I am a single mom (divorced by my choice) and am talking with my boyfriend of 2 1/2 years about moving in together. We are discussing finances and how we would share the bills. He owns a beautiful home, while I am still renting, 3 years after my divorce. So, my son and I would move in with him. What I am struggling with is how much I will pay when we live there.
Here are the facts. I currently pay $1250 per mo on rent and utilities and have very little left over after paying basic bills and putting $300 to savings. I don't have credit card bills or gigantic car payment. His house payment is $1100 per mo and then he has all of the usual utility bills, but his house is much bigger and he pays $400 for gardener and house keeper. He lives comfortably and is not financially 'just getting by' as I am.
He wants me to pay $900 per month of the $2700 he said he pays for the household expenses. On one hand, I want to pay my fair share. On the other hand, he is incurring a HUGE financial benefit, to the tune of $900, and my financial benefit is $350. We will be living together with separate finances. I will continue to buy my clothes at Target and Old Navy, and he will continue to spend $150 on sweaters at Nordstroms. If I can't afford to go on a vacation (pay my half or portion) he will go without me. We have taken a couple of smaller vacations where he has paid more like 2/3 of the cost though.
Am I off base here? He also asked that if I start to earn more, if I would begin to pay more. We are not getting married. He said he would put the house in my name after a few years. So, I will continue to live a simple financial life and he gains so much more! But, on the other hand....I'm already paying $1250 and I do need to help out in the partnership. I am so confused.
I am feeling like $700 would be fair and contributes to the household expenses, but allows me to build savings and financial security of my own, as well as vacations. Does this seem right?