Last weekend I was at a used book outlet in rural Virginia and I came across an inexpensive copy of Deborah Knuckey‘s Conscious Spending for Couples. Knuckey is a free lance author and marketer. She’s written a number of interesting articles on a wide variety of topics. For example, she’s penned on extreme dating, politics, laser facial rejuvenation and – our favorite – personal finance for couples. More importantly, she’s been on Oprah.
To make a long story short, Knuckey says couples should do seven things:
1) Plan Together: Set your goals jointly and come up with a realistic financial plan.
2) Create Simple Financial Structure: Whatever one’s situation, a simpler account structure limits fees and makes it easier to get things done.
3) Get Into Good Habits: To minimize friction and expenses couples should avoid frittering away cash and and stay focused on managing big bills.
4) Communicate Through Conflict: Most fights are about what money is spent on. To avoid meltdowns, partners should listen, acknowledging and sharing their views.
5) Invest for Strong Returns: The main goal of investing is to grow your money. Focus on making moderate calculated risks to maximize your return.
6) Create a Safety Net For Two: Prepare for the worst by purchasing proper insurance policies and making an adequate estate plan.
7) Get Help When Its Needed: Hire the relevant financial planners, accountants, estate planners and insurance agents based on likability and competence.
All in all, Conscious Spending For Couples is a good read for people who are starting out as a couple (like us DINKs!). The book has an easy accessible style and emphasizes the important impact being in a relationship can have on ones finances. Many author’s ignore this point and assume that being in a couple is like being single in terms of your personal finance. This simply is NOT the case, as anyone who is married can tell you. 
Best,
James
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DINKS (Dual Income No Kids) Finance is a blog discussing personal finance for couples. While by no means financial experts, we own a variety of assets including real estate and stocks. We've been up to our eyeballs in debt and have made tons of financial mistakes. However, we've successfully retired that debt and we both do learn from our failings. We hope that our voice in this blog can help others in achieving their goals!
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