Merging takes baby steps
January 23rd, 2007 at 07:59 pmWhen I was living alone independently, I had set up the 40/60 plan (10-Tithe, 10-Retirment, 10-EF, 10-Savings, 60-Living cost) for myself and it took awhile to get on that path regularly.
Most of you already know I am to be married in May of this year and trying to merge finance goals with my fiancé. We decided to keep our own accounts and will have a joint account for living things to take things slowly and see how it can work for us.
I am finding that my fiancé is eager to share but fiancé's habits are not matching the mental goals. Learning from my experience, it takes time for habits to form.
I am doing my best to not nag to him and try to quiet fully encourage him rather expect things to go my way. He has not done research and really never thought much about money. He is very simple and buys what he needs only which is not much except he pays as he goes to fix his much needed help on his house.
I am giving him much credit for being open minded to some of my suggestions and he has been writing down everything he buys every day so I can get an idea where he stand. There is no budget set up or anything and I informed this is only just to see on paper what he does and then after a few months, we can set up a budget that would fit both of our needs.
I want so badly to set up a budget and everything but I am sitting tight on my hands. I don't want to overwhelm things and be pushy. I just keep reminding myself "baby steps".
He is really open to opening a Roth IRA but will need my help to get started which I am gladly to. Funny he says he can not even afford to pay the max... (I personally know he can but "again baby steps" and informed him he can send as little as he can each month.
I keep smiling because I want our home life to be enjoyable and not stressed out. I also want him to feel free to talk to me about anything he wants without hesitating how I will react.
On a side note: We successfully saved more than enough for our wedding already. We are three months advance with all cash payments. I recently nixed the photographer so the original plan of $7000 of the entirity of wedding costs including our rings is going to be lower. I figure with the days of digital cameras, I am sure we are bound to find some good pictures from our guests and family members. I really do not want so many pictures and certainly not of me getting dressed in my dress. Actually, our wedding budget will be much lower because both of our family spontaneously surprised us with a gift of $2500 to contribute for the wedding. So it’s starting to look more like $4000 on our end more or less on our part instead of $7k.
Maybe I can convince him to put the extra money from the wedding expense towards his Roth IRA?!?!?!