You did it! You took a leap of faith and moved in with your boyfriend. Not only are you going to have to learn to live with each other, chores and all, but you are inevitably going to have to learn to share bills, unless you have a sugar daddy, in which case..I’d like to know…does he has a brother? ;)
Discussing finances can be an uncomfortable conversation, because you will have to find a way to work out the bills that does not cause stress or contribute to the demise of the relationship. Remember, moving in together is a great thing..lets keep it that way. Below you will find 4 tips to splitting the bills in a fair and diplomatic way.
1. Split the bills down the middle:
Some couples find it easier to split all of the bills right down the middle. This type of arrangement works best for couples who’s incomes are roughly the same and don’t have a whole lot of individual credit card or student loan debt.
2. Pick & Choose Which Bills to Pay:
Some couples also prefer to divvy up the bills individually. For example, they may split the rent and then one partner takes the electricity bill and water bill , while the other takes the cable bill. This gives each partner some individual responsibility in paying the bills.
3. Split the bills based on percentage:
If there is a significant difference in the amount each person makes, it may make sense to divide the bills based on the percentage of income. For example, if one person makes 75,000 and the other makes $50,000 then the person with the high income will be response for 60% of the bills while the other would be responsible for 40% of the bills.
4. One person pays all the bills, other person contributes to savings:
One other arrangement, which isn’t as popular….is to have one person pay all the bills and the other person contributes to some sort of joint savings account where the monies are set aside for future plans, such as a wedding, or a downpayment on a house, etc.
Regardless of how you choose to pay the bills. The arrangement needs to be fair and flexible. Money is one of the biggest stresses and causes of arguments in most relationships, so the more you can discuss and work out the bills, the less stress it will put on your relationship.
Did I miss any? I’d love to hear how you and your boyfriend share/split the bills.