January Goal: Make progress on combining finances
T and I mentally combined finances when we got married. We both think of it all as “our” money, but we actually have made very little changes to how we manage our money on a day to day basis. We still don’t even have each other on most of our accounts. So basically… no, we didn’t actually combine finances. We intend for them to be combined, but our system was working just fine, so we didn’t bother fixing something that wasn’t broke.
Since our intentions haven’t been making their way into reality on their own, I guess I’m going to have to do it myself! This month, we’re going to make real progress on actually combining finances. Since neither of us use our checking accounts as much more than a pass-through account, we’re going to first focus on aligning our savings accounts and getting a joint budget together! (And when I say “we” I mean “I”, with input from T as needed.)
- Find a secure way to document all login information for all accounts that either of us own. Including non-financial accounts (insurance, etc.)
- Close my BANK#1 savings account and transfer all money to T’s BANK#1 savings account, and make that a joint account. This account is intended to hold our emergency fund and other long term savings.
- Add T to my ING target savings fund accounts. This account holds short term savings and what other bloggers sometimes call sinking funds.
- Add T to my money market fund. This is used mostly for rent, and to have access to savings via check writing. This possibly could be merged with BANK#1
- Start tracking a joint budget
I already started on #1 and #2, and I’m already annoyed at this process… but it is for the best!