We all reach that point in our lives when we meet someone special; that person that makes us happy, whom we can share our lives with, and maybe we can’t even imagine our lives without them. However, while meeting that special someone usually brings about joy, excitement, and happiness, it can also come with its stresses and tensions, particularly when merging finances and households.
Couple who make the “move” to live in the same household, regardless of financial situation on either partner, is a huge step emotionally…and financially. Here are some tips on how to manage money with your partner, without killing the romance.
Living Arrangements. Before agreeing to move in together, couples should always discuss living arrangements. How will expenses be split and/or shared? Is this determined by income and other contributions? How do you keep this fair? Couple should work together and have discussions surrounding these questions prior to moving in together. Having an open discussion surrounding who pays what, how much, and when can save a lot of heart ache, and even the relationship itself in the long run.
Big Purchases. When living with another person, one item to discuss is the purchase of big items, such as furniture, a TV, an appliance, or even a car. Couples should have a conversation about what is considered a “big purchase item”, and even determine a limit to spending. For example, some couples might set a rule that anything over $100 should be discussed prior to making the purchase. Some couples might want to discuss every purchase together, as well as set spending limits for each partner.
Bank Accounts. Most couples who live together typically have a joint account to pay bills. Some couples might maintain their own separate checking and savings accounts, and maintain them on an individual basis, and then have a joint checking account together for each to contribute money to pay bills. This method is common and keeps things fair as it encourages each partner do contribute their share.
Watch the Future. If a couple has progressed to the point in their relationship where they live together, then the relationship is likely very serious; therefore, a long term commitment or even marriage may be in the future. If this is the case, then it is important for couples to also discuss plans for marriage, as well as its costs and how assets will be dealt with in the future.
Couples who have taken the plunge to merge households have certainly taken a big step. Unfortunately, because many couples don’t take the time to iron out finances before making the move, so many relationships often fail.
For those couples who don’t take the time to communicate about finances, or who have recently moved out of an ex’s household, then you may need help. Contact Affordable Title Loans today to find out how car title loans can help you get out of a sticky, desperate financial situation. Title loans are available at competitive rates, with a hospitable staff, and are approved in as little as fifteen minutes. Contact us today.