
Kristen
Sullivan McEntyre is the founder of love and loot, a website that
connects women's true stories of financial troubles with advice from
experts. She is also a Contributing Editor at FiLife, the family
finance site in partnership with The Wall Street Journal. In the past,
Kristen edited the “How-To Personal Finance Guides ” now published at
The Wall Street Journal.
Are you making the big move and creating a new home with your
significant other? Congratulations! Moving in with a loved one gives
you the opportunity to learn even more about each other in new and
exciting ways. In order to help couples cope with this life-changing
step, we’ve compiled 5 tips to keep in mind when consolidating two lives into one shared home:
- Take Advantage of the Financial Perks of Moving in Together;
Discuss where your lives and belongings will overlap, and figure out
how and where to make the most appropriate cuts. If you have two
rental insurance policies, cancel one of them. If you have two coffee
makers, considering selling one of them online.
- Outline a Budget for the Move:
Working together to create a budget will open the door for conversation
about your attitudes towards spending, income, savings goals and how
you’ll budget your lives once you’re living together. If you’d prefer
to invest in a nice sofa by skimping on a kitchen table, make sure that
your partner feels the same way.
- Discuss Your Division of Labor and Costs Before the Move:
When it comes to financing the move, you might decide to split the cost
down the middle or divide it in proportion to your income levels. If
you find yourselves to be in different financial situations, consider
trading time for money. Create a plan and set a schedule to discuss how
the plan will evolve over time.
- Maintain Your Independence:
Remember that you’re combining two lives under one roof. It’s healthy
to maintain some financial independence, particularly if you’re not
married. If you don’t have a contract or many years of commitment
binding you together, then it might be best to avoid making large joint
purchases together. Buy household items individually, and keep a record
of each purchase.
- Find the Right Mix of Communication, Compromise and Compassion:
As you’ll soon come to understand, communication, compromise and
compassion are each key to building a happy and lasting living
arrangement.
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