The Cost of Moving in Together

Financially Compatible Couples

You’d think the decision to move in with your significant other would be based on love. But according to a recent survey, 63% of people who have moved in with their romantic partner did so for financial or logistical reasons.

At the same time, a separate survey found 64% of couples feel “financially incompatible” with their partner — meaning they have different philosophies when it comes to spending, saving, and investing their money.

Before taking the leap of co-signing a lease, it’s important to make sure you’re both on the same page financially.

Money Mindsets

Regardless of your age, marital status, or financial situation, expert advice regarding couples and money remains fairly consistent.

Like all forms of healthy communication, it’s all about transparency. Sit down, open your books (or banking app), and conduct a quick financial show-and-tell. This allows you both to see the big picture – each other’s debts, savings, and financial goals.

For couples in the early stages, you’ll likely spend most of this session establishing a plan for the future, determining how to split expenses, and deciding how to pay your bills. Then plan to do an annual review of the household budget, set goals, and attempt to maximize shared resources. More established couples will need to incorporate paying down debt and estate planning in anticipation of retirement.

Yours, Mine, & Ours

Especially for younger generations, the idea of splitting rent or a mortgage can be attractive to make things more affordable. 76% of Millennials and 80% of Gen Z cited money as the motive for moving in. And it is a way to save money — for 43% of respondents, the decision saved them more than $500 a month.

But living with your significant other is a significant decision. Moving in together is a major step toward “your” money becoming “our” money. Still, as long as you’re in agreement on what to do with it, there’s no reason not to share the wealth.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS23021501