So, you’re moving in with your partner and confused on what financial responsibilities are going to look like?

First, it’s important to remember what works for others, may not work for you.

According to a post by The Guardian, money is a top contributor to arguments among couples. 

It’s no secret that we are living in a time of financial hardship and inflation is undoubtedly on the rise. 

Create a budget 

Creating a financial plan, and sticking to it, is of utmost importance when sharing a home with someone. If you haven’t heard of the 50/30/20 budget plan, check it out.  

This plan is an easy budget choice for beginners. 50% of earnings goes toward needs, 30% goes toward wants, and 20% goes toward savings. 

Yes, don’t forget to factor in savings as a financial responsibility. Life happens and you never know when you’re going to need some extra cash. 

Get honest 

While budgeting is most important, a close second is honesty. This is certainly one of the greatest aspects of sharing finances with another person.

It’s okay to set aside “your money/my money” once bills are paid. But, always be honest with your partner about your solo expenses. 

With that said, you can use a joint account for shared financial responsibilities and separate accounts for personal spending. 

Split the responsibilities 

If one partner makes more money than the other, make a plan for them to pay a higher percentage of the expenses. This is a more logical option than splitting them 50/50. 

You don’t have to be a mathematician nor do you need to overthink this. Decide what is “fair” to each person and go from there. 

Designate a “bill boss” 

Realistically, it’s important for one person to be the “bill boss.” Designate the more organized partner to make sure all bills are paid. 

Trying to do this together can cause confusion and ultimately lead to forgetting something. It’s okay if one partner takes the lead in ensuring all is paid as agreed upon. 

However, this doesn’t mean that the other partner remains oblivious to your finances. Revisit your plan regularly to guarantee you’re always on the same page.