Money Tips for Couples Moving In Together | Money and Relationships
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Moving in together as a couple is both exciting and nerve-wracking at the same time.
On the one hand, you want to take your relationship to the next level and start building a life together.
But you may be nervous about whether this will make or break your relationship.
You may be worried about whether you’ll put up with each other’s differences
Or, wondering how you’ll feel in each other’s space all the time.
But adding money to the equation can make things feel a bit more…complicated.
Money is one of the leading reasons relationships don’t work out.
Well, let’s look into how you can avoid this during the stages of moving in together.
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Money Tips When Moving In Together
Money plays a big role in this transition
If you’re moving in with your partner there’s so much to think about.
Money is what you’ll need to pay for your bills, dates, commute and everything else.
The difference is now there’ll be two of making these financial decisions.
The real aim is to learn how to make financial decisions that work for both of you.
So we’re looking into the kinds of money discussions you must-have when moving in together.
Let’s get into it.
Agree How You’ll Be Managing Money From Day 1!
Before you even get the keys you must talk about how you’ll manage money together.
If you’ve already moved in together, talk about it now!
You need to know exactly how you’re managing your money – especially for shared expenses.
Here are a few questions for you to consider.
Are you keeping your money separate or combining everything together?
Are you splitting bills between you or paying your bills together from the same pot?
How will you handle the debts and savings that you’re bringing to the table?
You don’t want a situation where you’re not sure about what’s going on financially.
Or worse, find yourselves in a financial mess because you didn’t agree on who’s paying the bills.
Have a discussion about how you’re managing money from day 1 of moving in together.
Talk About Joint Accounts
Joint accounts are primarily built for giving couples joint access to the same money.
They are a great tool for couples who want to combine some or all of their finances.
We have joint accounts and they work great for us.
For instance, we have a joint bills account, joint food account and joint savings.
But we also know joint accounts aren’t for every couple.
Discuss your overall thoughts on having joint accounts with your partner.
Do you want them?
Talk about reasons why you want (or don’t want) joint accounts and how you’ll use them.
And review your decision every now and then to see if you’ve changed your minds as time goes on.
Have A Date Night Fund
When you were living separately, date night was your time alone.
However, date night could slip when you now see each other 24/7.
Life gets in the way and bills mount up.
Even if you wanted to do something, you may find you don’t have the money for it.
Setting up a date night fund ensures you still intentionally make time for Date Night.
Putting money aside for your dates is actually a way to invest in your relationship.
Work As A Team
One thing is for certain when it comes to money and relationships – you’ll disagree at some point.
And that’s okay.
The way to manage these frictions is to have a team mindset.
This means you make money decisions that benefit you both as a team rather than one of you.
If you really disagree with your partner be very open and upfront about it.
But aim to come to a resolution that works for you both.
This may mean you have to do things that you wouldn’t necessarily want to all the time.
But, they will be necessary to keep the two of you working together with money.
Consider A Co-Habitation Agreement
Unmarried couples that live together don’t have the same rights as married couples.
This won’t be an issue unless you decide to split up after moving in together.
We hate to be brutal but this is an unfortunate possibility for many couples moving in together.
For instance, do you still keep the assets you each brought into the relationship?
Or, if you paid towards your partner’s mortgage what can you claim?
A cohabitation agreement is something you could consider getting.
It helps to provide clarity about your financial agreements, especially where assets are concerned.
This is a legally binding agreement and you should seek legal advice.
Take Action
Download our FREE Couples Budgeting Guide today and start budgeting with your partner the right way!
Share this post with others so they can also learn about money too.
Let us know how you’re getting along by getting in touch with us, we’d love to hear from you.
Knowledge is powerless without action.
So take action, and take care.
Thando & Lindie
