I’m a firm believer in marriage and waiting to live together until you’re married. However, I know that many move in with their partners ahead of time. They’re not alone; more couples than ever are moving in together. And with many cohabiting couples not legally married, it can often mean that talking about subjects such as finances, assets and savings are often a bit of a grey area.
No one wants to pour cold water on one of the big moments of a relationship; however, if you want to live together harmoniously and make your relationship stronger than ever, then having a clear stance on your finances is definitely required. Getting a grip on each other’s spending and money habits can be just as daunting as your partner’s snoring or inability to place their dirty clothes in the hamper…but it must be done!
Talking Finances with Your Partner
Read on for some financial topics you and your partner should consider before moving in together.
Talk about your debt
Do you have debts? Most adults have some form of it and it’s nothing to be ashamed of. However, it’s important to be transparent with your partner about your current financial situation, especially if you’re struggling with creditors and debt collection agencies. Creditfix can provide information and advice on debt management and financial advice, click the link to find out more.
Discuss your goals
What are your partner’s financial goals? Do you have any? Do you want to buy a car, or eventually get married and have kids? What about a deposit for your own home one day? Of course, you’ve just moved in together, but it’s important to get a handle on what you both want in the future, so you can make a plan and work together to achieve those goals.
Bills and expenses
Now it’s time to talk about the elephant in the room. Bills and expenses. It’s not a fun topic, but it needs to be addressed before you settle in together. It makes sense to split the bills straight down the middle and pay half each; however, if you don’t earn the same, then it simply won’t work. There is no simple answer to this situation. It’s different for each couple.
Consider opening a joint bank account for your bills money to go into. If one of you earns a little less, then pay for the smaller stuff like the gas and your streaming services and maybe a little more for the groceries while your partner pays the rent, utilities, etc. Sit down together and work out what is best for both of you.
When moving in together for the first time, it’s easy to get swept up in the excitement and the romance of it all. But try to maintain a sense of sensibility when it comes to your money.