People have a strange perception of the idea of living with a roommate. TV shows and sitcoms portray this living arrangement in a glossed out manner; it is always jolly and fun to live with your friends. But in reality, the things may not be as simple, if rules are not defined adequately. Continue reading this article to find out how to share the cost of living with your roommates.
Rent-Money:
When you share a space with other people; of course, you are going to divide the rent among all. But sharing the rent might not be as easy as it sounds. Suppose there are two bedrooms, and three occupants or the bedrooms are not of exact configuration; then the division process becomes complicated.
Space:
Share the money according to space occupied. One may occupy a 400 square feet room, compared to another’s 500 square feet room. One might have a room with a balcony and a great view and a built-in clause, while the other with one tiny window. In such cases, negotiation is required.
Food:
“Joey doesn’t share food” and so should you. Sharing food creates many complications.
- Not everyone likes to eat the same products.
- Not everyone has similar nutritious need.
- Buying groceries for everyone and paying an equal amount of money doesn’t work in a practical sense. Instead, buy your food and cleaning products to maintain boundaries.
Utility:
Bills, Bills and Bills! Gas, electricity, Wi-Fi, streaming services and more! You will have to deal with many bills when you are living with someone. There are easy ways to split the bills among the roommates equally. Use mobile e-wallet to track down all the payments. Consult a professional financier to manage your personal finance strategically.
Furniture:
You need to fill up the common spaces with furniture. Now paying equal money on all different items is one way of solving the problem. But what happens when someone has to move? He would face a loss as he cannot just take part of the furniture. Instead, decide and buy different furniture for the living room independently. One might pay for the sofa while others pay for a dinner table. Make sure everyone contributes more or less same to buy stuff for shared space.
Emergency Fund:
Create an emergency fund for unforeseeable circumstances. There might be sudden plumbing problem or other emergencies that require immediate funding.
- Create a joint bank account with the roommates to create an emergency saving fund.
- Allow automated money transfer for fixed monthly expenses.
Living with roommates can be a wonderful experience if the financial aspect is dealt with carefully. Do not hesitate to have those uncomfortable talks about money with your roommates. It is better to have the hard-talk first, before selecting on a new roommate.
A roommate with a steady source of income is always preferable over someone unsure about his finances. If you manage to come up with initial financial solutions, you might end up having the best years of your life, making long-lasting friendships with roommates who become your best friends. Finally, if you need to find a roommate, try out Diggz Roommate Finder for a reliable and like-minded roomie.