Today's blog is about financial integration!
Hooray for home ownership!
Okay, I'm not really a homeowner, but my partner is and I'm doing everything I can to share those responsibilities.
We agreed that since K put in the downpayment on the loan, I would make an equal contribution and be added to the deed and loan. So I am purchasing the furniture and then will make a payment on the loan capital equal to K's downpayment minus said furniture.
I really like having such open financial discussions - it helps us both feel positive and clear on our mutual and individual responsibilities. I highly recommend a frank, regular money chat with your partner (or boo as some people prefer).
This podcast, Death, Sex, and Money is produced by WNYC Studios and hosted by Anna Sale and covers the "big questions and hard choices that are often left out of polite conversation." Every episode is beautiful and tough and touching and leaves me feeling both a little awkward and relieved at the topics covered.
It's definitely been a learning process. I never tried to consolidate finances with a partner before. It feels like a huge step - a big commitment to one another. K was worried about taking on my student loans; I was worried about her different spending habits.
Once we talked about it, we found some easy and effective solutions. Because I had the chance to save up while I was in Beirut, I was happy to keep my student loans to myself and not lump them into family debt. And to deal with spending habits, we agreed to create a joint account for the house, food, bills, and vacations, then individual accounts for our personal spending - makeup, clothing, gifts, computers, snowboarding equipment, books, etc.
We haven't implemented the plan yet - I've only gotten one paycheck so far so starting up a joint account didn't make sense yet! But I know that with the dialogue we've already started; we are in a great place to set ourselves up for 2017.
In fact, just last night I made a big move and paid off one of my student loans! Only one to go now :)