How to Manage Money When Moving In Together

You’ve made the big decision – shared keys, shared fridge, shared life. Moving in together is exciting, but there’s one part no one talks about enough: money.

When the honeymoon phase meets electricity bills, things can get awkward fast. So before you start arguing over who left the heater on, let’s talk about how to keep your finances (and your relationship) running smoothly.

Start with a Proper Chat—Before You Move the First Box

It’s tempting to dive into cohabiting without discussing the details, but trust us, money talks before moving day can save you heaps of trouble.

This isn’t about grilling your partner on their bank balance. It’s about understanding each other’s habits and expectations.

A few conversation starters:

• How do you normally handle bills?
• Are you more of a saver or a spender?
• What expenses do you think we’ll share?
• Any debts or financial goals worth mentioning?

It doesn’t need to be a formal sit-down. Take a walk, have a wine, keep it relaxed – but make sure you’ve covered the basics.

Work Out a Fair Way to Split the Costs

Once you’ve figured out what expenses you’ll share – think rent, groceries, internet, power – it’s time to decide how to split them.

There are a few popular ways couples manage it:

Straight split: Half each. Easy if your incomes are similar.

Income-based: Each person contributes based on what they earn. More flexible if one earns more than the other.

Split by responsibility: One person pays for rent, the other handles bills and groceries. Just check that it balances out over time.

There’s no right answer, just make sure both of you are happy with the system, and revisit it if things change.

Joint Account or Keep It Separate?

This one’s personal. Some couples love the simplicity of a shared bank account. Others prefer financial independence. You might even fall somewhere in between.

Here are your options:

Keep it separate: You each pay your share from your own account. Good for independence, but requires a bit more coordination.

Set up a joint account just for bills: You both transfer in an agreed amount, and all shared expenses come out of that pot. It keeps things neat without going all-in.

Go full joint account: Everything’s shared. Great if you’ve got high trust and similar spending habits, but definitely not for everyone.

Whatever you choose, clarity is key. Who’s paying for what, and when? Write it down if you have to. Future you will be grateful.

Use Tech to Take the Pressure Off

No one wants to chase their partner for $26.75 every second week. Here are some handy tools to help:

• Beem – Quick money transfers between mates or partners.

• Splitwise – Tracks who paid for what and balances it over time.

• Up Bank (2Up) – An Aussie digital bank account designed for two people.

• WeMoney – Helps track spending, bills, and budgeting goals.

• MoneySmart Budget Planner – Government-backed and great for mapping out your expenses.

Pick a system that suits your style, whether it’s techy apps or an old-school whiteboard on the fridge.

Don’t Fall Into These Traps

Moving in together is a learning curve. Here are a few common mistakes to avoid:

1. Skipping the money talk. Silence leads to stress. Keep the convo going.

2. One person doing all the admin. Split the responsibility, not just the bills.

3. Letting lifestyle creep take over. Two incomes doesn’t mean double spending power.

4. No emergency fund. Set aside a small buffer – you’ll thank yourselves later.

5. Keeping secrets. Be honest about spending habits, debts, and goals. It builds trust.

Final Thoughts

Moving in together means learning how to live as a team – not just emotionally, but financially too.

Have the chats early, choose a setup that feels fair, use the tools that make life easier, and check in regularly. Managing money as a couple doesn’t have to be hard, it just needs honesty, a bit of planning, and a sense of humour when the power bill is higher than expected.

Any advice is general in nature only and has been prepared without considering your needs, objectives or financial situation. Before acting on it, you should consider its appropriateness for you, having regard to those factors. Before making any decision about whether to acquire a financial product, you should obtain the Product Disclosure Statement.