Top tips before moving in together
Moving in with someone is a big step and something that gives you butterflies in the stomach. All of a sudden, you share everyday life with someone, cook together, watch series and spend Sundays strolling around the park together. Valuable time together simply. Then there are things that may not be quite as pleasurable, such as paying bills, sorting out shared expenses, in other words your household finances. It is part of the package when you move in together and something that everyone who lives together must relate to.
But it does not have to be that difficult. It all starts with actually figuring out what to share and how to share. Many people who live together still think it’s important to have their own money and to pay respect to what partners use their money for. Therefore it’s good to talk financials through.
Things to talk about:
Why are you moving in together?
Moving in together has many financial benefits, but you need to ask yourself, "what is our motivation?" Do you spend all your time with your boyfriend or girlfriend anyway, and it makes more sense to live together rather than paying for two homes? Or do you want to build a life together and plan to get married or have a family?
How do you view finances?
Before moving in together, you both need to be clear about your income and spending habits. This includes all debts you may have and salary. Do you value security and saving money or do you prefer to live more in the present? Financial transparency is the key to sustainable relationships. Unfortunately, money is the second highest reason for divorce (the highest is infidelity).
What do you want to share?
Should you share everything or should you only share the essentials like housing costs and bills?
How are you going to divide between you?
50/50 or according to financial ability? Remember that it is good that you both have your own money to spend, after all the common expenses are paid.
How are you practically going to share?
There are different ways to keep track of all common expenses. Some collect receipts and joint bills in a shoe box and as punishment the person who has put a red sock in the white laundry gets to sort it out. Others use an excel file and register receipts on an ongoing basis. Thousands of our users find that the Steven app is an excellent tool for keeping track of household finances.
Who pays for what?
There are a few different variations here. The important thing is that you jointly make a decision about who is responsible for actually paying the joint bills. Maybe one of you was born an accountant with a green visor and a pen behind your ear.
When are you going to settle?
Many who live together try to keep their debts between them down by letting the person who owes more pay more. Another tip is to settle at the end of each month when all the bills are paid.
Do you want to save for something together?
Do not forget to think through if there is something that you want to save for. Maybe you want to set aside money for a shared home, a longer trip or an epic sofa.
Take care of each other!
