Friday, March 17, 2006

I'm now a married woman! And this net worth update was the last one as a single entity. Hobie and I have decided to jump right in and merge our finances (completing one of my 2006 goals). We added him to my bank account and he'll go ahead and close his down when he gets his direct deposit transferred over. This will be so much easier than asking him for a rent check every month, and now he can look manly and pay at the restaurant every time because it's all the same pot.

I'll be creating a new NetworthIQ profile that will include both of our assets and *sigh* liabilities. The unfortunate part of this merger is that I'm back to having a negative net worth, because he's bringing in a $19k student loan and no real assets to speak of to the marriage. The debt is technically all his, but we're treating everything as "ours" because if we focus our efforts together we'll be able to tackle these debts faster.

I love how on-board Hobie is with the plan, and he didn't even read The Total Money Makeover. He's even more excited about it than I am. We've made our budget, we've got $2000 in the bank (yay for wedding gifts!) and we're ready to roll!

5 Comments:

Blogger Ms. Balance said...

Congratulations!!! How exciting for you! I'm getting married in two months too! Great quote by the way: "we're treating everything as "ours" because if we focus our efforts together we'll be able to tackle these debts faster."

3/17/2006 11:38 AM  
Anonymous Jane Dough said...

Congratulations as well. It is nice to see the two of you have started out with a financial plan and are executing it!

3/17/2006 11:41 AM  
Blogger Dave said...

Congrats on the marriage!! Excellent news! It's also wonderful that you 2 are both excited about money! Looking forward to the new progress landscape and don't fret about the student loan debt. It's one of the "better kinds of debt".

3/17/2006 2:34 PM  
Anonymous Bill said...

Congratulations. On merging your finances I'm not too sure right off the bat. Getting married is enough of a shock to the status quo. My wife and I kept seperate checking accounts for a few years and divided up the bills based on relative salary levels.

Tossing everything together will probably work but you may want to have some 'space' at the beginning.

A minor point. Congratulations again.

Bill

3/29/2006 8:59 AM  
Anonymous Anonymous said...

Congratulations on merging your lives and finances. The decision to merge finances is a very personal decision, and not one others should critique. I will be married in a matter of months, but we've already combined things. Risky you say? Having combined accounts now is making us talk about everything we spend and we are making priorities together. It's been a healthy exercise for us, but I'm sure isn't the route every couple wants to go.

9/08/2006 10:41 AM  

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