Post # 1
Combine finances? Bees, this seems soooo complicated! With all the insurances and bank accounts and this and that, this is making my head hurt!! I do not live with my fiance, and we’re in the process of trying to combine accounts, figure out what insurances are going to cost, etc.
Also! Anyone know if a good book/guide I can use to get all the “paperwork-y” stuff done after we’re married? I’m talking about how I get my name changed on everything and how we list each other on our policies as husband and wife so we both have equal access…
Any advices from Bees who have been/are going through the same thing??
Post # 3
We started by making a list of all of the accounts (checking, savings, investment)/credit cards/loans that we had and where they were held. Then we decided what to eliminate, what to keep single-name, what to join, etc.
If you and your fiance are currently getting insurance benefits through your employer then you may want to talk to the person in charge of that (probably someone in HR)
Name change stuff will all come together—the annoying parts are usually with the state/federal agencies. The rest is time consuming but pretty straight forward.
Good luck! You will get through it 🙂
Post # 4
as far as combining finances the best thing to do is for both of you to sit down and make a simple excel spreadsheet – here is what i bring in every month and here is what you bring in every month – figure out what both of you pay in bills and see what you have left over.
I have been married only 3 months and we are still figuring this out but its been pretty easy – i got added to his account (surprisingly with my new name before i had changed it) from there i went ahead and took care of closing my account and switching my direct deposit from work to his account. from there we figured out what bills needed to be paid – rent, water, trash, cable all gets paid as soon as we get paid, phones, insurance, his car all get automatically drafted from our account on a certain day and i take care of paying my car since i havent added him to my Navy Federal account (i use it strictly for my loan, all our finances go into his credit union)
after about 2 months of shuffling things around and creating a budget we were able to look at where we could cut costs and how we can get our savings number where we want it as well as keep the credit card balance to a minnimum.
we both just got raises so we will probably have to go back and rework our budget, but its a working document and should be looked at occassionally – we try and keep track of bills every month so we can figure out general costs, so if a bill is super high we can look and say hmm something must be wrong or it was really hot so our electric bill is probably higher than normal.
both of us are active in checking the account. talking about what is in there and where we want it to be. we talk about big purchases – like we really wanted (i say wanted) a kitchen table so we budgeted that in for our May spending. we pick a month or pay period when we will buy it.
this is just how it works for us – we are not penny pinchers, we spend moderately but we also make sure we talk to each other about our finances – that is the biggest part. for instance – it says we have xxx in cash but i know i paid my car and they havent taken it out yet so really we have this amount… – that where i find it important to talk because just looking at the available balance wont always cut it.