#17 – Set up a joint checking account with Dave.
We showed up at the bank on Friday with all the required paperwork. After an initial, “Congratulations on your marriage guys!”, the nice bank teller saw the date on our marriage license, “Oh, well, it took you a while to get over here, didn’t it?”
This goal sounds easy enough. The tricky part comes when you understand the implications.
So far our system for money management has worked out just fine. We both make money, we both have bills and we share responsibility for the bills we have in common. “It’s your turn to buy groceries.” “Yes, but it’s your turn to pay rent.” No problem. This system worked because while we both manage our money effectively, we do so in very different ways. The merging of our two systems into one bank account could easily result in bounced checks, late fees and the disconnection of the electricity.
So why change the game and get a joint checking account? If we are going to have long-term financial goals in common and ultimately buy a house together, we need to be able to manage our money together in the short-term. This means that we both have to change our style a little bit and start talking about money more.
Here’s hoping we can keep the electricity on!