FOCUS YOUR TIME AND MONEY Domestic Money Merger.(LEADERS & SUCCESS)(IBD'S 10 SECRETS TO SUCCESS)

Byline: Adelia Cellini Linecker

7 Whether you're planning to marry or just split the rent, experts say you should consider combining your finances just as you would if you were running a small business.

"It's so simple," said Ruth L. Hayden, a St. Paul, Minn.-based member of the Association for Financial Counseling and Planning Education and author of "For Richer Not Poorer: The Money Book For Couples," which Hayden says is about "methodically planning."

Hayden says there's nothing magical about joining financial lives and achieving common goals. They key is to set easy-to-follow ground rules, including:

** Create a structure. Think about who'll be responsible for paying bills, filing invoices, balancing the checkbook and researching large purchases. Establish a division of labor that suits your talents and needs. Celebrate your differences. If one of you is a saver and the other a spender, create a budget that allows for both. If your partner is a bargain-hunter, put him in charge of the spending part of the budget, while you invest the savings.

Be sure not to saddle one person with the same tasks forever, though. Switch at the beginning or middle of the year, for example. A combination approach works best for most couples, Hayden says. It gives both parties a chance to better understand the finances.

** Allow for wiggle room. Hayden says combining finances doesn't mean you have to give up all independence.