Welcome to The Money Coach, a Times of Malta column where readers can ask questions about life's money issues. Send your questions about personal finances, inheritance, gifting or other personal finance topics to moneycoach@timesofmalta.com. 

Dear Luca,

I have been dating my partner for the past seven years, and we are now considering the possibility of him moving into my apartment. He practically lives here already. I still handle the groceries, and when we go out, we split everything 50/50. He makes a small contribution towards the cost of food, since he eats here most of the week.

How should we divide the costs once he moves here permanently, especially considering that he will be able to rent out his property due to this move?

Thank you for your advice.

Sincerely,

Practical Planner

Luca Responds:

Such scenarios are becoming quite common. To avoid any potential future conflict, before making this move you should sit down and discuss the situation together.

Communication is key - a lack of communication is a primary reason why tension arises in relationships, often leading to separations.

Do you see yourselves keeping your finances separate, or will they be completely joint? I ask because this makes a significant difference in how you manage and decide on your personal finances.

Assuming that you will continue with the method you already use, here are some aspects to consider and discuss with your partner:

1. Your partner is going to earn rental income from his property. Since he’s now going to live with you, it might be a good idea for him to share some of the proceeds with you.
2. Do you have a loan on your property? Some of the proceeds from your partner’s rent could go towards paying off that loan.
3. Do you have an emergency fund? This should be one of the first topics you discuss together. A rainy day fund is essential for stability in your personal finance journey together—aim for three to six months' worth of cash savings, and continue building from there.
4. Build a financial vision board together. This will not only help you build a better future but also enhance a unified approach to your future goals. Ask yourselves how you see your lives in five, 10, and even 15-20 years.
5. How do your spending patterns compare to your partner’s? Do you have a forecast spending plan that you can compare? Even if you’re not opting for joint accounts, knowing how to plan daily finances will help you save more, manage money better, and plan for future financial goals.

Luca is the founder of the Money Coaching Hub and the innovative financial wellbeing platform: Monipal. Email him your financial questions or your response to today's question for a chance to be featured in a future column.