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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Finding the right off-campus apartment is an important decision for Penn State students—and often for their parents as well. With a large student population and dozens of apartment communities and rental properties throughout State College, there are plenty of choices. But choosing the right apartment involves more than comparing photos, amenities and monthly rent. Location, property condition, maintenance, communication and access to local management can have a much bigger impact on the day-to-day rental experience than some of the features that tend to get the most attention during an apartment search. For students searching for off-campus housing at Penn State , understanding what really matters can make it easier to narrow down the options and find a place that works well throughout the school year. Here are some of the most important things students and parents should consider when comparing apartments in State College. 1. Start With Location For Penn State students, location can affect almost every part of daily life. The distance between an apartment and campus can determine whether a student can comfortably walk to class, needs to rely on public transportation or will regularly need a car. Students should also consider how close a property is to grocery stores, restaurants, downtown State College and the places they expect to visit most often. “Location is huge,” says the team at Nevins Real Estate Management, which manages student apartments and rental properties in State College. Before signing a lease, students should think beyond the address itself and consider what living there will actually look like on a typical weekday. How will you get to an 8 a.m. class? How long will the trip take? Is the location convenient for your normal routine? Are the places you regularly need within a reasonable distance? An apartment that looks great online may become considerably less appealing if getting to and from campus becomes a daily inconvenience. 2. Don't Let Flashy Amenities Distract You From the Basics Apartment communities increasingly compete for student renters with long lists of amenities. While those features can certainly be enjoyable, they shouldn't necessarily be the deciding factor. The condition of the apartment and the way the property is maintained can have a much greater impact on the experience of living there. “It doesn't need to be new or flashy,” according to Nevins Real Estate Management. “Clean and well-maintained matters a lot more in the long run.” That's an important distinction when comparing State College apartments for Penn State students . A modern lobby or impressive amenity package can make a strong first impression, but students will spend most of their time living in their actual apartment. Plumbing, appliances, heating, locks and other everyday necessities matter considerably when something stops working. When touring an apartment, look beyond cosmetic features. Pay attention to the overall condition of the building and unit. Does the property appear cared for? Are common areas maintained? Does the apartment feel clean? Do doors, windows, fixtures and appliances appear to be in good working order? These details can tell you a great deal about how a property is managed. 3. Ask How Maintenance Is Handled Maintenance may not be the first thing students think about when searching for an apartment near Penn State, but it can quickly become one of the most important aspects of renting. Something will eventually need attention. A sink may clog. An appliance may stop working. A heating issue could develop during a cold State College winter. When that happens, the important question becomes: Who do you contact, and how quickly can someone respond? Students and parents should ask prospective property managers how maintenance requests are handled before signing a lease. Nevins Real Estate Management handles routine maintenance with its own in-house team and brings in outside professionals when a project requires specialized expertise or is beyond the scope of its maintenance staff. The company also provides 24/7 emergency maintenance for situations that cannot wait until normal business hours. Having a clear maintenance process can remove a significant source of uncertainty for students, particularly those renting an apartment for the first time. 4. Find Out Who You'll Actually Talk to When You Need Help Communication between residents and property management is another factor that's easy to overlook during the apartment search. Before renting, find out what happens when you have a question. Can you easily contact the management office? Are you communicating with someone locally? Can you speak with an actual person when an issue is difficult to resolve through email or an online portal? Nevins Real Estate Management has found that text messaging is particularly effective when communicating with student residents. “We lean heavily on text communication,” the company explains. “Residents respond to it much better than email, and it makes it easy for them to reach out with quick questions.” Residents can also call the company's State College office directly. There is no automated answering service routing residents through a complicated phone system. Calls go to a real person in the local office. For students living away from home—and parents who want to know that help is accessible—that kind of communication can be valuable. 5. Look for a Property Manager With a Local Presence State College's student housing market includes everything from locally managed properties to communities operated by companies headquartered far outside Pennsylvania. There isn't necessarily anything wrong with a large property management company, but students should understand who will actually be responsible for their apartment. A locally based management team has direct familiarity with its properties and the State College community. Nevins Real Estate Management's office is local rather than being operated by an out-of-state management company. That local presence can be particularly useful when a resident has a maintenance problem, question or unusual situation that requires someone familiar with the property. When evaluating apartments near Penn State , consider asking where the management team is located and who will be your primary point of contact after you move in. 6. Consider the Move-In Experience The first few days in a new apartment can be hectic. Students may be arriving in State College at roughly the same time as thousands of other Penn State students. Parents may be helping unload cars, roommates may be arriving separately, and everyone is trying to get settled before classes begin. Small conveniences can make a noticeable difference. For example, Nevins properties use pin-pad entry rather than requiring residents to pick up traditional apartment keys. Residents receive their entry code ahead of time, eliminating the need to wait in line to collect keys during move-in. A welcome packet is also waiting inside the unit with general information and answers to frequently asked questions. Details like these may seem relatively minor when comparing apartments months before move-in, but they can help make the transition into a new home much easier. 7. Think About the Entire Rental Experience It's easy to choose an apartment based primarily on what you see during a tour. But you're not simply choosing an apartment. You're choosing the company that will manage your home for the duration of the lease. That means students and parents should evaluate the entire rental experience. Consider: Is the property in a location that works for the student's routine? Does the apartment appear clean and well-maintained? Is there a clear process for maintenance requests? Is emergency maintenance available? Can residents easily communicate with the management office? Is there a local team available when a problem needs personal attention? Does the property manager seem focused on maintaining the building after the lease is signed? These questions can reveal much more about what living in an apartment will actually be like than an amenity list alone. Finding the Right Penn State Off-Campus Apartment There is no single apartment that's right for every Penn State student - some students want to be as close to campus as possible, while others prioritize space, price, parking or a particular State College neighborhood. Some want extensive amenities, while others would rather have a straightforward, well-maintained apartment and responsive management. The key is knowing which factors will continue to matter after move-in day. For Nevins Real Estate Management, that means focusing on the fundamentals. “We focus on quality customer service and quality maintenance,” the company says. “We don't offer flashy amenities, but we do offer well-maintained properties.” That philosophy offers a useful rule of thumb for anyone searching for Penn State off-campus housing : don't choose an apartment solely based on what looks impressive during the search. Look for a location that fits your life, a property that's properly maintained and a management team you'll be comfortable dealing with when you actually need them. Those are the things you're likely to appreciate long after move-in day. Frequently Asked Questions About Penn State Off-Campus Housing What should I look for in an apartment near Penn State? Start with location, property condition, management responsiveness and maintenance. Amenities can be a bonus, but the quality of the apartment and the service provided by the property manager will affect your experience throughout the lease. Why does location matter for Penn State student apartments? Location affects how students get to class, access downtown State College, shop for groceries and manage their daily routines. Before renting, consider how you will realistically travel between your apartment, campus and the places you visit regularly. Should I ask about maintenance before signing a lease? Yes. Ask who performs maintenance, how residents submit requests, how urgent problems are handled and whether emergency maintenance is available outside normal business hours. Does local property management matter? It can. A local management team may offer easier access to people who are directly familiar with the property and the State College rental market. Students should ask who manages the property and how they can reach that team when they need assistance. Where can I find apartments for rent in State College near Penn State? Nevins Real Estate Management offers apartments and rental properties for Penn State students in State College. Prospective residents can browse available properties, compare locations and learn more about individual apartments at ApartmentsStateCollege.com.



