Should you still save if your spouse pays for all your insurance policies?

Image by Gerd Altmann from Pixabay

I believe majority of you who clicked on this post are ladies. Even if you are not, we have gotta admit that most of us when married still retain our own income these days. Even if we don't, our combined stash still have to give each of us a fixed daily/weekly/monthly allowance for groceries and to live the day to day.

And with that, all of us have a regular source of income. And the question is, do we still have to save since we already have our retirement/endowment/investments plan in place?

My answer is a definite yes! And here's why:

Sometimes, that eyebrow embroidery is a "need" for our definition but a "want" in his.

It is a really clear fine line between a need and want these days. Like for most people, a car is a want, but for some, it is totally a need in their scenario. Therefore, sometimes when we wanna spend money but have to ask our spouse for it especially when he/she is the CFO (Chief Financial Officer), main decision maker who makes the buying decision between us, it can be good to have a secret stash kept away untouched!

The secret stash aside really serve as a good rainy days fund in the event of emergencies.

And by emergencies, I meant not the kind that insurance can cover. These are events such as temporary loss of job during a job/industry change, or a baby! A baby can change everything! For a mum, it can mean from love of job to love of my baby! When your priority changes, your decision change too. Or some people chooses to take a year long leave just for travelling these days. Or loss of income/savings through failure in investments, too common. But not all is lost, your secret stash can be a great help in such scenarios, to give your family a confident boost, give yourselves more time to pick yourselves up and restore the finances!

Here's how we do it...

Pie Chart: Personal Income

Every time you receive money from whichever sources, keep some aside somewhere in a piggy bank. By some, i meant an amount you are comfortable you can live without until the next time your income comes in, ranging from $10 to $50 or even $100/$500. And once your habit of saving kicks in (doing this consistently for 3 - 6 months), you are ready to up your game: Get 50% of your secret stash locked away for a short period of time! These days there are lots of savings plan that help you save at a rate better than bank's fix deposit, as short as 3 years and roll the amount if there's no use for. :)

Contact us when you are ready to up the game and we'll show you the plan that best suits your situation!