The cost-of-living crisis – combined with inflation – has made life difficult for many families in the UK. And it’s likely to be a particularly tricky time for new partners. You’ll have to juggle the uncertainty of the economic turmoil as well as the natural growing pains that come with living with your new partner. Below, we explore some tips on sharing the cost of living for new partners.
The cost-of-living crisis
The cost-of-living crisis can seem alarming for new partners and families alike. Inflation is at its highest level in 40 years, which has made it harder for families to afford all the necessities they need. Meanwhile, the Bank of England is warning that even though inflation will slow down over the next two years, the price of basic goods is likely to remain high. In this context, you’ll need to be careful with your spending over the next few years and plan ahead if you’re living with a new partner.
Personal items
For a start, you should consider the personal items you bring to your household. If you’ve got a car, for instance, it should be your responsibility to pay for repairs, fuel and insurance. This covers your haircuts, your clothes, your personal care items and any other goods you purchase for yourself too.
Bills to share
Next, you should consider the bills you’re going to share. Generally, it’s reasonable for you and your partner to share utilities, rent, tenants insurance and basic groceries. However, if you have a pet, you might need to calculate how you can share the bills associated with caring for them. It’s also worth splitting a household emergency fund to keep you both going in exceptional circumstances.
Keeping outside expenses separate
It can help if you keep outside expenses separate. For instance, buying a shared car could make splitting up difficult to sort out if you’re not married. By keeping these expenses separate, you can give both you and your partner peace of mind.
Saving for the future
You and your partner will both have financial dreams and goals for the future – ideally, as a couple. The best way to actualise these dreams is to save together. By opening a joint savings account and by depositing a set amount of money into it each month, you and your partner can begin to make progress toward your shared financial goals.
Sharing the cost of living with your new partner can be difficult to arrange initially. But by following the guide above, you should be all set to calmly organise a system that can allow both you and your partner to navigate the current cost-of-living crisis.
