How to Manage Bills With a Roommate
Among the many challenging aspects of living with a roommate is the management of bills. Whether you live with a family member, friend, a partner, or a complete stranger, managing bills when living jointly can be a tough job, and needs to be handled delicately in order to avoid stress and any conflicts that might arise.
Pick the right roommate
Choose a roommate carefully before opting to live with him/her – the individual needs to be someone you trust, and can get along with, so that issues like sharing bills can be worked out with mutual understanding. In addition to making the management of bills easier, make sure you choose a roommate who is gainfully employed – anyone who is either too young (like a student) or going through a rough patch in life, is unlikely to be reliable when it comes to managing bills. In addition to being financially reliable, the person should also be someone who is in a financial situation similar to your own.
Discuss every aspect of managing bills
Work out all the little details when it comes to managing bills and splitting costs. It might seem like dull, unnecessary work, and you might be tempted to put it off until later, but this is absolutely essential, in order to avoid possible fights in the future. Establish personal space, how you will be paying the rent, utilities, cable costs, and any possible maintenance cost. In addition, you will also need to anticipate how you will handle scenarios like bearing the expenses of house guests, what to do if one of you goes on vacation, and how you will handle it if one of you moves out earlier than the duration of the lease.
Write up a contract
After all the details have been worked out, you will need to draw up a contract which spells all these agreements out clearly. Make sure both of you sign it, and keep copies of it, so it can be referred to in case of any conflicts. The contract should include details like the division of the rent, the splitting of the security deposit, what to do if someone fails to pay their share, etc.
Stick to the contract
Once the agreement has been drafted and signed, and you have both begun to live together, make sure you stick to the rules and agreements outlined in the contract. It is essential to keep the rules intact, as this will make it fair for everyone, and keep the set-up from disintegrating into complete chaos. Do not accept petty excuses, and only make allowances in severe circumstances, when there is no other alternative left.
Always track your expenses
It is essential to keep track of expenses, and maintain records so that any arising disputes can be resolved and everyone’s contribution can be plainly visible. Create a chart to keep record of who paid for what – e.g. for household items like dish soap and paper towels, pet supplies, minor home repairs, and groceries.
Avoid splitting food costs
Sharing food costs is not recommended as it leaves a lot of room for unfairness, and it becomes hard t tell who bought what and how much. Fights can also erupt over the consumption of expensive foods, etc. If you must share food costs, buy the food in three pay cycles – your groceries, your roommate’s groceries, and shared groceries. You will have to go through the checkout counter twice, but it will help avoid arguments.
Maintain clear communication at all times
In order to keep things running smoothly, make sure you communicate verbally on a regular basis, along with writing everything down. Remind each other about things they may have missed on the expenses sheet, thank each other for adhering to the rules and meeting payments, and have open conversations about everything related to bills and finances.
