<p style="text-align: justify;">Just imagine having to split up with your live-in partner due to monetary conflicts. Granted, money is an important part of any individual’s life, but it should never get in the way of a meaningful relationship.</p>
<p style="text-align: justify;">If you wish to avoid this situation, you ought to be clear about your finances right from the start. Before, you pack your boxes and move out of your home in with your partner, think thoroughly. Discussed below are some effective moves which create a balance between your finance and relationship:</p>
<h3 style="text-align: justify;"><strong>#1- Talk about Money</strong></h3>
<p style="text-align: justify;">Communication is a secret key to develop and maintain all relationships. A two-way communication reduces misunderstanding and allows you to speak your mind. If you are planning to live-in then talking about money becomes very much important. You can simply plan out a specific day to talk about your finances.</p>
<p style="text-align: justify;">This conversation cites your attitude towards money, your monetary habits (spending and saving), financial priorities and your future financial goals.</p>
<p style="text-align: justify;">You must discuss how much can both of you can afford and contribute. Furthermore, the way you will split your finances is it 70-30 or 50-50. How will you manage additional expenses like renovation, finances, etc.</p>
<h3 style="text-align: justify;"><strong>#2-Separate your Personal Finances</strong></h3>
<p style="text-align: justify;">Although you are in a serious relationship but it is important to keep an eye on your finance. It is equally essential to trace your finances and if you note that your spending exceeds earnings make sure that you control your expenditure.</p>
<p style="text-align: justify;">Maintain a separate account so that you are aware about your finances and do not end up in debts. Avoid linking your personal account with investment accounts. This is so because a single wrong investment can land your personal savings in trouble.</p>
<p style="text-align: justify;">This is also applicable for car, home, etc. because splitting them can be difficult. Therefore, it is wise to rent a property as you can simply share the rent. Besides, you do not have to determine who should pay the down payment.</p>
<h3 style="text-align: justify;"><strong>#3-Have a Joint Account for Household Expenses</strong></h3>
<p style="text-align: justify;">Opening a joint account is one way to ensure that both of you spend equally on household expenses. Fix a particular date when both of you transfer a fixed amount for your domestic expenses.</p>
<p style="text-align: justify;">Make sure that both of you are active and receive updates on the account. This will help you to keep a check that your monthly bills are paid. Additionally, if at all, your partner is taking any wrong financial decision or you no longer wish to stay together, you can always divide the amount between the two of you.</p>
<p style="text-align: justify;">This will also prevent you from using your personal credit card for your household expenses. Because, this can reduce your savings and you will end up spending more for it. It is therefore wise to have a different account.</p>
<p style="text-align: justify;">A simple way to determine your fixed household expense you can estimate your expenses and thereupon decide a specific amount. Obviously, your gross income plays a key role in it as whether you both are capable and willing to share that particular amount.</p>
<h3 style="text-align: justify;"><strong>#4- Set apart your Responsibilities</strong></h3>
<p style="text-align: justify;">You are responsible for the payments of your car, car insurance and other personal expenses. Your clothes, personal care and spa expenses are to be paid solely by you. If you go out with your friends you are responsible for your own expenses and not your partner.</p>
<p style="text-align: justify;">It is advised to invest a 15 % of your gross income for your retirement plan. You are liable to pay your credit card bills and loans. If you already are repaying a loan make sure that you do not have any mis-sold policy attached to it. In case you have a mis-sold PPI policy you can make a successful PPI reclaim through help of professionals.</p>
<p style="text-align: justify;">You can always ask your friends or family members to suggest you good firms for the same. You can also search dependable firms online and check their clientele to know about their services.</p>
<p style="text-align: justify;">You never know when the need arises for some additional money so always make the provision of emergency funds. It is said that you should save at least six months of your income as emergency funds.</p>
<h3 style="text-align: justify;"><strong>#5-Prepare an Agreement</strong></h3>
<p style="text-align: justify;">With couples signing a prenup before their marriage, live-in partners signing it is not much of an issue these days either. Plus, this paper can save you in case things do not fall in place or slip out of your hands.</p>
<p style="text-align: justify;">Make sure that you mention all details in it, including all the minute ones. Information such as payment of bills, rent. Spaces you share, joint account, etc. Remember, that if you do not have a proof in black and white you will not be compensated for your loss.</p>
<p style="text-align: justify;">Live-in relationships have their own loop-holes therefore, it is very much important to consider the facts. Also, putting things down in paper makes it more concrete and clear. It also indicates that you and your partner are on the same page.</p>
<h3 style="text-align: justify;"><strong>#6- Major Purchases Separate</strong></h3>
<p style="text-align: justify;">You probably may not have shared expense on furniture and some other home appliances. It is wise to keep record of the things which you paid for so that you can take them back if plan to move out.</p>
<p style="text-align: justify;">When you live-in together, you may purchase more such appliances so make it a point to note them as well. Maintain a record if your partner paid for any other expense or commodity. If possible save the receipt or bill so that you know who made those payments.</p>
<p style="text-align: justify;">If in case you had split the purchase prices, then decide who would get first dibs, or selling it would be a better option.</p>
<p style="text-align: justify;">Lastly, it is not necessary that your live-in relationship may end on a sad note as there have been successful marriages. But, it is always safe to keep your finances secured so that you can use them in your hour of need.</p>

Tips On How To Manage Your Finances In A Live-In Relationship
