Tips For Managing Roommate Finances
Matt Perkins • October 26, 2020
College apartment life can sometimes be a challenging journey, especially when you have to share an apartment with other people - whether that apartment is in State College or any other college town. This means that everyone needs to take responsibility to manage shared finances. No matter your friendship's depth with your roommate, sharing expenses has to be a mutual thing.
Sometimes, you may feel uncomfortable to inform your roommate about bill sharing, or maybe you are the type that pays the bills without minding any support. You'll get overwhelmed with the bills at some point, and that's why sharing comes in-handy.
Bill sharing comes with many benefits. For instance, you won't have to struggle to pay all bills. Another benefit is that you'll clear your bills on time and avoid awkward situations that can arise due to late payment. Here are tips on how to ensure that you and your roommates share bills with ease.
Make Everything Clear Before Moving in Together
When you assume that your roommate for your State College apartment knows just what to do when sharing bills, you may be disappointed because it can turn out the opposite of what you expected. That's why it's crucial to have an open conversation to set the record straight and avoid confusion after moving in together.
As you discuss the expectations, you'll be able to find out the status of your potential roommate and the ability to pay the bills on time. Below are some questions that both of you need to clarify and make sure that you are in complete agreement.
• How is your payment schedule? Is it regular or periodic?
• How should we divide all expenses?
• Are you able to clear your bills on time?
• Do you have a fair and consistent income to pay for the bills?
• Can you manage finances responsibly?
• What are the types of expenses you think each has to take responsibility for?
• How do you make payments? Automatic or manual?
• How can we save some money aside for emergencies?
The questions give you clear expectations about everything you need to know. This will help you plan well before moving in and also prepare your roommate about what to expect. Doing this will help you avoid unnecessary confrontation.
Create an Expense Sharing Monthly Budget
At this point, you need to split bills to know who will cater to what. It would be best to remain careful and considerate when sharing the expenses. It needs to be equal. In most cases, it’s important to come up with ground rules when splitting the bills.
To start, write down the list of expenses you plan to share. Let each item have a clear indication of who will pay for it and how to clear the bills. Here are the essential expenses to put on your list.
• Rent or mortgage
• Water bills
• Maintenance costs
• Entertainment
• HOA fees
• Toiletries
• Bulbs and batteries
When you stay organized with your bills, you'll be sure of staying in synch with your roommate. You may want to discuss some other things with your roommate that may not be part of the shared expenses. Such things include furniture and other essentials.
Find out if your roommate prefers sharing such extra expenses or if each should get the items individually. Don't forget about sharing grocery expenses if you plan on sharing food.
Define How You Want to Manage the Finances
Although everyone needs to have a part to play, it's always wise to designate different responsibilities to each person to know what you're expected to deliver.
Even if you create a good plan to manage your expenses, it may not be easy to decide who to manage the finances. For the best outcome, you can choose to let each one make payments from individual accounts, or designate one person to collect money from everyone, put it together and clear the bills.
Alternatively, you can decide to contribute the pre-planned costs on a shared account and pay bills from there. No matter how you choose to do it, it would be best to be careful because each system has its pros and cons. You may also want to use online tools such as splitwise or Venmo that can help you to manage your finances with ease.
Create a Cost Spreadsheet
A cost spreadsheet will help you and your roommates know what each one is expected to pay. Ensure each item includes the due date, total fees to be paid, and the person responsible. If possible, make it a habit to have a monthly meeting to put the record straight. This will get each one prepared to pay the bills on time.
You may also want to make a personal budget to help you know what you're expected to pay. Let your roommates do the same too. It gets easier when everyone is responsible enough and does what is expected without other roommates' pressure.
Once you have the spreadsheet, keep up with close reminders so that each one prepares within the month to clear the bills on time. The worst experience would be paying your bills on time as expected while your roommates do not do the same. So, you may want to set up notifications and a planner to keep everyone reminded about the due dates.
Discuss in the Month to Keep Everything in Check
Communication is a critical factor between roommates. Some assume that since each one is aware of what is expected by the end month, everything will fall in place. That's never the case, and in most cases, it ends up making the matter worse. So, get proactive about money conversations.
That's why it's advisable to create a monthly schedule on specific dates to discuss with your roommate on matters shared bills. It could be in the middle of the month and towards the end of the month. If possible, set a meeting reminder and make it an official meeting for everyone to attend. Never assume that everything is in order until you communicate.
Be Careful with Your Roommate Choice
Peace is a crucial factor when you want to soar in your academics. You don't want anything that will get you distracted and disturbed. That's why you need to choose your roommates wisely. When your roommates fail to pay bills, it can be so frustrating emotionally and financially. Not to mention the effect you'll have on your credit card if you fail to pay your bills on time. Therefore, be very careful when choosing who to share a State College apartment with.
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