My bf and I have been together just over year and are thinking of moving in together.
For those who have done this how do you manage finances?
I am currently on SSP with casual weekly work/ seasonal more fulltime hours, meaning I have between 1-3 jobs depending on the season, I report my earnings and my pension is adjusted to suit that fortnight.
i am looking for more permeate work with a admin position starting soon that will hopefully lead to full time work And i probably won't have him move in until this happens but for the sake of having the conversation before hand..
I have 4 children 100% percent minus a week in holidays, 3 will be at school next Year one still in daycare.
he has 1 child who he has in the holidays due to distance.
Any way im assuming I'll lose most of my pension, he earns just under 50k a year, he obviously has commitments to his child and i want to make sure he can still manage that when we move in together.
He currently boards with family and pays a set amount a week that covers everything...
He would be moving into my home (morg) he doesn't own a home, has a car loan etc i don't have a car loan as i paid it off a few years ago but all the costs of owning a home and raising 4 kids.
For those who have done this do you divide the bills into 6, with me paying 5 parts and him 1? As in elect/ water/food/internet etc? and pay our own phones? Car regos insurance Loans etc.
But then What about the rates/morg etc?
should i ask for *rent*?? I don't know!!
He's always saying they'll be our joint expenses etc but i want to make sure we have this sorted out first, i don't feel like it should be 50/50 for house hold costs etc, and I'm also not 100% ready to completely combine all our money but don't want either of us feeling like we've got the short end of the stick so to speak.
Advice?
Be kind, i think blended families make the what's mine is yours yours is mine a little harder especially when 1 person has 4 and the other only 1?
I've only lived with my childrens father before and obviously was a little simpler.
We also spend money completely differently for gifts etc, I'm very minimum as i have to stretch for 4, his child is use to a lot more etc.
I worry how we will blend us all!
5 Replies
I think it's good to worry about this, not enough people worry about this.
Centrelink doesn't care how you choose to split the money. If he looses his job you will be expected to support him financially and he would have to support yours. You will loose parenting payment single but might get parenting payment partnered. Any money he earns will effect all of your payments.
Currently you see the house as your house. Check out the laws in regards to de-facto relationships. You need to know when he can claim the house as also belonging to him.
My guidelines for myself in these situations, if he isn't prepared to financially support me and my kid (if the worst were to happen) and/or I'm not prepared to support him financially we are not ready to live together.
There are reasons why people do the pool the money together thing and Centrelink assumes you do this. There is no 'but he only pays 1/6 of the household expenses'. That would be called a Tennent not a boyfriend/partner.
I think number of kids is beside the point. So you have four he pays for one, put all the costs together, cover them and then have roughly the same amount left over each.
definitely talk about what kind of money people you are. Spend up when you got it, upgrade gadgets, or like to build savings.
also whats his thoughts onthe house, remember you will have a house at the end of it. And whata yours on sharing it at some point or moving to a house that is both of yours.
Talk and work it out together I so youre both happy.
I think once the two of you move into together you should get a joint account where you can both contribute to the account.
It's hard to say how much you'll loose until you finalise everything. My boy friend and I are moving in together next week so paper work will get done this week to ensure it's all done before we move in. My situation is different as I don't have a job have been on SPP and will solely rely on my FTB/Child Support and him for monetary support. He earns roughly 50k a year also.
Thing is once you live together CL sees everything as joint even if you don't. Because they feel as if you should be supported by your significant other and vice versa. Until you're ready to share everything do not move in together. Also make sure you see a lawyer and get some sort of agreement set up in writing saying that if anything happens and you break up he's not going to get the house/your car etc everything can go to crap when things get messy. Even if you don't plan on something band happening it's always best to be prepared.
Get legal advice, and make a proper legal agreement. Otherwise he could be entitled to a chunk of your house in the event of a breakup.
Doesn't sound like you're ready to take this next step, and honestly, I'd be concerned about his lack of assets, living with parents, and on a low income. Give it another 6 months and see how things go. I don't want to be reading a future post about how lazy your new bf is, how he spends money and doesn't budget bla bla bla