You’re all loved up and ready to make the big move. As romantic as this sounds, one unromantic truth is that you’ll now need to talk about money.
Chatting about finances is a fact of life – particularly if you’re about to move in together. So to avoid unwanted relationship stress, here are five money talks you should have before making the leap.
1. Are you a spender or a saver?
While you might stash your leftover pennies in a savings account, your partner might prefer to spend theirs while they’re out.
If you haven’t talked about this from a financial perspective, it can make things that much harder.
2. Do we share everything now?
Money aside, we’re talking about all the tangible things. What about your car? What about their car? Do you now co-own that expensive stereo system? As strange as these questions seem, it’s best to answer them honestly.
The truth is, breakups happen. And if you haven’t talked about this from a financial perspective, it can make things that much harder.
3. How will we split the bills?
While this conversation will be different for every couple, talking about it shouldn’t be. From loan repayments to utility bills, you’ll need to figure out how to divide your expenses. Will you split them evenly or calculate them based on how much money you both earn?
Before you move in, it’s important to work out your budget
and figure out what you can and can’t afford. Often opening a joint bank account
for shared expenses can make managing things much easier.
4. What if one of us stops working?
Moving in together comes with its fair share of new expenses. And if you or your partner suddenly couldn’t work due to an illness or accident, staying on top of bills can put a strain on your relationship. To help protect your income, if you are unable to work due to illness or an accident, you should consider taking out Income Protection Insurance
5. Do you have any debt?
Having debt shouldn’t be a deal breaker. It’s pretty common. However, if your partner doesn’t have a solid repayment plan or they’re effortlessly racking up even more debt – it could be time to rethink your move in date.
Talking about debt is notoriously tricky. However, understanding your partner’s relationship with debt will give you an invaluable insight into how they deal with money.
Time to talk it out
In a relationship, money shouldn’t be a taboo topic. And while moving in together is certainly exciting, the more open you are about expenses, expectations and financial goals, the easier it will be to make it work.