When Chaz and I were dating we always said we would NEVER join our accounts. We always thought if we joined our accounts we would fight over money way too much, and if we kept them and our money separate it would keep us out of sooo many fights. The problem was I didn’t make near the money Chaz did, and if we would have stayed the way we were, we probably would have fought more…
Then we got married.
When we were engaged we opened up an account together to keep our wedding money in. We told each other it was just for wedding/honeymoon purchases and that’s all we would use it for. (We ended up saving a bunch of that money by going smaller on our wedding and our honeymoon and used that money for the down payment on our house.) This was the first account we opened together.
Well… then we had our baby.
When she came along and I didn’t work for that first month, I couldn’t pay my side of the bills anymore. We decided it would be best at that point to merge my checking account with the “wedding” account we had opened. In the beginning I was super hesitant. I kept my old checking account around for awhile just in case I felt like I needed to move my money back over if we had “too many problems,” and Chaz kept his checking out. As time went on everything turned out for the better. That account became “my” account to use and the account that our bills came out of. As even more time went by, Chaz started putting more and more money in there and he now uses that account for most things as well.
That one account has since evolved into the one that we basically use for everything. We get our pay, put the checks into that account, and then we separate it out into different savings and investments. We have a savings account that holds our emergency fund, a savings account that is our ‘travel account’ that we pull from for our little vacays, and our investment account in Vanguard. This little system of accounts has worked super well for us.
Looking back, whether we would have kept our accounts separated or joined, in the end, I don’t think it would have been better one way or the other. We just let it all evolve as we did and didn’t think too much about it. I know that it is a conversation that many newly weds have together, and our advice would be just that. Start out the way you are, don’t be afraid to let things change as you do, and always communicate to each other what you are feeling. Chaz and I try to work as a team when it comes to our finances, and it’s my favorite team out there. (Even more than the New Orleans Saints…)
Thanks for being here,