Dear Editor,
I refer to The Independent Singapore’s personal finance article, “Mixed reactions on whether spouse can stay at home if one partner earns 15-20K a month” (Aug 2).
There’s no straightforward standard answer to whether a spouse can stay at home if one partner earns 15-20K a month. In other words, there is no right or wrong answer to it.
However, in today’s highly competitive society, the cost of living continues to rise, and standards continue to upgrade; a couple needs better and stronger financial capabilities or foundation to anticipate and weather any unpredictable life and financial difficulties to consolidate their better living conditions.
For example, once an individual falls sick and must consult a medical doctor, he/she needs to spend a minimum sum of money, which might be between $36 and $70, let alone a serious illness that might require specialist consultation and treatment.
If one of the couples in a family is unemployed for whatever reason, their financial income is affected immediately, and their family’s expenses will also rise relatively. This situation might become worse if their growing children are in the midst of university studies.
Hence, we can realise how important family saving is. According to financial experts’ advice, a couple needs to put aside a portion, say 30% of their total monthly income for their rainy days use.
This significant practice has to start as early as when a couple sets up their family so they will not be caught up/end up in any financial trouble or dilemma.
Teo Kueh Liang
The views expressed here are those of the author/contributor and do not necessarily represent the views of The Independent Singapore
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