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Moving in together can be an exciting next step in your relationship, but it also means you’ll need to think about how you’ll manage your finances. It can be fairly tricky trying to figure out who pays what and how your spending can be co-ordinated as a couple. However, there are ways to successfully plan and manage your finances as a couple without it leading to arguments.
Here, you’ll discover some of the best ways to co-ordinate yours and your partners spending when you take your relationship to the next level.
Working out who will pay what
One of the first things you’ll need to do is figure out who is going to pay what in terms of rent/mortgage and bills. All couples have a different way of working this out. For example, one person could pay the rent or mortgage while the other pays everything else. However, this won’t always work out fairly as the bills and everything else could total more than the rent or mortgage.
A common way to divide the finances is to pay everything equally. So, each partner pays half of the rent and the bills. It all depends upon if one partner is earning significantly more than the other. If there is a big divide in income, the partner earning more may agree to pay more. It’s something you need to sit down together and come to an arrangement which works for you both.
Consider a joint bank account
It can be difficult organising your finances separately, so you may want to consider opening up a joint bank account. This allows you to pool your income together, letting you both see exactly how much you have available.
Obviously, you may still want to keep separate bank accounts for yourselves and that’s fine. You could use the joint account to pay the rent/mortgage and bills, and your separate accounts can be for the money you have left over to spend separately.
Create a spreadsheet to manage bills
It can be tough co-ordinating your finances with your partner, but a spreadsheet can make it much easier. This allows you to write down how much you and your partner are earning each month and which bills need to be paid. Seeing a list of your incomings and outgoings allows you to get the best idea of your financial situation.
This method also ensures you don’t miss any bills and you’ll know exactly how much you and your partner have left to spend. Of course, not everyone loves the thought of their partner knowing where their money is going. So, it is important to sit down together and talk about how best to manage your finances and what each of you are comfortable with.
Overall, there is no “one size fits all” approach when it comes to managing joint finances. You need to sit down with your partner and figure out what works best for you as a couple. The tips above can be a great place to start, but ultimately it comes down to what you and your partner are most comfortable with.