3 Money Questions to Ask Before Moving In Together
Ready to split the rent with your significant other? Not so fast. Before you check out new apartments, you should make sure his or her finances check out. Issues like paying bills, paying for repairs and updates around the house and general spending habits become integral to whether you'll be a match made in household heaven. So we spoke to Galia Gichon, CEO of Down-to-Earth Finance, who gave us some tips on balancing your relationship (via your checkbook).
What should you know about your partner's finances before you move in together?
-If you can, know their credit score and what kind of debt they carry.
-Know their spending style. Are they paycheck to paycheck, or are they a huge saver? Are they sporadic about spending or more systematic?
-The last piece of advice deals with communication. Most couples don't really talk about money. They don't talk about what investments the other person has made and what other accounts the other person might have. You should know how much money they make. Ask questions like, if you got $50,000 dollars tomorrow, what would you do with it?
More often than not, it's money issues that can end a relationship. What can lead to this?
People often don't share responsibilities and one person will do everything. I recently had a client who didn't know how to pay the bills. You should set aside time to talk about it. Make a money date over wine or coffee. You should talk about where you want to be in five years. I did it with my husband, which was great. If we didn't, I never would have known he wants to start a business of his own someday. And now I have that in the back of my mind as something that is important to him, so we can start saving together.
What are some ways to ensure you're on the same page?
Change money duties. Switch off paying bills each month. If you have a financial advisor, go to meetings together, and make meetings for just you and the advisor. You should both be aware of how much you are making and spending.
What are some ways to ease into sharing your income?
When deciding to work on finances together, changes don't have to be drastic. Start by setting up a joint savings account. And get organized about different accounts. Set up a "home fund," where you can both put in a percentage of your paychecks to go toward the house or apartment. If that works, you can consider a joint checking. But there is an emphasis on everything needing to be joint. It's not for everyone. See what works for you.
Don't feel like you have to answer for every penny, though. Question yourself and your spending habits. If you have different philosophies on spending, question yours. Maybe you could change a bit, too.
By Brooke Eaton for Fox News
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