3 huge financial reasons to delay marriage & kids no matter how much you love each other

3 huge financial reasons to delay marriage & kids no matter how much you love each other

When it comes to marriage and kids, everyone has a different take on when's the right time. The typical Singaporean position is that one should have an established career before even thinking of committing to the task of childrearing.

On the other hand, dissenting voices cry out that there is no better time than the present and familial happiness shouldn't be sacrificed for the sake of one's career.

Or something. Well, whichever camp you fall under, here are three huge reasons you should delay marriage and kids, no questions asked, Baby Bonus be damned.

1. One (or both) of you is still heavily in debt

It is one thing to delay marriage because you want to claw your way to the top of the career ladder so you'll be able to send your kid to a childcare centre that costs as much as an ivy league college.

It's quite another to have a child or organise a wedding when one or both of you are heavily in debt.

If you're forced to borrow money to pay for a wedding or pregnancy-related medical fees (not even taking into account the HDB flat), your existing liabilities will be compounded thanks to the power of interest.

And if you slip up and start defaulting on your loans your relationship might end up being more short-lived than that dry-ice display at your wedding dinner. One Singaporean couple borrowed $110,000 to pay for their "dream" wedding.

No matter how strong you think your relationship is, putting yourself in more debt just to get married when you're already struggling with your existing liabilities could be the start of a long nightmare.

Arthur, a 29-year-old marketing executive, got married and bought his own HDB flat, all at the tender age of 26. "We didn't have a fancy wedding celebration, just a small dinner with a few close friends," he says.

Does he think an early marriage is for everyone?

"Neither I nor my wife is from a rich family, and when we got married I had only been working for two or three years, so it's not like we already had tons of cash at the start," he says.

"But we did want to make sure that we were free from heavy liabilities before going ahead with it. I paid off most of my student loans and we had no credit card debt when we tied the knot.

"If one of us had been heavily saddled with credit card debt we would have chosen to pay that off before getting married. It would really have affected our ability to afford a home," he added.

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