Personal Finance Tips For People Who Want To Move In With Their Partner

Anyone who’s thinking about leaving home and moving in with their partner has a lot of hard work ahead of them. Learning to live with someone full time can be very difficult. Firstly, you have to get used to all those habits that you hadn’t noticed in the past. The most complicated part comes when you start to talk about finances. The chances of you both earning the same wage are pretty slim. That means one person will end up paying more towards monthly bills than the other. Considering that, you must read through our tips before calling a removals company. It might be that you need to wait a while until everything is sorted.

Personal Finance Tips

Pool your finances

Before you do anything else, you’ll have to work out how much money will be available when you pool your finances. Ideally, you need enough cash to pay all the bills, but also some extra for saving. In most instances, one partner will end up controlling the money, and so you need to make sure you select the most logically minded person. There is no point in letting your boyfriend handle the financial side of things if he is terrible at looking after his income.

Share any debts

Moving in together means that your income is shared, but so are your debts. At the end of the day, payments have to be made to creditors regardless, and so it affects both of you. That is why you need to be upfront and honest about any debts you may have accumulated over the last few years. That way, you can create a plan to sort them out. If you’re struggling to repay loans, you may need some professional help. Anyone who wants to obtain credit counselling in Vancouver or other locations should start the ball rolling as soon as possible.

Cancel your credit cards

Unless you have no other option, cancelling your credit cards is a wise move when moving in with your partner. While it is nice to have some extra money knocking around for emergencies, it makes more sense to use your savings. Credit cards make it incredibly easy for you to get back into debt without even realizing.

Open high-interest savings accounts

You only have to look online to find the best deals on high-interest savings accounts. Most high street banking groups provide them, and they could help you to increase your funds. While interest rates tend to drop when you withdraw money, you can get fantastic rates if you don’t. There is nothing stopping you both from getting a decent account today, and it will mean they any money you save is secure.

As we said at the beginning of this post, living with someone else can involve a lot of hard work. However, most people would agree that it’s worth all the effort. If you love your partner, you will find a way of making things happen. You just need to keep your ear to the ground and remain innovative in your approach. Creating a spreadsheet that displays details of your monthly finances is always a good idea. Just saying.

Jason Dirks