Money Talks: Moving in with your romantic partner

Sharing an address means sharing the ongoing costs, and it isn't always as simple as splitting everything down the middle. What if one of you makes more money than the other or is carrying more debt? How do you make it fair? You really must take the time to talk it out.

If you need to buy furniture or appliances, who pays for what? Will you share them equally? Will each of you pay for different items? Ideally, you would know up front who will pay for what items and who would keep it after they moved out. Keep receipts and then put it down in writing in an email so there'd be no misunderstandings down the road. Be sure to talk about everyday expenses like streaming services, internet, utilities, groceries, even nights on the town. How will you divide them? You could come up with a monthly household budget, have a joint account, and each contribute equally. There's no right or wrong way, and it doesn't have to be complicated. But it's important to have clear rules of the road as you're starting out so there are fewer problems later.

Whether or not you're living with someone else, you want to be smart about managing your own money. And that comes down to budget management. It's pretty straightforward: How much is coming in, and how much is going out? Start by making a list of your essential expenses and your extras. Can you cover them all with your income? If not, prioritize. What extras can you cut out? Is there a way to increase your income? Getting into debt every month to cover your costs is a big red flag. There are some good free budgeting apps you can use like EveryDollar.

How much can you anticipate saving each month by moving in with your partner?

• If you work for a company that has a retirement plan, contribute enough to get the company match.

• Pay off non-deductible, high-interest debt like credit cards.

• Create an emergency fund to cover at least three months of essential living expenses.

• If you have these covered, think about your longer-term goals—a wedding or a down payment on a home—and set up separate savings accounts for them. Whatever your goals, make the most of the money you're able to save by having a plan right from the start.

Things don't always work out, and you should be prepared for that too. What if the relationship ends before the lease expires? What will you do with the things you own in common? Money differences can cause problems at any point in a relationship because while it's financial, it's also emotional. We all have different feelings about money based on our family backgrounds and personal experiences. And resentment can build very quickly before you even recognize it's there.

Living with someone can be a real learning experience about both love and money. Communication is the key. It's not always easy to talk about money, but don't underestimate its importance for both your present situation and your future. On the plus side, you just might find out you're even more compatible than you thought!