Since the goal of Dual Income No Kids is to discuss finance within relationships, Today’s posting contains some thoughts on getting started merging your finances. Anyone who is married or in a long term relationship will say you’ll need to begin integrating your finances with your significant other at some point.

David Bach has come good tips* on how to start this process:

1) Get Organized: The best thing to do is sit down and start going over your files. Throw out old ones and set up new ones. Just the act of getting organized can spur your significant other to get motivated as well.

2) Be Diplomatic: Motivating your partner can be tricky. According to David Bach, the thing to do is emphasize the importance of working on your joint goals. Whats also key about this is being diplomatic. In other words, you should avoiding blaming or condemning your partner for current difficulties.

3) Achieve Small Successes: Bach says that achieving small successes are important for getting started. Minor successes like meeting to discuss joint goals or to organize your finances can help build positive momentum. For my part, it gives me a lot of confidence that my wife Miel and I have been able to achieve small success, even when our relationship hasn’t been the most harmonious.

Good luck merging your finances!

Best,

James

*From Smart Couples Finish Rich, by David Bach, pages 68-69.


This entry was posted in Couples, Other by James Hendrickson. Bookmark the permalink.

Avatar photo About James Hendrickson

James Hendrickson is an internet entrepreneur, blogging junky, hunter and personal finance geek. When he’s not lurking in coffee shops in Portland, Oregon, you’ll find him in the Pacific Northwest’s great outdoors. James has a masters degree in Sociology from the University of Maryland at College Park and a Bachelors degree on Sociology from Earlham College. He loves individual stocks, bonds and precious metals.

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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