Breaking up with someone isn't as easy as it used to be anymore and it turns out it's also expensive in 2023!
New research from Experian found that the average breakup can cost a couple $1,287 and most of that is usually moving out or away from one another.
Whether you and your partner pay rent together, share a bank account, or own a pet figuring out how to cut your financial responsibilities is the main reason why breaking up can be expensive as well.
In fact, nearly half (47%) of people who have ended a long-term relationship admitted they didn’t know how to financially break up with their ex. According to experts, these are some of the best ways to financially break up with an ex:
- Stage one: The breakup - Emotions are running high, but this is when you need to figure out how to split your savings, who’s responsible for the rent or mortgage, who will pay which bills, and close any shared accounts.
- Stage two: The glow up - If you had joint credit, ask a credit reference agency to remove your ex from your report. You’ll need to have paid off and closed joint accounts first. Also, make a list of all websites where your login details are in your name or linked to your card and change the password.
- Stage three: Get back out there - This is when you work on building up your finances independently, like finding a better savings account or a cheaper credit card. And maybe think twice about getting financially involved with a new partner in the future.