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My bf and I are planning to live together..so how do we manage the finances and who pays for what?

Tagged as: Big Questions, Dating<< Previous question   Next question >>
Question - (24 April 2007) 2 Answers - (Newest, 25 April 2007)
A female United States age 41-50, anonymous writes:

ok, so now things are getting serious with my b/f of 4 months. We've kinda touched on the subject of living together. I have never lived with someone before, and I dont know how to act or what to do. I desperatly need advice on how to manage the finances who pays for what. Im also a single parent so how does all this work out in terms of who pays for stuff mainly groceries cuz there will be a family of 6 soon. Any advice on living together is very much appreciated.

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A female reader, LuckiStar15 United States +, writes (25 April 2007):

TasteofIndia is right that this is something you need to discuss throughly with your partner, but I'll give you some suggestions that I've done in the past, and that you 2 might want to consider.

1.) You split the bills 50-50. You find the grand total of all of your bills and you each pay half. This could mean that one person writes a personal check to the other one and the second person takes care of all the bills or you each write checks for the bills and then one person writes a small personal check to the other to make up the difference.

2.) If one of you makes significantly more money than the other one, you may want to divide the amount each of you pay for the bills so that neither one of you is left completely tapped out after the bills are paid.

3.) You each put some of the bills in your own names (Say you take water and cable, he takes heat and phone) and then you are responsible for those bills alone, you just both have to agree that you will pay your bills, because even though it's only in one person's name, if you don't pay the bill it affects everyone in the house.

Good luck!

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A female reader, TasteofIndia United States +, writes (25 April 2007):

TasteofIndia agony auntThis is stuff you really need to be talking to your PARTNER to rather than us. This is VERY dependent on your own individual financial stances and how your family situations are. How many kids do you have, how many kids does he have?

Before you move in together you need to sit down together and have a long talk about the logistics of living together. Money is a VERY important thing to talk about between couples. You can figure this out together....

Talk to your significant other and make out a budget plan for the both of you.

Good luck, sweetness.

xxIndia

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