A January post is well overdue for me. Like many bloggers, I felt I had to recover from December which was absolutely nuts. It probably wasn’t the best time to take possession of our house, move in and try to organize everything in the house, but we chose a date in December. My full time and part time job made me go MIA for a bit, more than I wanted to from blogging. Rather than feeling refreshed and ready to start all over again with a New Year, I felt a winter blah. Correction I was feeling a blogging blah. I didn’t want to write and post for the sake of posting. To do anything well, you have to be in the mood. In the mindset. You have to want to do it.
So, here I am. The Bacon is Back.
So last month along with officially getting approved for a mortgage, we opened a joint account together from which the mortgage payment would be taken from. For someone having separate finances for so long, the thought of sharing finances and sharing expenses was terrifying. Even more so than moving in together. I was afraid and still am a bit of losing my “findependence” that I had worked so hard to achieve. This “findependnce” was what enabled to me to save a significant amount to put a down payment on a house although I have not steadily worked full-time since graduating university almost 6 years ago.
This joint account is dedicated to most things joint: mortgage, home insurance, bills for the house, home insurance and in the future, home renos.
Why not put all your money in there, you ask. You live together. For Heaven’s sake, you own a house together. But I still have my own RRSP, TFSA account, ING direct savings account and two brokerage accounts where I purchase stocks and mutual funds. While I have been appointed the bookkeeper in the relationship and am in charge of keeping track of household expenses, I still enjoy keeping track of my other accounts.
I am realizing that I am ok with sharing money and expenses, as long as I have my own money and expenses as well.
My bf’s money all sits in a chequing account, which I’m sure is gaining next to nothing interest. I have tactfully suggested a separate high interest savings account, because I know getting him to open a TFSA account, let alone a brokerage account would be asking for too much. He sees it as too much work, too much of a hassle. Of course it is work. But as many of you fellow pf bloggers would agree, it is WORK WORTH DOING. I have this constant desire to learn about investing, making my money work for me. I know our savings would be so much more if he had the same thirst (or to be more accurate, obsession) for accumulation of wealth but I remember when my mom bugged me about investing. It took me a couple of years until I slowly started to listen to her. It wasn’t until only three years ago that it really hit home and I started to look at asset management.
Who knows? Maybe in a few years I’ll finally get through to him and we can join forces. But for now, I’ll settle with being findependent in investing stocks and mutual funds. And he can be findependent in the real estate sense, by sharing ownership of a rental property with his family. But come to think of it, by each doing our own findependence thing, we’ll be joining forces in the end anyway to reap the rewards our investments give us. Go figure. 🙂