Managing Shared Internet and Utility Costs: Tips for Couples Moving in Together

Moving in together is one of those thrilling milestones that can give you major butterflies — but it also signals the beginning of a new financial chapter for both of you. When living together, you’ll have to navigate shared internet and utility costs, which can cause friction if you’re not used to it, or if you’re on different pages about financial goals and needs. It’s time to learn how to split expenses as a couple, and we’ve got some tips that will help you achieve financial balance together.

Assessing Needs Together

Start off by sitting down and figuring out the basics of what you need from your living situation. Talk about what’s a must-have, like fast internet for work or streaming, and what you can skip. This will help you avoid wasting money on services you don’t actually need.

Internet and Connectivity

Broadband internet service is a must-have, but some people will need more speed and bandwidth at home than others. It’s a good idea to start by running an internet speed test on your current connection to see what you’re used to. From there, consider how you both use the internet — whether it’s for streaming, gaming, remote work, or just casual browsing — and choose a plan that fits your combined needs.

Energy and Utility Usage

It’s hard to know what your energy bills will look like before they start rolling in, but you can get a good estimate by checking average costs in your area and checking with your landlord about whether utilities are included. Evaluate your appliances and habits, and think about using a smart meter or energy audit to track usage and identify ways to save.

Establishing Payment Responsibility

Which one of you is responsible for actually transferring the money and making the payment? Many couples simply make the person whose name is on the account responsible for handling payments, but any method can work so long as you have a consistent idea of who needs to make the payment.

How to Split Expenses As a Couple

So, how do couples split finances when it comes to the nitty-gritty details of paying bills? Let’s take a quick look at the methods that most couples use.

Source: Ground Picture/Shutterstock.com

Splitting Methods

Generally, there are two methods for splitting bills: 50/50 and proportional.

• 50/50: The simplest way, with all bills split evenly in half. This is usually the default for partners with similar incomes, but some find it more fair even if incomes are different.

• Proportional: Partners pay a share based on their income like 60/40 or 70/30. For some people, this is a more equitable way to split costs, especially in situations where partners have significantly different incomes. Income split calculators are available for those who don’t feel like doing the math.

Neither method is right or wrong — it’s all about what makes the most sense for your relationship and your living situation.

Budgeting for Shared Bills

One essential step for harmonious cost-sharing is establishing a budget for shared bills. Start by listing all recurring expenses, like internet, utilities, and streaming services, then decide how to split them based on what works for both of you. It’s recommended to keep the tracking system as simple as possible to avoid confusion and misunderstandings.

Tools for Managing Shared Costs

Today, couples have plenty of useful tools available for splitting and tracking their living costs. We’ll take a look at a few of the most important ones below.

Payment Platforms and Apps

Payment apps like Venmo, Zelle, and CashApp have made it a snap to send money for bills. Many of these platforms let you add notes to payments, making it easy to keep track of what each transfer is for. Some apps also allow you to set up recurring payments, which helps you stay consistent and ensures you never miss a due date.

Joint Utility Accounts

Couples also frequently set up joint checking accounts that they can use to deposit and send money for bill payments. This approach creates a central resource for managing shared expenses, making it easier to track contributions and payments. To avoid misunderstandings, discuss how much each of you will deposit and how the funds will be used before you open the account.

Choosing Providers and Plans

Utility services like power and gas are typically straightforward in their payment and subscription models: You pay based on the amount you use, with no need to choose a plan beforehand. Most areas also have only one choice for power and gas service, so just make sure your accounts are current and connected to the correct address.

Internet service, on the other hand, frequently offers more choices. Fiber optic internet offers unmatched speed and reliability, so it’s often an ideal choice for gamers and remote workers. Cable internet, while it can be slower, is often more affordable and works well for everyday browsing and streaming. Some providers also offer bundle deals with cable, internet, and phone, which can simplify billing if you need multiple services. Oh, and if you already have internet service you like, call your ISP and see if they’re able to transfer your service when you move.

Handling the Unexpected

Even with the best planning, unexpected financial hits like bill spikes or job losses can still happen. An emergency fund is your safety net. Aim to save three to six months of shared expenses to cover essentials like utilities and internet if things get tight. It’s a small step that can make a big difference when life throws you a curveball. (PS — if your bill is spiking, contact your utility provider right away to find out why.)

Source: fizkes/Shutterstock.com

Stay in sync with your partner about potential challenges, like seasonal energy surges or surprise repairs. If money gets tight, consider short-term fixes like utility payment plans. By planning ahead, you can tackle surprises together with as little extra stress as possible.

The process of moving in together is definitely full of challenges — but it can undoubtedly be full of joy, too. Putting strong systems in place for sharing and managing expenses helps you keep more of the joy and minimize the challenges so you can keep growing, succeeding, and learning together.

This article does not necessarily reflect the opinions of the editors or management of EconoTimes.