How to Budget When Moving in Together
There are many benefits to moving in with someone; saving money is a common one. It could be that you spend so much time together that it only makes sense to split the costs in housing, utilities and groceries. If you know your roommate well, such as if it's a close friend or romantic mate, divvying the bills is okay, but if you don't know them very well, it's best to itemize the exact amounts. No matter what your reason, get all of your expenses out on the table so you can begin to make plans to share space -- and bills -- with your new roommate.
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Instructions
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Start your plans to move in by deciding where you will stay. Look at all of your options for housing, such as living in either one of your places or moving into someplace completely new. Review your mortgage or rental payment obligations to be sure you can both afford to live in the place you decide on. Add transportation fees such as gas or public transportation passes to your expenses.
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Discuss your financial obligations and plans to merge finances to pay bills. Chat with your partner about spending habits, debts and savings, all of which may affect your household budget. Write out all of the household and living expense needs that pertain to areas you both will share. Include common bills such as rent and utilities as well as easily overlooked ones like groceries and Internet subscriptions.
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Assign who will be responsible for paying which bill, writing out an agreement if necessary. Divvy the bills in half if necessary by combining them all together and paying one half of the total for each. Set up a payment schedule that works for both of you depending on when bills are due and when each of you gets paid.
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Make paying bills as a team convenient. Dedicate a specific area in the house where bills will be received, paid and ready to be delivered. Include a list of all the bills that are due, what it's for and when it's due. Include everything on the list including lawn service, repairs and home improvement projects. Keep personal financial obligations separate. Pay for your own debts such as a student loan, credit card or car note.
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Plan to condense your duplicate items to save money and arrange for sale. Keep the best quality item, such as a toaster, blender or microwave, and sell the duplicate item. Use the money from the sale to pay for expenses, such as left over moving costs or an unexpected bill. Discuss how you will handle major purchases, such as asking your partner ahead of time on how items will be paid.
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References
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