Perfect, this is exactly the plan I've been tossing around and the plan that's not going to to be difficult on the pocketbook, but will pay off in the end. Thank you!

And now I shamefully look down... he's an accountant. In my defense for seeking help online, his dad manages his funds (as a CFO I should probably be asking him for more help, but I never wanted to seem rude discussing personal finances).

However, he just moved cities and is at a temp job looking for something better. So his salary is comparable to mine and not exactly stable (he'll stay employed there through spring, but we're hoping something comes along before then...). Once employed, he has a lot more potential to climb up to support long term goals, but with the economy, we both underestimated the availability of good private jobs.

We grew up differently, I was raised very middle class. So initially we viewed finances differently. However, since we've both had to manage living on small salaries, we're both frugal (he called me this morning to tell me about a great coupon he picked up...small things that excite us). On a positive note, he has no debt.

If you're getting married in June, you need to discuss finances. It's not rude discussing them when you're contemplating marriage, it should be required! Get talking!! You need to make sure you're on the same page financially. Coupons are one thing, but the big picture is completely different.

There's a thread on here with a husband and wife arguing. I can't remember the username, but I do remember Dean is the husband's name, so you can do a search with that keyword. You do NOT want to be in that predicament six months down the road. There is nothing to be embarrassed about and it'll make things much easier when you two mingle your finances.

You're right! And I should have been more clear-- I didn't mean that we don't discuss our finances, I meant that I didn't want to be a bother, or come off rude, asking his father to help me with my funds. <-- His dad currently manages my fiance's fiances. My fiance and I do discuss money and spending...and know that it's the leading cause of divorce!

I agree with Peachy... Today is the day to start discussing finances with your fiance Autopilot.

It's great that your fiance will have no debt going into marriage. A few things to consider...

1. Bank Accounts - Will you have a joint or seperate accounts? Or some combination of both?

2. Health Insurance - Is it best to be under one carrier? Or each person be on his/her company's insurance plan?

3. Budgeting - How are you going to budget? Are you going to both be highly involved or is one person going to take the lead? Are you going to have a monthly/weekly meeting to discuss the pulse of your finances? How are you going to pay for bills?

4. Credit Score - What are your credit histories like?

5. Savings - How do each of you view savings?

6. Big purchases - How will you decide on large purchases?

7. Financial Goals - You mentioned purchasing a house and expanding your family (kids). What other goals (short-term and long-term) do you guys have?

Don't be afraid to ask questions. Money issues are directly related to stress in marriage. Enjoy!

If I were your fiance's father I would be very impressed with how you have handled your finances so far! You have nothing to be embarrassed about.

As for discussing with your fiance', I suspect you already have. If not, maybe tonight is a good time to start. You should both know what you are getting into. Based on what you said about being frugal and him having no debt I think you already know the basics.

Just a suggestion...if I had a FIL whom I admired for his money management skills, I'd tell him so and ask if he would mind giving some pointers. That way, you're not actually asking him to manage your money for you, but asking for advice instead. At the same time you're acknowledging his phenomenal job managing your fiance's finances. Plus, most folks from older generations are usually willing (and often flattered) when the younger generation asks them for advice.

Excellent point!

You said Wisconson? What about moving to Milwaukee area. My son is a teacher in the suburbs there, at a better pay scale and pension. My son in law will be starting next year.
Is that worth a thought?

Ron

I am one of those that think rent is wasteful... and here's why.

With a mortgage, one day those payments will be over. With rent it never ends. True... there is expenses involved with home ownership, but IMO those expenses are much better than paying rent ALL your life.

Take for instance... you're 60 years old and your rent is probably around 500 a month (around here that's cheap). That's 500 each and every month vs. the 60 yr old that has a paid for house and only has to budget for repairs. Chances are even with repairs you'll still never come close to paying what the renter is paying.

Another advantage of home ownership is you can leave it to your kids.... and if they already own their own home then they can use your home (or theirs) as a rental property. Now you have increased their income.

Personally... when I'm 60 I don't want to have to worry about a payment for my residence. I don't want to worry about someone kicking me out for whatever reason. I don't want to worry about someone getting their panties in a twist because I added some flower beds or changed the wall colors.

Once I get the house paid for I can just roll the 371 mortgage payment over into a saving account for home repairs... and keep doing that until I retire. By then there will be a nice little nest egg in case something happens and I need to fix the house.

Just something to think about.

In due time