Tying the Financial Knot
There's was a great article linked here in the Orlando Sentinel yesterday (original to The Dallas Morning News) called "Tying the Financial Knot," about couples merging their finances after marriage. The article suggests talking thoroughly about your finances before you take the plunge and to start planning right away.
Here are several strategies the article proposes:
• Exchange full and complete financial information (include all you own and all your debt)
• Create a budget.
• Create a spending plan. (a list of short-term and long-term goals of items you want to purchase in the future)
• Start saving for retirement immediately
• Maintain some financial autonomy.
• Establish an emergency fund.