Certified financial planner Sophia Bera answers:
I am about to move in with my significant other and we've been having a lot of frank conversations about money. Do you have any topics you'd recommend we discuss?
Congrats on making a big decision to move in with your significant other! It's wonderful that you and your partner are having open discussions about your finances.
Here's a few areas that I think are really important to discuss:
Income: I'm amazed by how many people have no idea how much money their significant other makes. It's important when you're deciding how to share expenses.
I don't recommend splitting the rent 50/50 if you don't make the same amount of income. I think it makes more financial sense to each contribute a percentage of your income to share household expenses based on how much you each make.
Credit score: In order to qualify for an apartment they check your credit score, so it's really important that you're aware of your partner's score before you start shopping for apartments. The last thing you want is to be denied for a rental based on your partner's bad credit.
Debt: It's important to know how much debt your partner has, so you know if they might have difficulties keeping up on rent payments.
Savings and assets: If your partner is living paycheck to paycheck with little savings, it might not be the best idea to move in together. On the flip side, if they have plenty of emergency savings and are saving for retirement, it shows that they are serious about their financial situation and that's great!
Remember, talking about your finances is an ongoing discussion not a one-time talk. You'll want to make financial discussions part of your relationship so there aren't surprises that might negatively affect your own financial situation.
It can also bring you closer together as a couple by sharing your goals around your finances. I recommend having a weekly money date with your partner so you can plan how you're going to use your money to match your values, so you can live an amazing life.
Sophia Bera, CFP® is the Founder of Gen Y Planning and has been quoted in The New York Times, Forbes, Business Insider, AOL, The Wall Street Journal, and Money Magazine. She tweets, travels, and loves helping millennials manage their money more effectively. Curious? Sign up for the free Gen Y Planning Newsletter.
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