{"id":2975,"date":"2017-05-09T09:36:56","date_gmt":"2017-05-09T09:36:56","guid":{"rendered":"https:\/\/www.ccpc.ie\/consumers\/?page_id=2975"},"modified":"2019-11-15T14:18:05","modified_gmt":"2019-11-15T14:18:05","slug":"moving-in-with-your-partner","status":"publish","type":"page","link":"https:\/\/ccpc.inventise.ie\/consumers\/money\/budgeting\/life-stages\/moving-in-with-your-partner\/","title":{"rendered":"Moving in with your partner"},"content":{"rendered":"

Money is often the cause of stress in relationships, so it\u2019s important you\u00a0agree how to manage\u00a0your joint finances\u00a0with your partner before\u00a0you move in together. As with any relationship, communication from the outset is key! \u00a0<\/strong><\/p>\n

Getting to know each other\u2019s financial habits<\/h3>\n

When you move in with your partner, you both need to decide how you will pay for shared expenses, such as your mortgage or\u00a0rent\u00a0and bills. Take into account each other\u2019s incomes and general financial situation. The key is to come up with an arrangement that suits and seems fair to both\u00a0of\u00a0you. Also, discuss how you will\u00a0keep track of your joint finances, and who has responsibility for what.<\/p>\n

Managing your day-to-day finances<\/h3>\n

Discuss and agree how you will pay for shared expenses – you could\u00a0each pay your own share, or use a joint account<\/a> and make contributions to it.<\/p>\n

Use our budget planner<\/a> to get you started.\u00a0 It will help you work out what income you have available and what changes you may need to make to take account of your new living arrangements. It\u2019s important that both of you understand how much you can afford to spend, so that one doesn\u2019t end up bearing the cost of the other\u2019s overspending.<\/p>\n

If you have a joint account,\u00a0under the Central Bank’s\u00a0Consumer Protection Code<\/a>\u00a0your account provider must inform you of any risks in having a joint account and find out if you want to put limits on your joint account. For example, you could request that both of your signatures are needed to make a withdrawal from the account. You could also\u00a0agree to only transfer in a certain amount of money every month.<\/p>\n

Decide on your savings goals<\/h3>\n

Discuss your shared savings goals<\/a>. For example, you may want to save for a house deposit, or for your wedding or just for a rainy day. Consider the impact certain decisions may have on other spending. For example, if you want to save for a deposit on a house can you afford to do this while paying your current rent? You may also want to consider setting up a joint savings account and pooling your savings, which may give you a better return on lump sum deposit accounts<\/a> or savings accounts<\/a>.<\/p>\n

Think about how you would cope if one of you were to become ill or\u00a0unable to work<\/h3>\n

One option, if you can afford to save, is to set up an \u2018emergency fund\u2019. Aim to build up at least three months\u2019 salary.\u00a0 There are different types of insurance such as income protection<\/a>, serious\u00a0illness<\/a> or mortgage repayment protection<\/a> which can help you prepare for the unexpected.<\/p>\n

Protecting your property<\/h3>\n

If you are renting, you may want to consider getting contents insurance<\/a>\u00a0to protect your personal items from theft or damage. Use our home insurance shopping around checklist<\/a>\u00a0to\u00a0help you ask the right questions so you get the best deal on your contents insurance.<\/p>\n

If you are buying a home together, there are many things to consider<\/h3>\n

Use our mortgage calculator<\/a>\u00a0to help you work out your repayments, how much they cost and if you can afford them. Before you buy, consider the consequences if things don\u2019t work out and get independent legal advice if you are buying with your partner. If you have financial\u00a0concerns about relationship break-ups see our information on separation and divorce<\/a>.<\/p>\n

\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Money is often the cause of stress in relationships, so it\u2019s important you agree how to manage your joint finances with your partner before you move in together. 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