Set Yourself Up For Financial Success Before Moving in With Your Significant Other
Have you and your significant other been thinking about moving in together? Moving in with one another is a big step in anyone’s relationship journey. Setting yourself up for financial success beforehand is essential! You are likely used to dealing with your money solo, but if you move in together, a lot of the financial aspects will likely be shared.
Here are some helpful tips and questions to consider to get the conversation flowing:
CREATE A BUDGET - TOGETHER
This is were you should write down what all of your expenses will be - shared and individual. What are your fixed expenses? Think rent, car insurance, internet etc. Next, you should know what is coming in. These factors will help you set a realistic budget. Don’t forget to add savings!
PLAN HOW YOU WILL ORGANIZE YOUR MONEY
Planning ahead for things like whether you are keeping individual bank accounts or opening shared ones, maybe doing both. Will you have a shared credit card? Where will all the financial information be tracked and stored? Lots to think about here!
DISCUSS FINANCIAL BOUNDARIES
Maybe one or both of you have a large savings account that you have been contributing to for most of your life. Where does this go in the relationship? Will you keep it that way and have individual or joint savings, maybe both? This is also where you want to discuss any outstanding debt. If one or both of you are working on paying off those student loans still, will you go at it together now? Or keep it separate?
BE HONEST ABOUT YOUR SPENDING PATTERNS
It might be a good idea to track your spending for a period of time so you each know how you spend your money. This should include your fixed expenses and your variable spending - think dinner with friends, haircuts etc. Will you be able to keep it up when you move in together? One of you might like late night online shopping more than the other!
It’s important to ensure you are on the same page regarding your financial goals. Need a few more tips on “co-budgeting” for the first time? I’ve got you covered! Reach out, I’d be happy to share some more tips with you.