Whether you are married or cohabiting, financial discussions with your partner are sure awkward at first. But they are essential to obtain a realistic goal of living together as a couple. As well as, deciding how bills will be paid, such as how the couple split rent. Don’t worry, it’s healthy to talk about things like these.
Talking about your finances is very important with your significant other to maintain transparency within the relationship. By splitting expenses, you can show each other that you are responsible enough to spend a whole lifetime with them. And when it comes to splitting the rent, you can definitely come up with your own setup. But we have listed three ways for you to split rent and other expenses as a couple. Here are ways Champion Movers recommends couples can split the rent.
Ways Couples Can Split Rent
1. Separate but equal
By keeping separate bank accounts and splitting the rent equally, many find this way safe and fair, so it’s also very common for many couples. Also, one partner may pay out of pocket for everything and then just collect a check from the other. Each partner paying different bills that can be reconciled once a month may also work.
With free-for-all splitting, one person might pay the rent while the other is expected to pick up everything else. This might mean one of you might end up paying a lot more each month. As long as it’s fine for both of you, you can mutually agree to follow this kind of setup.
3. Proportional to income
This is setup will divide the rent and expenses depending on how much money you make. It’s a personal choice that the couple has to make. The higher earner must be willing to pay a more significant amount.
The Bottom Line
It’s best to have a plan and mutually come up and agree on a way to split your financial obligations. Because being a couple is not just all about dates and doing sweet things together but also about sharing and helping each other to get by.