How We’re Planning To Manage Our Money When We Move
Me and Luke have lived together for about 2 years now. Being at my parents it’s more about saving and less about splitting bills as we don’t have too many. When we were in my flat we split the monthly expenses between us which worked well at the time. But as Luke gets paid weekly it did have its issues. Within the next 2-4 months, we should be completing our house purchase, meaning the expenses are going to shoot up. Even though we won’t be moving straight in pretty much all of the bills and expenses will need to be paid. We’ve spoken a lot about how we’re going to manage our money. And here’s how we’re planning to manage our money when we move.
Discussing how to manage our money when we move
The biggest thing for us was communication and chatting about how we both felt. And this is the most important way to plan how to manage your money when you’re living together. I know a lot of couples who each have their own money. They just split the expenses and transfer this money into a joint account. Then whatever’s left is theirs. For some people, this is the best option but for us, it wasn’t.
As Luke gets paid weekly being self-employed, and I get my main wage monthly with freelance money coming and going splitting bills just isn’t practical. When we lived in the flat Luke would have some weeks where he had loads of money as nothing big came out that week. And others he’d be poor.
How we’re going to manage our money when we move
We’ve decided to pool all of our money together when we move and share everything. Through our main jobs, we don’t earn too much different so this helps us better manage our money when we move. What it will mean is all of the bills will come out of the account where my wages come in. This means we know we have enough to cover them all and it’s one account. So if some come out on the 1st and some mid-month it doesn’t matter to us.
My wage should be almost enough to cover everything. I’m talking all the house expenses like mortgage, council tax and bills, everything around our vehicles like insurance and Luke’s van loan, and then our individual expenses like phone bills and Spotify. This gives us the peace of mind that it’s all in one place and I can make sure all of the direct debits etc come from this one account.
How we’re going to manage our day-to-day spending
With Luke’s weekly wage this will cover our day-to-day spending. This money will be split into four transfers (although not specifically all equal). Some will go into our joint Monzo account for food, some will go into savings and the rest will be split between mine and Luke’s accounts. This gives us each some money each week to spend. This will have to cover things like fuel, but also give us some money to go out and do things and buy stuff. And the great thing is we’ll get this each week. So if I spend all of mine on a clothes blowout I know I’ve only got to wait a week at most to not be poor again. For us, this is the best way to manage our money when we move. It gives us our own money but keeps everything together.
How we’ll manage additional income
I’ve not taken into account my freelance/ blogging work into the money we need. We didn’t declare it towards our mortgage as we didn’t want to rely on it. I know that there may come a point when blogging doesn’t really bring in an income, or I might take some time out. But whenever we are lucky enough to have any additional income this will go straight into savings.
It’s likely that it will be our holiday money to allow us to go away on beach holidays or city breaks. But if it does lower at any point it’s not paying for vital things.
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17 responses to “How We’re Planning To Manage Our Money When We Move”
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All About Me
Rhian Westbury
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So important to have these discussions before you move into your home and work out how best to manage the various bills etc.
These discussions are vital before embarking on the joint mortgage. I also learned having a savings account. Like forcing even a tenner a week or more of spare into an account helped cultivate a stronger relationship with money!
Yeah we’re going to have joint savings for various things like wedding, emergency fund, Christmas etc x
it sounds as though you have had some sensible conversations and getting a mortgage is hard enough these days, so to ensure everything goes to plan is vital x
Communication is key when starting a new part of your life, whether it be a marriage or buying a new home. It sounds like you’ve thought it through and even accounted for potential emergencies.
Sounds like you’ve got some great plans in place for when you guys move. I found having a joint account with my Husband (then partner) was the greatest thing for helping us budget when we first moved in together.
We have a few joint accounts now as living together makes so much more sense to pool your money together x
It sounds like you have a great plan in place and its fab that you are having these discussions now so you know where you both stand when you do move in. I think having a joint account is really helpful as you can both clearly see and access the account together!
It’s really good that you’ve thought all this through. It’s so improtant to have good communication about money in a relationship. Mich x
100% agree, money is generally the biggest cause of arguments so having good communication and having a plan can help save the arguments x
It’s great that you’ve been so organised, it’s so important! Your plans sound like a good way to get around the issue of Luke getting paid weekly while you get paid monthly.
We’ve decided to see it as a blessing and find ways to take full advantage of it x
Like you say, communication is key. Money can be the reason for a lot of arguments in relationships and your openness and planning as a couple is fabulous.
100% agree, it’s about being honest and open when it comes to money and trying to have conversations before hand so it doesn’t become an issue x
these are really important conversations to have, but ones that many shy away from. respect to you, and i love that you’re sharing to help others.
I think you both have set up a great financial plan for handling your expenses and getting some money in to savings.
It is vital to have these discussions before you move in together and it sounds like you have made some very sensible decisions