Living together 'can help couples save money'

Couples can save significant sums of money on rent and bills if they live together, one financial expert has claimed.

Andrew Hagger, a spokesman for Moneynet.co.uk, said that if the circumstances are right, sharing a home makes perfect sense.

He explained that instead of paying two lots of rent, couples would only pay one between them, while utility bills can also be split.

"That allows you to put that money into savings and then build up your deposit to buy your house sooner," Mr Hagger remarked.

His comments come after research by Santander Mortgages revealed that 23 per cent of couples who are engaged or in long-term relationships do not cohabit.

This means they are collectively spending £5.1 billion more each year than they would if they lived together.

Couples thinking of taking this step may wish to consider a cohabitation agreement to protect themselves financially, as they will have little or no legal rights if they are not married.

Writing a will could also be a sensible move, allowing each partner to dictate how their assets should be distributed in the event of their death and how custody of any children should be awarded.

Posted by Christopher Evans


Published on: April 22, 2010

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