Shacking up without going broke(4 Posts)
I second M2F, work out what you want to share and then contribute a % to a joint account. All dd and groceries to come from there and personal expenditure from your own account. DH and I did this when we moved in together and it worked well. It also translates well to different future scenarios e.g. If you have children and one stays at home or works part time. You just have to keep agreeing what is joint e.g. Now, with me a SAHM everything is joint including my clothes!
To get this joint spending as low as possible do a money makeover on Money Saving Expert and if you are moving, start with nothing e.g. Cheapest energy, no TV package, shop around for phone/internet, and then see what you MUST spend on and add to that as you can.
DP and I do a %age contribution based on what each salary is as a %age of total household income. I think its currently 55 me 45 him...so whatever the monthly outgoings are I contribute 55% of the money.
DH and I have a joint account that our both our salaries go into. All of the bills are paid from it and the balance is then split three ways between our individual accounts and a joint saving accounts.
DP and I are moving in together soon and we need some good advice for money saving. A lot of the tips about seem to be really obvious (we already make our own lunches, don't buy Starbucks daily, know about Freecycle and use online codes) or frugal to the point of unpleasantly stingy (like my LL who keeps decade out of date medicine and chastised us for paying to go to the local firework display rather than watching from th street for free)
We each house share at the moment - my bills are included in the rent, he lives in a cheaper city and earns/will earn about half what I do, so we don't want a shock when it comes to the end of the first month. We have considered moving to cheaper city to save on rent, but as DPs job is moving to London (where I already work) that's £7k in travel per year between us, so we are looking at London. This will mean a rent increase pcm for both of us, and as the areas we've scoped out as having the right balance of affordability and ease of getting to work are too far to cycle and probably not commutable by bus, DP will be paying an extra £130 or so in Travel card costs.
what we need is advice on how to save on the other stuff. Bills, food, tips for crushing impulse spending (I have bipolar disorder and this happens if I tip into mania), and also, how you manage things when there is an income disparity. DP wants to change job, but we have to assume that for now his income is what it is - splitting everything down the middle hardly seems fair!
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