#17 – Done

Posted by Katie on January 04, 2009
101 in 1001, Money

#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!

3 Comments to #17 – Done

  • Don’t worry about taking so long. Shawn and I just turned his account into a joint account in November. Granted, we had set up a different joint account (back in CO) in January, but still…we got the same “congrats on your marriage…11 months ago?” reaction. 🙂

  • I don’t remember how long it took us to get a joint account — getting my name changed on all the legal documents took a while though (and don’t even ask us about our wedding album!). 🙂 Mr. Pickles, being a math major and all, has a much better head for numbers than I do, so he keeps track of all our bills (except for my student loan, while I still had it).
    Pretty much right away we set up a budget, and now once a month we get together for a budget planning session, chocolate chip cookies optional. 🙂 This way we’re able to keep tabs on our spending, and make some goals together. Works well for us. You guys will work out your own system eventually too!

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