Wednesday, July 1, 2009

Merging our finances...

The other day my fiance and I went to the bank and opened up a joint checking/savings account. I think, keyword there is think, we have the same style of handling our money, but this will be a real test to see if we do. I know I am more of a saver than he is, but then I am more of a saver than a lot of people, so this comes as no surprise to me. But, I think we are both pretty good about spending within our means and not spending carelessly. Neither one of us carries any debt other than my mortgage for me and a car payment for him. We are still house hunting too, so most of our extra money has been going in to savings for the down payment. We will be keeping our own checking accounts for now and may continue to do so even after we are married. I guess we'll have to see how it goes with our spending between now and the wedding. We plan on using the new account for anything that comes up that is a wedding related expense or anything out of the ordinary. I don't have much to say yet about the account since we just opened it on Monday, but as we start using it and seeing how we both handle money, I'll keep you posted on our progress. Does anyone have any helpful advice on how to handle this new process for us? Wish us luck!

3 comments:

Kimberley said...

Having one joint account and then separate accounts will be very beneficial to the relationship! Good luck with the wedding and keep us posted.

Live Simply- Live Well said...

congrats on the next step, it is scary/hard to mix finances but you guys will figure it out!

The Executioner said...

I stopped following your blog a while ago because of your post back in the spring stating you were quitting. What a surprise to find a bunch of new entries!

No matter what you do with your accounts, just make it a point to TALK about your finances as a couple. Do it often. Set up a regular time to do it, or just bring it up as part of the "how was your day?" discussion. My wife and I have a joint checking account and a joint savings account. The only individual accounts we own are the retirement ones which cannot be held jointly (IRAs and 401ks). I cannot imagine trying to handle our finances if we had separate accounts for our everyday money.