by James Tennant

Created on: December 24, 2009   Last Updated: February 22, 2010

Handling one's finances is an important part of life. This becomes especially true when two people decide to move in together. When shared rent, bills and utilities become part of the equation, it is important to sit down with your partner and work out your finances.

Taking some time out to talk through your finances with your partner will help to ease any worries concerning the matter. It can be a thorny issue to bring up but it can cause so many problems in relationships if not given some serious thought. Try to sit down once a month to discuss important financial issues.

- Make a budget:

Making a budget is quite simply the most important thing for a couple to do when they are thinking of moving in, or have just recently moved in, together. Find out how much money it will cost to live on a monthly or tri-monthly basis. Discuss everything; rent, groceries, utilities and any other essential purchases.

Once you have worked out monthly out-goings, it would make sense to work out how much is coming in. Discuss wages and write down how much money you can work with. Once you have the two sets of figures then it is time to work out how you will split the bills.

Some people prefer to take control of certain bills, for example one person will take care of electricity and water and the other will take care of gas, phone and Internet. If there is a price difference then it can be made up separately.

Other couples like to simply split the bills 50-50. This means totalling up all of the bills and simply splitting the price in half. This is the most popular way to pay the bills and requires the least amount of fuss to get done. In some cases, if one is earning more than the other, couples can split the bills 60-40 or even 70-30.

However, the latter should only be done if both people are aware that this is the situation and if it is decided beforehand if the difference will be paid back or not. This will ensure that there is no confusion that could lead to arguments.

- Joint Bank Accounts:

Another thing to think about once you have decided to move in together with your partner is opening a joint bank account. The couple can pool some of their money together to pay for certain things, such as bills (this can be a very good idea) or to save for something. A car, holiday or some other treat.

Whatever the reason for opening a joint bank account, make sure that you both know exactly what is involved in the process and what the various stipulations are. Talk to your bank manager and

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