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Book I: Taking Charge of Your Finances
Working with Your Partner
to Achieve Financial Goals
Wouldn't it be nice if everyone were exactly the same? Well, actually not. You
probably wouldn't want to live in a boring world of identical clones that look,
think, and act exactly alike. Variety is the spice of life, and it's also the spice
of relationships, even in the area of finances. Just like the ingredients in your
favorite meal, the right amount of spice can make the mix of flavors abso-
lutely perfect -- but too much spice is almost unbearable. You don't need to
do away with each and every difference; you just need to blend the flavors
together.
Resolving (or at least discussing openly) any financial differences between
you and your partner is important. In order to fully adopt many of the prac-
tices outlined in this book, everyone involved needs to understand the ben-
efits of adopting a more frugal lifestyle and how important it is to control
impulsive spending habits.
Recognizing your financial
strengths and weaknesses
If you're currently involved with someone and considering a serious commit-
ment, or if you've never discussed your spending habits with your spouse
or significant other, take some time to talk about your financial mindsets.
Identify your differences and spend some time planning how you want to
handle them in your relationship. By dealing with your financial differences,
you'll not only cut down on arguments later in life, but you and your partner
will become a united front working for common financial goals.
Sit down together and share details about the practical aspects of your
personal money style. If you're already married, use this opportunity to
reevaluate your current financial situation. Ask yourselves, individually, the
following questions and then compare answers:
Do I carry credit cards? How many and what kind? Gas cards, depart-
ment store cards, general credit cards? Do I pay the cards in full each
month, or just the minimum payments?
Do I carry cash with me? How much? What do I use it for? How do I keep
records of cash spent?
What does my credit history look like? Any debt problems, overdue
bills, repossessions, bankruptcy filings, or late payments?
What sort of insurance coverage and financial contingency plans do I
have for medical expenses and other emergencies?
