Saturday, August 13, 2005

The Next Step

After lengthy discussion on the subject, Kyle and I decided to combine our funds. We went in to the bank yesterday and had him added to my existing accounts. It seemed easier to do it that way since I have about a bazillion bills that come out of my account automatically. I really didn’t want the hassle of contacting my rental agency, my car loan people, the car insurance people and both the student loan people, and telling them I needed to change my account information.

I made Kyle think about it carefully before he made a decision. It was his idea in the first place, but I didn’t want him regretting it later, because I have a LOT more expenses than him.

We’re going to set it up, so that we put $250 a month into a high interest savings account, $250 a month into an RRSP, and then we each get $50 a week to send on anything we want, no need to mention or discuss with the other person. The rest of the money, after bills, will be used as agreed between us at the time.

Since he is a lot more financially responsible, I told him that I want him to “be in charge” so to speak. I’m bad for spending money when I shouldn’t. If we stick to the plan though, we should have no problem coming up with the money to move in just under a year. Combining our funds, will keep both of us from randomly spending our spare cash. We won’t be able to make impulse buys (over $50) since it is shared money, so we’d have to run it by the other person, and talk about if it was a good idea etc.

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