People who have decided to move in with each other do so because they want to share their lives together. But often an additional motive is to save on double expenses. The elimination of rent or mortgage payments for one of the homes often provides some extra financial flexibility. However, there are still more things to consider in order to save money.

Household appliances

When couples move in together, two households essentially merge. It turns out that a lot of equipment is duplicated. Who needs two washing machines or two dryers? It makes sense to sell one of them. The wisest choice is to keep the newest one. This saves additional expenses in the long run. Even if selling the older one generates less money. Many households have two refrigerators. Often one newer and one older. Consider if a second refrigerator is really necessary. Not because selling a refrigerator is lucrative, but because old refrigerators are among the biggest energy consumers in the house. Finally, the second television often ends up in the bedroom. Another option is to sell that television through channels like Marktplaats or Facebook. Selling all these items together may bring in a decent amount of money to invest in the new home or to put in a savings account.

Debts

Avoid debts. Especially debts on a credit card and buying on installment are expensive affairs. Also, overdrafting should not be taken lightly. It is advisable to make agreements with each other financially. This way, couples find out how the other thinks about things like overdrafting and how they deal with larger or smaller debts. Is everyone free to incur debts to a certain extent, or not? Does each person pay off their own debts? Are both parties aware of each other's debts, including any existing old debts? Also, discuss matters like spending habits. Tip: To keep finances up-to-date, it is far clearer to make online purchases with iDEAL instead of by acceptgiro, or automatic debit.

Joint account

Open a joint account where both partners deposit a fixed amount monthly for fixed monthly expenses. It can be agreed upon that each contributes half. Another option is to contribute proportionally, for example, if one of the two earns much less. Also, ensure a reserve. If something breaks down in or around the house in the long term, it can put a significant strain on the monthly budget. A fund for such matters is indispensable. Both partners could set aside 5 to 10 percent of their income. It is preferable to do this through automatic savings. Has any thought been given to the different bank accounts? Living together does not necessarily mean that all the money is pooled together. Often, it feels better if each person retains control over their own income. This can be done, for example, by keeping one's own personal bank account. Have the salary deposited there and then make a monthly contribution to the joint account. The rest is then more or less available for oneself. Don't forget to save a little for yourself. Good for the future!

Leftover home?

How about renting it out Are you moving in together or looking for a completely new home? What do you do with the current home? Renting it out is a good option, it can yield a good return. And if living together doesn't work out, you can always fall back on that.

Need advice?

Renting out a home? Call on HouseScout We rent out and manage homes and living spaces for reliable owners, located in pleasant neighborhoods in The Hague and surrounding areas. If you are considering renting out your (second) home, we can take care of that for you. Feel free to request an informal introductory meeting.

Source: Bespaarkiosk.nl