Thursday, June 26, 2008

Merging finances

To get a better picture of our finances, I created a spreadsheet to see all of our accounts at once.

It turns out, when you merge your lives some things get easier (one home, not two) and others get more complicated.

I have:
One checking institution
Two savings institutions (keep in mind I have multiple accounts)
One investment institution
Four credit cards

He has:
Two checking institutions
Three savings institutions
Three investment institutions (multiple accounts @ one place)
Four credit cards

Grand total of:
Three checking institutions
Four savings institutions
Four investment institutions
Seven credit cards (In full discloser- we have one joint card normally used and each have one alternative card we use. The others sit in the safe.)

That’s a lot of places and accounts to keep straight!

Both he and I have tried to create a whole picture of our finances and are finding it quite hard. Are we diversified as individuals? As a couple? Do we have accounts with overlapping goals? Which accounts should be made joint? Should all of them be? Or should we keep some money individually?

While I’ve successfully integrated dreams, opinions, and vendors for our upcoming wedding, why is it harder to unite financially?


Focus On Your Money Maker said...

Getting your finances straight once you get married is the hardest part about being married. Before you get married you have your own way of doing things. After you get married you have to mesh with someone that is used to doing things their own way. The two ways don't always see eye to eye and conflict arises. It's tricky and takes years to fully make it work.

So Cal Savvy said...

Yeah tell me about it! I keep reading that finances are the number one reason for divorce. Which is scary to think about...