more intricate when doing it together as a couple. 


However, financial planning as a couple should not be viewed as a source of stress nor conflict. Instead, it is an opportunity for couples to align their financial goals and make them more attainable as a team.


This collaborative approach ultimately helps to lay the groundwork for a more secure future together!

1. Communication and trust: the foundation of a solid relationship

An infographic on the 10 uses of MediSave

A solid relationship needs to be set on clear expectations and open communication from the start.


Open discussion of each other's financial situation such as income, debts, savings, and spending habits will help develop a foundation of trust, making it easier for couples to manage any problems they have together.


If your partner is hesitant to discuss their finances, try approaching the situation with sensitivity. There might be certain personal reason behind their decision. Reassure your partner that the discussion is for mutual understanding and planning, not for judgement or control.


Try using “I” statements such as “I feel that we should talk about our financial situation to help us plan for our future together,” to avoid sounding confrontational.

Should you maintain joint or separate accounts? 

There is one key decision on money management as a couple. Should you stash all your money together in a joint account or maintain two separate accounts?


The truth is that there is no one-size-fits-all approach. Instead, maintain an honest and open conversation with your significant other to decide on the best way to manage this.

The case for a joint account

Joint accounts can help to simplify money management and promote a sense of shared responsibility. It requires a deep level of trust and understanding, which might not be suitable for everybody.

The case for separate accounts

On the other hand, maintaining separate accounts offer individual autonomy and might be favoured by couples who have separate financial habits or want to protect their assets. 

The case for a hybrid approach

A hybrid approach lets you have both joint and individual accounts to strike a balance between autonomy and unity. The contribution to the joint account should depend on each couple’s unique circumstances and preferences. 

2. Managing a joint budget for household expenses 

An infographic on the 10 uses of MediSave

Couplehood is a journey full of shared memories and experiences. It can be something elaborate like going on a long vacation or simple joys like tucking into a home-cooked meal. Along with making memories, there's also the practical side of things: managing expenses as a couple.


Ideally, a budget should be manageable and something that works for both individuals. Think about the major expenses that might come in both the short and long term. An example of a budget should include items such as housing loan payments and day-to-day bills, along with plans for each other’s goals and aspirations.

Tracking your expenses

An effective way to keep track of your expenses is by using a spreadsheet or an expense-tracking app. 


List down common expenses and how much you are spending on them. If your expenses are too high, think of other ways to cut them down.

3. Setting short-term and long-term financial goals

An infographic on the 10 uses of MediSave

Saving together for a shared short-term goal, such as an extended overseas trip, can bring a rewarding and enjoyable aspect to your relationship. This joint saving focus could create a memorable chapter in your journey as a couple, providing fond memories to look back on in the future.


At the same time, setting long-term goals like increasing your retirement savings, being financially prepared for a newborn, or paying off a mortgage helps to build up long-term financial security of your relationship. While it requires much more time and disciplined saving habits, trust the process in knowing that it is all for crafting a better future.

A mix of both long and short-term goals can help in maintaining motivation while also giving a balanced approach to financial planning as a couple!

Growing your savings and investing as a couple 

Growing your money together as a couple helps to meet your financial goals. This can be in the form of investing, putting it in a high-yield savings account, or even through topping up your CPF Special Account! Check out these popular investing options to learn more about investing in Singapore.


While there are plenty of ways to invest your money, take note of the risks. It is important to learn more about how your investments work and understand your risk profile before putting your money into them.


It is also never too early to save for retirement as a couple, and your desired retirement lifestyle should ideally be one of your financial goals. A good place to start looking at is lifelong retirement payouts with CPF LIFE

Building a strong financial future for you and your significant other

Discussing about money, though sensitive, is a key step for a strong relationship. Taking strong strides in financial planning as a couple can help build a shared future filled with optimism and mutual aspirations. All the best! 

The information provided in this article is accurate as of the date of publication.