When living with a partner it’s important to have open and honest conversations about money and budgeting in the very early stages. If your ideas, preferences and decisions aren’t clearly communicated with each other it can cause tension and arguments along the way. Being honest and open about what you need and how you want to spend your money at home is a huge part of living together, but what kind of things should you be talking about? Whether you’re looking to save money with your partner or simply stay on top of your monthly bills, you need to prioritize what’s most important to your household and consider some of the following ideas.
Mortgage Payments
Before you jump into buying a house, you need to discuss what you can afford in terms of monthly payments. It may be that you need to look into smaller properties if your mortgage quotes are coming up on the lower end. As long as you and your partner are clear about how much you can keep up with when you take out a mortgage.
Utility Bills
Paying your monthly utility bills will form a big part of your outgoings, so you need to discuss how you’re going to split these bills. There may be one person who earns slightly more and is able to put more money into the bills, but this should always be discussed and not assumed.
Entertainment Subscriptions
Most households will subscribe to some sort of television or entertainment package, so it’s important to communicate what you would like to pay for each month or year. This may involve some compromises, especially if you have different preferences about television platforms and providers. You also need to look at what is vital for you and what could be considered a luxury; cutting down on the added extras would give you more disposable income for other things.
Health Related Payments
If you’re sharing a home, you may also want to share other things such as health insurance or gym memberships. Taking care of your health is obviously very important so this is something you may want to prioritize when you’re discussing finances and monthly expenses.
Social and Vacation Budgets
When it comes to saving money for a vacation and other social scenarios, it’s important to have a clear plan of what you want to do and what is affordable for you as a couple. You need to have the same expectations of what you would spend in a social situation and how much you would pay for a vacation. It’s all about being on the same page and understanding how you want to use your disposable income to enjoy your time off together.
Having open conversations about all of the ideas above will give you peace of mind that you’re always spending your money on the right things in your home. Being able to talk rationally about budgeting and spending in your household is a vital part of living with a partner, so make it a priority to keep talking to each other when you need to.
