In today's challenging economic climate, a new relationship trend is emerging - "inflationships," where couples accelerate their timeline for moving in together primarily driven by financial pressures and rising living costs.
The traditional relationship progression of dating, moving in together, and potentially buying property is being compressed as couples seek to ease their financial burdens. This shift is particularly evident in the story of Lisa Friesen, who met her husband on Bumble in June, moved in together in July, married in August, and purchased a house by October.
"Yes, I love him and we have a great relationship, but the costs of living alone were also straining both of us," explains Friesen, who along with her husband managed to reduce their combined housing costs from $3,000 to $750 monthly after purchasing a home together in Lethbridge, Alberta.
Financial experts acknowledge this trend as a practical response to economic pressures. "It's the side effect of the high cost of living and housing," notes Liz Schieck, a certified financial planner at the New School of Finance in Toronto. Shared expenses like rent, utilities, and household items can substantially reduce individual financial strain.
However, financial planners emphasize the importance of proper planning before taking this step. Couples should:
- Discuss expense splitting arrangements upfront
- Consider maintaining separate personal bank accounts
- Keep individual credit cards to maintain credit history
- Create a cohabitation agreement
- Understand common-law implications in their province
Mark McGrath, a financial planner with PWL Capital Inc., points out that common-law status, which varies by province, can have substantial financial implications. In Ontario, couples are considered common-law after three years of cohabitation, while British Columbia recognizes this status after two years.
While financial benefits of early cohabitation are clear, experts recommend careful consideration of both emotional and financial readiness before making this decision. As Schieck notes, money disputes often contribute to relationship breakdowns, making open financial communication critical for couples considering this accelerated timeline.