Getting Married or Moving In Together? Time to Talk About Money

Getting Married or Moving In Together? Time to Talk About Money

We know it can be extremely intimidating for couples to talk about Money related Topics. Every couple should discuss their Money related issues anytime in the coming Future or the present time. We all are pretty much aware of how Money can be a topic that can break the strongest of the bonds if not dealt with at proper times.

The partners in a relationship should come clean and should keep all their cards on the table, whether it is a Mastercard, Credit card, or anything else. They should make the other partner aware of any debt that will add up in the Financial expenses in the coming Future. The credit scores, the installment they have to pay every month, are some of the big things which the couples should discuss beforehand because keeping Financial Secrets to which the other partner is entirely unaware can wear and tear off the couple’s overall Lifestyle.

->We know that Relationships are not an agreement between two parties, but if an agreement is helping you stick longer in a relationship, then there is no harm in that. Let’s consider you and your partner had a “Financial” discussion, and you are aware of all the debt’s and pending payments of each other, so how do you handle it now? What should be your next step?

Well, it is easy after you are aware of pretty much every debt that you or your partner is having on his credentials, then the right decision will be to open a Joint Account. When the paychecks get deposited, both the partners can deposit some equal share of money into the bank account, which can contribute to any joint expenses and help with the costs as a couple later on.

->Living together, but not married? Today’s generation has a positive notion about living together but not getting married, which is the opposite of when I was going to enter my twenties. If you are going to live together, the first step should be opening a joint account that can venture to your joint spendings, such as any trip or adventure on which you wish to go.

If one partner is earning less than the other partner, then the shares should not be equal. Instead, the partner getting less pay can contribute less to the joint account. Both the partners should have a personal account as well through which they can spend on their individual needs and demands.

->One partner does not work? If one partner does not work and stays at home, then the other person should invest in 401(k) and an IRA(Individual Retirement Account), which can help the partner out in tough times.

->An agreement for the best of Relationship, A couple might also consider drafting out a contract for the best of the couple’s interest. With the help of a cohabitation agreement, the couples can clearly state on paper what they have agreed on and what they have not. For apparent reasons talking about an agreement in a relationship might feel odd, but it is in the best interest of the bonds of the relationship.

The agreement can help you decide what to do in case of a situation such as breaking up where you cannot think straight. Cohabitation agreements can be helpful, but at times, they should not be extensive enough, such as in the case of younger couples. Such arrangements can help take out what is left out in a relationship after a breakup which is nothing more than just dollars.


Let’s talk about some Money Questions which every couple should ask once before Living in Together,

  • Who will pay for what?

First things first, you should be aware of who can pay how much and for what? Because there is no point in addressing or building a budget that can render one or the other partner low on Finances.

It is not always possible that both partners can earn equal amounts of money as and when they can spend equal amounts of money. Many partners in a relationship earn a bit less than the other partner, but they compensate for it by doing some household chores. This way, there will be no partner who might be simmering as such for the expenses.

Ensure that the agreement you make can help in the recovery of items, stuff, etc., even if the unlikely occurrence of events part ways.

  • What are my and my partner’s spending habits?

You should know each other’s spending habits which can help in generating some savings at the end of the day. It is not always crucial that couples always need to have a fixed spending plan. There can be a miser while the other partner can be a careless spender for Money.

If you both are planning to go on a trip, then you can save for a trip and cut down your expenses equally, because even if one is saving Money carefully while the other is spending carelessly, then there is no point in saving money.

  • How can we work as a Team?

Drafting out a plan that can help incorporate some good saving skills for each partner is never a wrong choice. It’s more important to keep both the partners invested in the Financial Planning process, with some wine and your spreadsheets of expenses.

If your partner is someone who does not like spreadsheets and goes completely Nuts, then maybe it is your chance to draft out and prepare for a plan that helps limit the expenses while your partner can prepare a good supper for a dinner date.


Financial Journey and couple journey are two such stages in a Relationship phase that need to be given appropriate and proper timing. Couples should not keep any secrets with their partner; everything should be transparent for the Good Future of the relationship. Because drafting out a budget or reading a budget after a breakup is of no use whatsoever be the conditions.

Money is not the only important thing when we are talking about Relationships, but also it is the factor that contributes a major part to running a relationship smoothly. Therefore, always have a heart-to-heart talk before you have some important discussions like moving in together or getting married.

Author Bio:

Ankita Kaushal is working as a blogger for Veronica Karas. Veronica Karas is a Certified Financial Planner in NY. She helps with Complex financial issues like stock options, estate planning, tax & financial planning and more. Get in touch with her now for any assistance regarding Financial planning.