Your finances can have a huge effect on your life, and they can put a lot of pressure on you and your partner, regardless of whether you’re married or not. So, before you move in with your partner, it’s important that you have your finances sorted out. This will help you to avoid the most common issues that couples make when they first move in together.
Splitting the Bills
It’s important to establish who is going to pay for what when you move in together because if it’s unclear from the offset, it could cause problems further down the line. The logical thing to do is to split the bills down the middle but if one of you is earning more, you may want to split it 40/60 or to another ratio. However, it’s important that you’re both OK with this and that the person paying more isn’t going to start to resent this fact.
As difficult as this topic is to broach, particularly when you’re both just excited to live together, if you have an agreement in place to start with, you’ll both feel better going forwards. And, if your financial situations change, you both need to be flexible with this.
For example, it may be a good idea if you both contribute into a joint savings account so you have some money set aside for any hiccups or unexpected events. E.g. if one of you had an accident and you needed to hire a personal injury firm that operate in Providence (e.g. Marasco & Nesselbush) having this money set aside for a rainy day will help you no end.
Stick to a Budget
Whilst the most obvious bills are your rent / mortgage repayments and utility bills, there are going to be other costs that you need to account for. These include food, internet and maintenance bills, which will all need to be paid for. So, both of you need to know what needs accounting for in the budget and who’s paying what in order for you both to put aside this money each month.
A great way to do this is to transfer the amount into a joint bank account with all of your bills going out of this each month. That way, it’s easy to monitor your bills from one place, without having to transfer into each other’s accounts as and when a bill comes through.
It’s important that you and your partner can talk about money, so try to make sure you both remain open about it. This means that if any unexpected bills come up or your partner’s struggling one month, you can come together to work out a solution.
There’d be nothing worse than keeping a growing debt to yourself for your partner to find out further down the line when it’s spiraled out of control.
If you’re honest from the start, it’ll help you both to tackle these financial issues head on.
Courtney Platt works as a financial consultant. She knows where people make the most mistakes when it comes to money matters, and shares her wisdom in her online articles.
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