Moving in with partner and combining money

Monkeychops16

I'm after some advice please-

I'm moving in with my boyfriend in the next few weeks.

He typically earns more than me but is self employed so it's not guaranteed.

I work part time and have two children from a previous relationship.

He has suggested that I should pay £200 to him as rent and then I pay for things for the children and I out of the money I have-such as clothes, clubs and childcare.

I'm a bit worried as to how we are going to manage money. We have talked about a joint account and we each pay some in to cover joint things.

He is dubious and I am worried as the children's dad was very bad with money and I had payday loan people calling me for his debts. I am scared to give up my control. My current partner is very responsible with money so I'm not worried about him making bad choices.
I want to try and make it fair-but this seems hard to do as I will only have a small amount of disposable income left a month-about £250.

Has anyone had a similar experience and can offer any advice please?

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lika_86

I think there are some questions people will want to know:

- Are you moving into rented accommodation or somewhere he owns?
- Do the kids live with you or with their dad?
- What's your current situation? ie. Are you renting at the moment?
- What do all the bills come to in total? ie. How much does £200 represent?
- How much will he be left with after bills are paid?

justme111

How much disposable income you have now ?

Monkeychops16

Hi-the children and I will be moving into his house that he owns and the children live with me. I own my house and am attempting to rent it out-I've got 12 months consent to let to see what happens.. The rent will cover the costs (mortgeg, letting fee and insurance).The bills I presume come to about £1000 a month.

missbiggles1

What financial support do you receive from the children's father?
How will your child related benefits change when you move in together?

Monkeychops16

I receive 40 a month from the father and I suspect all tax credit's will stop and I have not included them in my calculations. I should still get child benefit.

justme111

It would be far easier to reply if you actually put in numbers what your income and expenditure consists of now and what it is going to be once you moved.

mark5

Monkeychops16 wrote: »

I receive 40 a month from the father and I suspect all tax credit's will stop and I have not included them in my calculations. I should still get child benefit.

Is your new partner aware you will have a drop in income as a result of moving in with him?

To me you need to look at your financial positions before moving in together and hopefully can reach an agreement so neither of you are worse off.

Obviously you lose tax credits,
He loses 25% discount on council tax etc

Why not split all bills 50/50 including your house until it's rented?
Use your maintenance and child benefit to pay for kids activities and clothes etc

Monkeychops16

I haven't answered how much disposable income I have now as It's not relevant to moving-it will have £250 disposable income when I move in 2 weeks.

My partner knows that my benefit's will stop. He knows all my income and outgoings and that's why I'm trying to draw up a plan.

Thanks all

mark5

It's awkward but I think it's one of those chats you need to have.

Generally though you should both be better off sharing unless your going to lose a fortune in benefits.

I think he must realise he's going to end up paying some of the costs of your children at some point it's inevitable.

FBaby

What you need to start with is decide whether you think you should be entitled to the same disposable income or not considering you are working part time only. If you agree it is you need to count all your joint outgoings and then divide was is left by two and work out from there what yoy would need to transfer to him I'd he is to pay the bills.
However he might think it wouldn't be fair that you should have the same disposable income if you are to continue to work part time. Could you consider increasing your hours?