Moving in with a significant other is a milestone of any serious relationship. In fact, marriage experts highly advise couples to try living together before getting married. That way, you two can know for sure if you can bear each other’s company for another twenty or thirty years.
Two Makes More Money
When you live alone, you only have a single income. When you live with a partner, you are supported by the income-earning prowess of two. That means there will be more money available to eat something other than ramen for dinner. Also, if one of you gets demoted or laid off, the other can provide financial as well as emotional support. Households with two wage-earners are generally more financially secure than ones with a single wage-earner.
Use One Car to Reduce Transportation Costs
Another big expense in everyday life is commute. If you are young, have a car, and are paying insurance, repairs and gas can be quite costly. However, if you move in with a partner, you two can share a single car. Go to work in the morning together, go out together, and travel together to save up on gas. Like with rent, you can share the costs of owning a car as well. This is an ideal solution for certain cash-strapped car owners. If you run into serious money trouble, you can lease your car, and use your partner’s if needed.
Open a Joint Bank Account
If you live together and share an address, you two can open a joint bank account. Having a joint bank account can reduce certain fees and taxes you have to pay. Also, it can make paying certain household and utility bills more convenient. You may even be able to save together.
Also, both of you can invest together. Your combined income will be big enough to invest in high profile, lucrative deals and make a killing. You might even be able to pool your resources and invest in the highly profitable real estate market.
You must also take some precautions when you decide to share your income with someone else. Remember that you two are not married, so certain legal protections that come with a civil marriage will not apply to your relationship. Therefore, it’s advisable to have a “no-nup”, a legally enforceable set of terms of agreement, before moving in together.