Financial Rules Every Couple Should Follow When Moving in Together

1. Talk About Your Goals. Do you want to move into a bigger place? Do you eventually want to buy a house together? Get married? In order for this to really feel like a partnership, you should be working toward something. Identify that something.

 

2. Know Each Other’s Credit Scores. Knowing each other’s exact salaries, credit scores, savings and debts would feel like TMI in the very early stages of a relationship. But now that your lives are about to become entwined, it’s crucial to get transparent and unveil each of your financial profiles.

 

3. Devise a Plan for Splitting Expenses. There’s no right or wrong answer to how you go about splitting expenses and household responsibilities. Remember, you’re a couple, not roommates. You don’t need to nickel and dime each other as long as you’re both putting in your agreed-upon fair share.

 

4. Schedule Money Dates. Talking spreadsheets and cash flow is probably not your idea of a hot date, but fighting about money isn’t exactly sexy, either. That’s why it’s important to schedule time to sit down with your partner and review your current financial situation.

 

5. Have an Exit Strategy. While you’re wrapped up in the excitement of playing house with your partner, the last thing you want to think about is the potential for that relationship to end. But it’s always a possibility; at least you can be prepared. Keep important bills and accounts in your name only so it’s easier to cut ties and move on if necessary. It’s also important to have a stash of savings for any financial emergency.