Before we moved to Washington, Miel and I both lived in cities which necessitated having a car. Now that neither of us are motorized, we’ve been able to save a ton in our finances. For example, if both of use needed our own separate cars and assuming we both needed to commute out of city, we’d be looking at:

Car Payments: $400.00
Insurance: $70.00
Gas: $240.00
Repairs: $50.00

Total: $760.00

If you think about it, $760.00 a month is a lot of money. Given that the savings rate in America is so low (in some months, its actually negative), it would make sense to try to economize on driving expense. For example, some couples can get along with one instead of two cars. So, dear reader, consider economizing your transportation costs. It would reduce your monthly expenses and increase the amount you can save!

-James

MANAGE YOUR MONEY TOGETHER

Here are some simple guidelines for DINKS to build wealth:

1) Collaborate: Meet regularly to talk about money, set goals together, track and monitor them.

2) Understand and respect your partner. Take time to understand your partners values about money.

3) Watch the numbers. Get a budget, monitor your spending and track your net worth.

4) Max your retirement. Maximize contributions to your tax deferred retirement accounts.

5) Invest in stock. Stocks perform better than bonds or cash.

6) Avoid high interest debt. Credit cards and title loans are financial cancer.

7) Diversify. Don't put all your eggs in one basket.

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