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Our Latest Money Moves
With our upcoming wedding, Elizabeth and I have finally combined finances. Itās been a journey since she first proposed the idea (shocker) and itās simplified our lives so much more than I could imagine.
Elizabeth and I regularly discuss our finances like itās a game. Over dinner, we can discuss our investment strategies and retirement portfolio. One night, she tossed the idea of combining finances since weāll be getting married within the next few months and that would simplify wedding vendor payments.
Iāll be honest. I was completely against the idea at first. The only experience Iāve seen with relationship money had been with my parents up to that point and they kept separate bank accounts, tallying who earned what while taking care of each other.
I did my research on whether or not a couple should combine finances and the most compelling argument I found came from Dave Ramsey.
Ramsey argued that a couple should have transparency into each otherās spending habits and a combined view into where youāre both at when it comes to a bigger goal like buying a house.
I took that last part to heart. After combining our finances, Elizabeth and I have insight into where weāre at as a couple and the journey ahead.
How to Combine Finances Step-by-Step
Write a list of recurring expenses with your partner
Ask whoās account to make a joint account
Transfer money into the joint account and request a debit card
Reassign monthly auto payments into the joint account
Work through each otherās money habits and try to better each other
The above is a rough outline of how Elizabeth and I combined finances. Honestly, the hardest part is going to the bank and asking the representative to convert your bank with supporting documents. At the end of the day, it isnāt too bad.
The Journey Ahead
Combining finances allowed us to stop consistently Venmoing the other person for rent and we can focus on things that are important to us. We left the bank with a sense of closeness because we understood that this is the first step of our financial journey together.
Lastly, you have to have multiple conversations with your partner about finances and get their viewpoint. This was something for both of us and a long time coming but not every situation is the same. Itās important to evaluate whatās crucial to you and your partner.
Have a great week,
Jordan