Couples Living Together Need A Plan For Finances

June 7, 2012 12:00 AM
Couples Living Together Need A Plan For Finances
" BOSTON (CBS) – The PC term is cohabitation. Many more couples are trying this approach before marriage and in some instances instead of marriage. Over 8 million couples live together. That number may be low due to the fact people often lie to the census taker.

So how does what’s yours, mine and ours work here? This is not going to be a romantic segment! Grab a pad, pencil and your calculator to help.

You need to treat the finances just as if you were two strangers about to become roommates. Talk about the expenses upfront before your friends start carrying the boxes in and if you are willing take it one step further; put everything in writing. Create a cohabitation agreement. You’re dealing with a roommate, one you’re romantically involved with, but they’re still a roommate.

Keep your finances separate. Do not open a joint checking account and do not put each other’s names on your credit cards as a user. And do not co-sign loans for each other. Share the basic household expenses like the rent, mortgage and utilities. Forget the landline here. You need to have a clear understanding about what’s expected of each of you "

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