Tuesday, January 18, 2011

Merging Finances

Y and I merged our finances as soon as we were married.  We didn't really talk about it before but we had been together a long time (4 years) by the time we got married.  Two months prior to us getting married, I added a cell phone onto my plan for him and I paid the bill.  We got engaged that month so I didn't worry about him paying me back for it or anything.  Before we got married, I told Y that I had to have my own savings account so if things went badly, I would have my own means to get out of the relationship.  Side note--I watched my mom be in an abusive relationship for years without a way out and I vowed that I would never let the same happen to me.

Y and I were married and I moved across the country to be with him.  I had banked at a regional bank that didn't have a branch where we were going to live.  I closed my account and got cash and a cashier's check.  When we got to our new location, I immediately wanted to deposit my money so I just deposited it in Y's account.  He added me onto his checking and savings accounts and I pretty much took over the accounting.  Y had never maintained a balance before me.  I never did open my own accounts but I did keep a credit card in my name only with a 20K balance limit with a 0 balance for emergencies.  I figured that 20K would get me a long ways away in the event I needed to run fast. 

15 months after we were married, Y went to Iraq.  Then I really took over our finances.  Y is fine with it and he prefers it.  We usually keep a $500 buffer in our checking account so we have enough to cover gas or groceries or other expenses.  When it hits $500, it is like $0 for me. 

Y and I have the same financial goals and we are on the same page (mostly) with finances.  There have certainly been ups and downs with finances but it mostly works out.  I try to update him with where we are at in checking and savings on a regular basis. 

1 comment:

  1. we have a 'buffer' of $100 - I am in the process of increasing it little by little :)