Moving in with your partner
Manage your finances together
Before moving in together, it’s important for you and your partner to agree how you’ll manage money day to day and plan for the future. This includes deciding how to split rent, mortgage payments and bills, whether to use a joint account, and how you’ll track shared spending using tools like the CCPC Budgeting resources and Current account comparison tool.
You should also talk about savings goals, building an emergency fund and putting the right insurance in place to protect your income and belongings. Thinking ahead about affordability and what happens if circumstances change can help avoid financial stress later.
What should you consider financially before moving in together?
It’s important to agree in advance how you’ll manage your joint finances before you move in together. Clear communication from the outset is key. How well do you understand each other’s financial habits? When you move in with your partner, you’ll need to decide how to pay for shared expenses like rent, the mortgage and bills.
Here’s what to discuss:
- Take into account each other’s incomes and general financial situation.
- Agree on a financial arrangement that feels fair and manageable for both of you.
- Decide who will be responsible for each aspect of your finances.
- Agree on how you’ll track your joint finances.
How can you organise your day-to-day finances together?
Discuss and agree how you will pay for shared expenses. You could each pay your own share or use a joint account and make contributions to it. Use CCPC Money tools to get you started. It will help you work out what income you have available and what changes you may need to make to take account of your new living arrangements. It’s important that both of you understand how much you can afford to spend.
If you open a joint account, the Central Bank of Ireland's Consumer Protection Code requires your bank to:
- Explain the risks of joint accounts
- Discuss and agree whether you want to set limits on your joint account, such as requiring both signatures for withdrawals.
- Allow you to set monthly transfer limits
What savings goals should you plan for?
Think about how saving for one goal may affect your ability to cover other expenses. Talk about your shared savings goals. You might want to save for a house deposit, a wedding or build up a financial buffer – such as an emergency fund with three to six months’ worth of income – to cover unexpected expenses.
Before you decide:
- Can you save while still paying rent or a mortgage?
- Would a joint savings account help you manage your money better and save more?
- Could you get better returns from lump sum deposit accounts or regular savings accounts?
Use CCPC Money tools to research what will work best for you both.
What if one of you gets sick or can’t work?
Aim to build an emergency fund with at least three to six months’ worth of income. This financial buffer can help cover unexpected expenses or loss of income if one of you becomes ill or unable to work. Having three months’ income is a good starting point, but saving up to six months’ worth provides even greater security and peace of mind.
Think about:
These can help you prepare for unexpected events.
How do you protect your property?
If you’re renting, consider home insurance to protect your belongings from theft or damage. Use the Home insurance shopping around checklist to compare options and ask the right questions about your cover.
What do you need to consider before buying a home together?
Use the CCPC Mortgage calculator to estimate your repayments, how much they cost and if you can afford them. Before you buy, consider what will happen if the relationship ends, and get independent legal advice to protect both parties. If you have financial concerns about relationship break-ups, go to our information on separation and divorce.
