Lockdown lovers, listen up..
ON MARCH 24, the Government called on couples to choose either to stop seeing each other during the lockdown or move in together.
The deputy chief medical officer for England was probably on the money when she suggested it should “test the strength of your relationship”.
Among the many tests, if you decided to be under the same roof, will be what you do about money.
It’s an unusual situation, because for many this cohabitation will be temporary, while for others it could end up as a permanent arrangement.
At the same time, in some cases, one or both of you will be dealing with changes in your income, which would put even the strongest relationships under pressure.
Sarah Coles, personal finance analyst at investment firm Hargreaves Lansdown, said it is really important to talk about money from the very start, make a few basic agreements and be prepared to adapt as life changes.
Here are four things she advises people to be aware of:
Whoever did the moving in will still have bills from his or her own home – but it raises the question of who pays for the extra energy a couple will get through in isolation and who covers groceries costs.
It might not seem like you’ll spend a lot more but when you’re home 24/7 and eating every meal together, these costs will add up. Draw up an agreement in case you’re no longer living together when bills arrive.
If the person who moves in has a home elsewhere, it doesn’t have any impact. If you both live alone and keep two homes, you should keep council tax reductions too.
Joint costs
Impact on benefits
Giving up one home
If one of you chooses to give up your other home to cut your costs, you’d be considered to have moved in. Once this happens, you’ll need to let the authorities know your circumstances have changed.
Your household income and savings will be considered together for means tested benefits – and if either of you is a higher earner, you may no longer qualify for child benefit.
Thinking about the longer term
If you transition to living together properly, you may miss the stage deciding how to split the finances.
This includes whether the one who moved in should contribute to the mortgage – and, if so, whether they get a stake in the home.
It’s worth agreeing between you what you’ll do if you’re still living together in three months. Spend time talking about these issues, so you don’t drift into arrangements that could leave you worse off.