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Next to buying your first car,choosing your career,or picking where to live,moving in with someone is up there with one of life’s biggest decisions. Whether it’s with a partner or just a friend (or group of friends),deciding who you want to spend most of your non-sleeping,non-working life with is something many of us think carefully about.
Before you move in with a partner,friend or group,a candid discussion about financial expectations is a must.Aresna Villanueva
This isn’t just because we don’t know if they’re any good at stacking the dishwasher or how they hang their toilet rolls (though these things are still important). Bunking in with someone will,inevitably,require some financial intermingling and the resulting awkward conversations as you decide who’s going to manage what bills,who’ll buy the couch,and if it’s worth setting up a joint account.
What’s the problem?
These sorts of chats,if not managed well,can put a real dampener on what can and should be an exciting time. And they’re chats more of us are having more often,with a study from rental database showing recently as people look to cut down on costs.
More seriously,failing to set strong boundaries around finances when moving in with someone can lead to circumstances of financial abuse,an increasingly prevalent issues which affects.
What you can do about it
If you’re thinking about making the move in with a friend or partner,here are some things to consider:
Advice given in this article is general in nature and is not intended to influence readers’ decisions about investing or financial products. They should always seek their own professional advice that takes into account their own personal circumstances before making any financial decisions.