15 Things I Wish I Knew Before Moving In With My Partner

"Moving in with your partner isn't just a personal commitment, but a financial commitment, too."

Moving in with your partner is a huge life moment. It can be exciting and overwhelming all at the same time — at least it was for me. As great as it was to move in with a partner, there were a few things I'd wish I'd known beforehand to make the transition a little easier.

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Here are the 15 things to consider before moving in with your partner. I've also asked Mandy Rutherford, Westpac's Managing Director of Cash and Transactional Banking, for some of her tips about how to take care of the financial side of things.

1. Talk about your individual financial habits and how financially compatible you are.

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Moving in with your partner isn't just a personal commitment, but a financial commitment, too. Before moving in, you should talk about what your individual financial situations are — like what your savings priorities are, whether you have any personal debts and the financial costs of your lifestyles — to see whether you are financially compatible.

"It can be a good idea for you and your partner to first establish an understanding of each other’s financial habits," suggests Mandy. "Get on the same page early by talking about your goals — both short and long term — before making a decision to combine finances, as having different attitudes to money can be a challenge for many couples."

If you need some help with how to have this discussion, take Westpac's Sharing Finances Quiz together. This quiz will help you explore how you and your partner view money, and then how you could work together. You’ll also get tips on setting up your finances together, including suggested bank account structures.

2. Talk about what you both need and want in terms of a location.

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Deciding on where to live and the kind of space you each need is one of the first decisions you'll need to make as a couple. From proximity to your workplaces and family to lifestyle preferences, making a list of priorities in terms of what to look for in a home will help you select a property that you both love.

From a financial perspective, Mandy says "If it’s a new place, discuss how much rent you can both afford." Ensuring you choose a place that works for both your budgets is really important in making sure both parties feel comfortable in meeting the obligations of paying the rent. 

3. Work out what your daily budget looks like as a couple.

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Moving in together means taking on shared financial responsibilities — and that means pooling your resources to some extent to cover your joint cost of living. Making a shared budget can help you figure out what the extent of those financial responsibilities look like, as well as managing your day-to-day spending. 

If you need a little help with this, you can use this handy Westpac budget planner.

4. Make some ground rules regarding how you're going to split your costs.

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"Discuss how your bills — including rent, streaming services, groceries, car-related costs and utilities — are paid, and by whom," says Mandy. "You may want to divide the bills between you or split each bill in half. It all depends on your situation for example you may have differing hobbies or earn different amounts."

5. Consider opening a joint account.

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When it comes to handling shared financial responsibilities, having a joint everyday banking account can make things a little easier to manage — and more transparent for both parties. 

"Many couples decide to deposit a set amount to cover the expenses and bills like rent, power and gas. It can also help you jointly save for that rainy day which you can track together," says Mandy. 

"It’s important you only open a joint account with someone you trust and agree on what circumstances you’ll both take money out of the account. A good safeguard is to put some parameters in place, like deciding if one or both of you need to sign to approve transactions and setting up access for both of you to mobile banking so you have visibility over transactions."

6. Make some couple goals that you can work towards together.

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As well as handling your daily expenses, a joint account can also be a great tool for managing money to go towards your couple goals. Whether it's saving for a house, paying off a car or working towards an awesome holiday as a couple can make you feel inspired and invigorated to make smart financial decisions — as well as having the emotional benefit of making you feel like you're progressing together as a team.  

 "It helps to have a conversation up front about the purpose of the joint account, any savings goals or shared expenses, and what this money will be used for," says Mandy. "Digital tools like Westpac’s Savings Goals featured in online and mobile banking can help you set up your joint goals along with a regular transfer so you can track your progress together."

7. Communicate in an open, respectful manner.

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Merging your life together with your partner is a process and challenges are bound to pop up from time to time. Whether it's discussing how you're going to furnish your shared home, talking through unexpected expenses or any personal situations that affect you as a couple, communicating openly and respectfully will help you get through it all. It'll also bring you closer as a couple and deepen your trust and understanding of one another. 

8. Discuss boundaries that are important for both of you.

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Sharing a space with someone means that you'll have to be considerate of their lifestyle preferences and personal boundaries. Talk about how you each feel about entertaining and hosting guests, how early or late you like to get up or go to sleep, as well as expectations of cleaning and maintaining the home so you both feel comfortable and happy with your new living arrangements. 

9. Decide which items you are both bringing to the new home — and what you're tossing out.

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Depending on your current living circumstances, you may both have furniture and/or homewares that you want to bring to your new, shared home. Make a list about what you both can offer to the home and decide which ones you'll each bring or toss out before you move in. This will help ensure your new home is a fresh start for both of you, as well as help you identify what new purchases you may need to make and the associated budget that's needed to cover these costs. 

10. Think about how much moving in together will actually cost you.

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As well as talking through your day-to-day expenses, you'll also need to make a budget for the actual move itself. Aside from the cost of a bond and rental advance (if you happen to be renting), ask yourself and your partner whether you'll need to hire removalists or a van to make the move happen, as well as any boxes and wrapping you might need. If you’re leaving an old rental property to move into a new one, there may also be cleaning costs to cover.

To get on top of all the unforeseen costs of moving, check out Westpac's Moving In Checklist.

11. Set up your utilities.

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Before you move into your new place, figure out what utilities you need to set up. From electricity, gas and (potentially) water, as well as your internet and phone line, organise at least a week or two before your move to get your utilities up and running. 

Our tip? Consult some utility comparison websites to help you find the best deal for your needs.

12. Change your address and redirect your mail.

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A small detail that often goes forgotten, changing your address on your licence and updating any relevant insurances — such as car insurance and home and contents insurance — is imperative when moving in with a partner. 

Also, set up mail redirection through the postal service to ensure important mail doesn't go to your old address. 

13. If you plan on living together indefinitely, understand the legal implications of being in a de facto relationship.

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Typically, couples who have been living together for two years are described as being in a de facto relationship. This comes with various legal and financial rights, so it's important to understand what they are. From tax and welfare implications to separating property in the case of a break up, be sure to read up on the financial implications of having a de facto relationship status. 

Consider legal advice to make sure you understand your rights.

14. Ensure that you maintain your individual hobbies and have some alone time.

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Moving in with your partner often means that by default, you'll find yourself spending more time with them. This can be a really positive thing, but it's also important to carve time out for your own hobbies, friendships and self-care. 

Having time away from your partner to work, exercise, socialise and unwind can also be beneficial for your relationship — plus, it'll mean you have richer conversations when you do spend that time together at home. 

15. Be open to growing and developing together.

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Moving in together is an awesome step towards building a life together as a couple. It will take some time to get into a joint rhythm in your new home and new life together, so give yourself and your partner some grace to do so.

Apart from being equipped to handle challenges together, remember to take time to enjoy this new phase in your relationship and celebrate this special life moment. 

From moving in with your partner, starting a new career, having children and everything in between, Westpac is here to help you through all of life's moments. Find out more about how Westpac can support you through whatever stage of life you're at.

Disclaimer: Any advice within this sponsored article is general in nature only. Read the terms and conditions at www.westpac.com.au and consider if it is right for you.