Today’s amazing post is from our friend Nick over at The Money Mine. One of my favorite things about The Money Mine is the variety of topics Nick covers (from amazing interviews with Greeks about the economic crisis in Greece to negotiating fees with your dentist). Nick’s post today covers a variation of the Roth IRA Challenge: finances in a marriage and the steps they took to start saving money together! I hope you enjoy this post as much as I do!
A little over 2 years ago, my finances were very stretched. My girlfriend (now wife) was finishing her global MBA. Global is key word here, because it means that each module was held in a different location. We ended up traveling to San Francisco, New York City, Shanghai and Barcelona.
Life was awesome. And unreasonably expensive: we were saving <5% of our combined income.
After she graduated, we planned on getting married. We knew that weddings are large expenses and we started to talk about our finances to plan the event. Then we had THE financial talk: “So how much do you make? Do you have any debt? How many accounts do you have and how much is there?”.
That wasn’t sexy at all, but oh so useful.