Money Matters To Discuss Before Moving In

Relationships can be fun as they progress. After a while, you and your partner may decide to move in together as a logical next step to see if you are compatible for marriage.

Once you move in, you learn your partner’s sleep habits. You see how well they tidy up the place. You may find some behaviors that annoy you. Once you’re moved in, though, you need to find out something more important: their money management skills.

Finances are a top cause of divorce, so you need to be able to have honest conversations about money with your partner. Once you start living together, you’ll probably need to share finances or split bills, so discussing bills and debts is a good start. Who’s going to pay the rent?  How will utilities and other bills be divided? Who pays for the groceries? These are all questions you will need answers to before moving in.

How Will You Organize Your Money?

There are several ways in which money can be organized:

• Pool your money and share everything (as if you have a joint account).
• Create a joint account for rent and other shared expenses, but also have individual accounts.
• Keep everything as is and split up bills and expenses like roommates.
• One person pays for everything and financially supports the other.

As long as you and your partner both agree to the money organization method and it seems fair, then it’s right for your situation.

Create a Budget

Have a budget in mind for rent, utilities, groceries, and other expenses. Also keep in mind expenses that you are personally responsible for, such as school tuition or pet expenses. Keep track of what you are paying now and see if you need to make any changes before moving in.

Discuss Financial Boundaries

Each person views money differently. Some are spenders, while others are savers. Think about what boundaries you need to put in place to keep the peace. For example, some couples have a policy on discussing high-dollar expenses with each other. What would be the limit in these cases: $200, $500, more?

Check Your Mental Health

Surprisingly, there is a correlation between mental health and financial health. Some people suffer from money problems due to addictions such as substance abuse and gambling. Some people also have unhealthy behaviors about money, such as control and abuse issues. Discuss these behaviors before moving in together.

Seek Legal Help

Moving in with a partner is a huge step. As such, you want to be sure you are on the same page about important topics, and finances is one of them.

Many couples don’t discuss important topics even while married, and this can lead to a lot of confusion and resentment. In many cases, it can even lead to divorce. See how Fort Lauderdale divorce lawyer Edward J. Jennings, P.A. can help you through the process. Schedule a consultation today by calling 954-764-4330 or filling out the online form.

Source:

psychologytoday.com/us/blog/mental-wealth/202210/4-financial-topics-discuss-moving-in-together