Small Steps Towards Merging Finances
Here are the financial actions my fiancée and I have taken since getting engaged:
1) Opened a joint savings account with monthly contributions for future vacations.
2) We started reading Smart Couple Finish Rich.
3) We reviewed my fiancée’s checking, savings, and Roth IRA accounts so I could get an idea of her process for managing her money.
4) We opened another Sharebuilder account with $50 bonus. It was free money so we couldn't pass it up.
5) We put my fiancee's financial accounts into MS Money. While she doesn't actually use it, when I am over we can open it up and update her accounts. This gives us 2 benefits: a) My fiancée and I can track her net worth and b) I hope it will help us merge our financial records since all my records are stored in MS Money as well.
6) We signed her up for a monthly contribution to her Roth IRA. My fiancee had a Roth IRA, but didn't actively contribute to it. I see the Roth IRA contributions as a must, my fiancee agrees to contributions but as long as it doesn't affect her current saving/spending routines. We started her on a $50/mo contribution which I see as a huge step in the right direction. Now I just need to find opportunities to have her bump it up by little amounts each time.
Just the tip of the iceberg, but it is a start.Tags: money management, relationships, sharebuilder,
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