MoneyLife

Stress-Free Guide To Moving In With Your Partner

By Kaitlyn Wolf
moving in with your partner

Moving in with your partner is an exciting milestone for any couple! It’s the start of a new chapter in your lives, and it opens the doors to a bright future together. But even so, as you get ready to move in together, you’re likely feeling a combination of excitement and fear.

While getting to spend more quality time together is exciting, you’ll also be faced with the reality of living with someone else, meaning you might have to put up with potentially annoying or gross habits of theirs. While getting over your partner’s taste in home decor might not be a big feat, money habits can make or break a relationship.

That’s why it’s crucial to get on the same page with each other about your expectations as they pertain to living together as well as all things finance-related. We’re going to help you figure out to make moving in with your partner stress-free!

Taking the next step with your partner

Wedding bells may not be ringing for you and your partner soon, but it might be time to take the next step in your relationship and begin the journey of living together. Taking that next step is an exciting time and it will give you a real glimpse into what your future might hold. 

Tolerating your partner’s snoring and blanket-hogging habits may be something you can handle, but can you tolerate intense discussions about how to spend and save your money? This guide is going to give helpful tips for moving in with your partner, how to navigate your finances, and get you on the same page before you make it official!

Determine a budget together

Moving in with significant others usually means you’ll split costs and spend a little less money on rent and monthly expenses overall. It’s important to have open and honest conversations about what you can afford and what you’re both comfortable spending every month. 

The key to a successful budget is that you set expectations and you make sure you are transparent with your partner about what you spend your money on each month. You both need to be able to respect each other enough to stick to the budget that you set. 

A great way to master your spending and budgets is with a RoarMoney℠ account from MoneyLion. You’ll have access to smart tools that can help you monitor your finances every month, all from one place. You’ll receive weekly reports that divide your spending habits into categories so that you can easily see each other’s spending habits.

Quick tip #1: You should never spend more than 30% of your gross monthly income on rent. Just because you’re able to split your rent with your other half doesn’t mean you should move into a high-priced place. Take this opportunity to spend less on rent and save more so you can put that money towards your future financial goals..

Keep receipts and share expenses

Usually, apartment complexes require you to pay rent for the first and the last month, as well as paying a security deposit. The easiest way to handle your security deposits is to use a cashier’s check and keep all moving-related receipts. 

Otherwise, later on down the road, you won’t be able to remember who paid for what. With a paper trail, you can avoid arguments over finances in the future.

Quick tip #2: Speaking of documentation, always put both of your names on the lease. You never know what the future holds so both of you should be held financially responsible for paying rent over the course of your lease’s terms.

Sign an agreement

Prenuptial agreements are often made between two individuals before they get married, but the same concept can be applied in other situations, too. For instance, you can utilize a prenuptial agreement if you’re married, engaged, or living together. 

Start by creating a contract that states which household items belong to who and how you plan to split your collective monthly expenses. Setting clear expectations with your partner will help you both keep your relationship free from financial stressors. 

Quick tip #3: Print a customizable roommate contract online and fill it out to avoid any confusion regarding your individual financial responsibilities. You can create a quick and legitimate contract for free at LawDepot.

Take inventory of your belongings

Before you and your sweetheart become cohabitants, take a look at the household items that you already have. Take the time to figure out what your new space needs compared to what you currently own. 

Make decisions about things like whose couch you’ll keep if you don’t need both of your couches. You might even want to plan on buying a brand new one together! It’s up to you.

But either way, taking inventory of the items in your home is also a great way to help you make decisions regarding home or renter’s insurance coverage. It will also expedite future insurance claims if anything is ever stolen or damaged.

Quick tip #4: Decorate together! It’s a fun activity to do as a couple, and it’ll give you both an opportunity to contribute to the space. You don’t have to overspend to make your new place feel like home, either! Hit up thrift stores or department stores, like HomeGoods and Big Lots, for cheap ways to create your new vibe together.

Remember that communication is key

Have conversations about what’s going on inside your head instead of bottling things up and letting small things turn into big issues. If your partner has a habit of leaving every light on in the house and you live a more energy-conscious lifestyle, have a discussion with them about it to avoid built-up resentment. Consistent communication about the small stuff makes it easier to communicate about the big stuff.

Quick tip #5: Don’t discuss anything when you’re upset. Instead, give yourself a day to gather your thoughts, and once you feel ready to talk through issues calmly, have a conversation with your partner about whatever is bothering you.

Review your budget together

A couple who budgets together often stays together. Now that you’re living in a two-income household, it’s important to rethink your budget. The amount of money that you spend on food and utilities will likely change. Think through your monthly budget as a couple. You’ll learn a lot about one another by understanding each other’s spending and saving habits as well.

Quick tip #6: Organize your joint spending and budget with ease by using a budget template like this one from The Savvy Couple. You could also try a money management app for couples, such as Honeydue.

Know each other’s credit score

Now that you and your boo are moving in together, your life will become more financially entwined, meaning it’s crucial to be transparent with your partner about your financial profiles, like your credit score, salary, savings, and debts. Whether you plan to rent or buy, your financial profiles will make a big impact on your application process when looking for a place to call home. It can also give you a peek into your partner’s ability to be financially responsible as well. 

Money is the leading cause of stress in relationships. Follow this financial guide to encourage responsible money habits between you and your partner. Congrats on your shiny new key!

Quick tip #7: If you or your partner are trying to get an apartment with bad credit, don’t panic! Consider getting a Credit Builder Plus loan from MoneyLion to help you save, build your credit, and ultimately secure a new living space.

Go on money dates

Talking about your budget and tracking your spending probably isn’t your idea of a hot date, but fighting about money isn’t sexy, either. Just like you should have open communication about how you cohabitate, you should also be honest about your financial situation. Take the time to check in on your budget, online bank statements, and credit monitoring accounts. Be sure to make any necessary changes as a team, too.  

Quick tip #8: Plan your money dates ahead of time. Life gets busy, so it’s important to set aside time in your hectic schedule to discuss where you’re at financially. Try to schedule a money date at least once per quarter. 

Living your best life with your partner

For couples moving in together, communication is key. Whether that’s communicating your pet peeves or being honest about your financial situation, you need to be able to have open conversations with your partner. 

Don’t forget that your partner can’t read your mind. So, the more you hold things in, the more strain you’ll put on the relationship. 

Are you ready to take the plunge and start living together but you can’t quite cover the move-in costs? When you bank with MoneyLion, you can get your paycheck even faster with our early payday feature or get up to $1000 with Instacash

Open a RoarMoney account today to get the cash you need when you need it most. 

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