Monday, January 7, 2008

Finally! A Joint Checking Account!

Well, we finally did it. The fiance and I went to the bank Friday after work and opened up a joint checking account. We have decided to join our finances at the start of 2008 so that we can start paying all our bills out of one account instead of splitting them up and figuring out who owes what. We are both aiming for the same goals anyways. What we will start doing is putting both our paychecks in the joint account and paying bills from there. Savings will be automatically deducted from this account to our money market accounts for our goals. Currently our major goal is the wedding and we have an account set up to automatically save towards that goal. We will continue saving for the wedding for the next 9 months before diverting those funds to the emergency fund. Don't' worry, we aren't forgoing an emergency fund for the wedding. We currently have a fairly large emergency fund set up and will finish it up after the wedding building it up to $24,000 or so.

Combining our finances so far has gone pretty smooth. We have sat down a couple times already to work on our budget. We set up a joint budget before January started and sat down this weekend to update it with bills already paid and see where we are standing. No, the picture above isn't my fiance and I, but it very well could be because we set up our budget on our computer. We also combined our net worth a few days ago in net worth IQ.

I'm very excited about joining our finances. The main worry I have is that my fiance will think I am trying to control all the money. I worry that she has a lot more money then I do and she knows how much I think and stress about money. I don't want her to feel like I'm trying to tell her what to do with her money or feel like I am trying to take her money. However, we have worked together to come up with joint goals. We have worked together to build a budget. We have combined our net worth together. I am trying to keep her as involved in the process as I can and I hope that makes her feel like she has more input then just doing what I say. I love her so much and I will do whatever it takes to be with her and spend the rest of our lives together. Even if that means that we have to keep our finances separate and each take care of our own bills. But for now, we will try keeping our finances together. I think it will work out.

Any suggestions on how others have dealt with this topic combining their finances with significant others? Any advice would be appreciated!


Brooke said...

This depends on the couple. My husband and I have our accounts together and I would never go back, but for other couples, it causes strife and too many questions. You must decide what type of couple you will come out in the end anyway!

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