I’m getting married in less than three weeks to TWNF (Travel and Write Novels Fiance)! Woo!!
One of my goals is to combine our finances from the start. TWNF has ~ $20,000 student loan debt. I’ve paid off my $28,000 or so student loans in the 10 years since graduating college, but still have ~ $6,000 on my car. So together, we have ~ $26,000 in debt. One of my goals is to pay off all of this debt asap, while still maintaining a an emergency/future real estate downpayment fund. I’ll be chronicling that journey for you here!
Here are the steps we’re going to take to combine our finances, and get a better picture of what we spend so that we can reduce our spending going forward. I know there is plenty of room in our budget still to cut–especially eating out.
- Add TWNF to my Bank of America checking/savings account and get him a debit card for this account.
- TWNF changes his paycheck direct deposit to our joint bank account.
- We close TWNF’s current bank account and throw this money at our debt, highest interest rate first.
- Add TWNF to the Marcus Savings account.
- Migrate all of our accounts to Personal Capital where we can track them.
- Get TWNF a credit card! We’ll try to put all of our expenses on our credit cards, so that we get points. This will also enable him to build some credit if we want to buy a house.
- Enable an automatic savings transfer into our Marcus Account. Our goal is to put aside 50% of our combined income. For now, we’ll probably save half of that, and throw half of it at our debt? Not 100% sure!
- Track our spending for a few months. I’m hopeful that we can get started on this for the month of October. By then, everything should be combined and organized. September will be an off month anyway, given the honeymoon.
- Adjust our savings/debt repayment rates as needed.
Everything may not happen in this order. But it’s my roadmap for getting started, and soon being able to get an accurate picture of our finances, so that we can make better money decisions.
Any advice for us as we begin combining our finances?