WHEN it comes to finances, Mr and Mrs Arthur Lim believe in giving each other space for their individual spending.
That explains why their pay cheques have always gone into separate accounts.
'I think it's good to maintain some level of separate financial independence after common expenses and funding requirements are met,' said Mr Lim, 38, who is chief executive of Alpha Financial Advisers.
Wife, Susan, 37, is a talent acquisition manager for the Asia-Pacific at Lenovo Singapore.
Photo/ Shahriya Yahaya
Says Mr Lim: 'My wife is a modern-day working lady and it's nice to be able to indulge a little every now and then without having to consult each other. Respecting each other's individuality is key.'
The couple, who have been married for 10 years, have three children aged four, six and eight.
What they do together is plan with joint resources. This means pooling funds for big-ticket purchases such as their home and children's education. They have also started planning for and funding their retirement.
'Any little increment or bonus that we get goes into one of three things - paying off our mortgage; the education fund for our children; and our retirement funding,' says Mr Lim.
As for their money personalities, he claims to be 'a bit more indulgent', particularly when it comes to golf equipment and spending on the children, while Mrs Lim calls herself 'low maintenance'. She believes in being financially independent and spends within her means although she admits she cannot resist buying treats for their pet golden retriever.
Like most couples, Mr and Mrs Lim have their fair share of disagreements.
Mr Lim recalls that when they got married, he wanted to stretch their finances for a semi-detached house at Upper Bukit Timah Road, whereas Mrs Lim was content to settle for something simple.
They ended up opting for the semi-detached home and it looks like that was a really smart move as the value of their property has appreciated by about 75 per cent.
A third of monthly pay goes into joint account
MADAM Rashida Ismail, 30, used to go on regular shopping sprees and bought whatever she fancied on impulse, but not any more.
In January, the manager at a local bank and her husband, Mr Ahmad Yunus, 35, decided to take a more disciplined approach to financial planning. After talking to a financial adviser, they adopted new money management habits.
In the past, they operated separate banking accounts and never gave much thought to how much they should set aside each month for savings and retirement.
Now, they have a joint account for investments and emergencies, channelling about a third of their monthly pay there.
'Previously, we never knew how much we had, what we wanted or what we could have. How much we saved varied from month to month and depended on what the balance was after our spending,' she recalled.
While Mr Ahmad, who works at SembCorp Gas, is generally thrifty, Madam Ismail loves to shop.
'Now, I weigh needs against wants, and will always think twice before I buy anything,' she says.
The couple, who live in an executive HDB flat in Pasir Ris, have been married for more than five years and have a four-year-old daughter, Alysha Erika.
