Crucial Money Tips for Newly Cohabiting Couples

Moving in with your partner for the first time can be exciting.  However, it can also be problematic.  You get to learn more about your significant other, including some things that you might have been happier not knowing.  Perhaps the largest problem that a couple will face is money, and how to handle it as a new live-in couple.  Unless you can afford a personal accountant, it’s good to learn the skills you need yourself.

The first mistake that many people make when they move in together is combine their money.  This is never a good idea – leave that until after marriage.  One of the most important financial tips is to keep your bank accounts separate and you will have far fewer hassles in your new life.

 

Another important tip involving money is to always divide your bills evenly.  This does not necessarily mean that each person pays half the rent, half the power bill, etc.  Instead, you need to divide the bills so that both of you are paying approximately the same amount of money every month.  This will help keep things on an even keel and ensure that neither of you feels that you are “carrying” the other person.

 

In addition, you and your partner need to be very candid with one another about debt.  In almost every relationship, one person will have far higher debt than the other.  Keep your debt and your money your own – do not make the other person pay your bills.  However, do not hide your debt, either.  Make sure that you put this type of information about money out there at the onset.  Remember that secrets are like weeds, they always find a way to the surface.

 

Finally, you might consider drafting a domestic-partner agreement that spells out your financial obligations to each other to the letter. This will avoid many fights and any confusion in the future.  You may think you love each other too much for that to happen, but if it can happen, it will happen.  Save yourself the bother and just put something on paper to save yourself future drama.

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