Are there financial risks of moving in together? Yes, but you can take steps to safeguard both you and your partner.
We recently met with clients who had purchased a home. Another couple moved into an apartment. Both are now facing financial and romantic issues. Capital Budget Strategies, LLC, Austin’s best Financial Coach, is here to help – at least for the financial part!
For only $149, Capital Budget Strategies, LLC will meet with you and your “other” one-on-one via Zoom Video Conferencing and do a complete evaluation of your finances. Together we will determine your Net Worth, create an Emergency Fund, set up a Snowball Debt Repayment Plan, if needed, and create a personalized monthly Budget. (We have a 25% discount for first responders, military and veterans, local law enforcement, teachers and nurses).
The first couple purchased a house when they got engaged, with only one person on the Title. After two years, the couple unfortunately split and the homeowner determined she cannot afford the mortgage, insurance, taxes and maintenance on her own.
The second couple rented an apartment with both names on the lease. When their relationship soured, neither wanted to leave. If one did leave and stopped paying rent, the other one remaining could be held liable for the full rent.
Our Financial Coach is not a couple’s therapist, but he can certainly explain the financial risks, and how to protect yourself, to those thinking of taking the plunge to be roommates. Living together is one way to get to know if a relationship will last, but it should not ruin your credit score if things do not work out.
Our Money Coach is ready to help you and your partner make the right moves when moving in. Check out our 80 5-Star Google reviews!
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