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Split the Check: Co-budgeting Tips for You and Your Roommate

collegeroommatesjpgThe guest list for your house-warming party can wait. Co-existence with a new roommate is exciting, but one key part of your relationship can turn things sour: money. Bills are a part of any living arrangement, and a well-thought plan will keep you and your roommate on good terms.

Determine the Split

Before you can organize a real budget with your roommate, you must determine how much each party is paying. Split the rent based on the amount of space each individual is occupying. For example, if you have a larger bedroom, then you should pay a slightly higher rent. If the bedrooms are the same size, then you might split the cost of rent in exactly half.

The same rule applies to other bills. You need to split the bills based on the usage or a set agreement before moving into the same space together. According to http://www.internetproviders.com, the cost of an Internet connection is variable on what kind of connection you want. Your roommate might have different requirements than you. Even if the cost is reasonable, focus on the usage to develop a proportionate amount each individual pays.

MovingToday.com suggests that paying a proportionate amount of the bills and rent will reduce the number of complications when it comes to budgeting. Split all of the bills that are shared, even if certain utility bills are obtained in one roommate’s name. If a bill is in your name and your roommate uses the utility more, then ask your roommate to pay the appropriate percentage before the bill is due.

Shop Together

Talk to your roommate about groceries and other necessary expenses that are not basic bills. Determine whether you are going to buy groceries together or separately. Organize your plans so that you can shop together if you determine that the groceries are being purchased together.

ApartmentRatings.com suggests that organizing the foods that you will buy together or setting up a plan of action related to basic necessities will reduce the burdens that you and your roommate are facing. You do not want to pick up the financial slack of your roommate, but you also do not want to place an additional burden on him or her.

Talk about groceries and similar expenses and then organize your budget accordingly. If you plan to split the groceries evenly, then shop together so that each individual can pay half of the price.

Arrange Your Maximum Expenditures

Setting a personal budget is a key part of arranging a co-budget. You and your roommate will need to discuss the cost of furnishing common areas and paying for basic necessities. Before you can organize a co-budget related to furnishings, identify the maximum amount that you have available to spend.

Talk about your budget and the funds that you have available. Set a goal related to furnishing the apartment or common space so that you and your roommate are on the same page.

According to AZfamily.com, a personal budget will allow you to organize all of your income sources and expenditures so that you are able to meet your financial goals. Not all of your expenses will be budgeted with your roommate. Ideally, only your utilities, groceries and rent are budgeted with your roommate. Discuss other expenses that are used communally with your roommate before making any purchases.

 

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One Response to “Split the Check: Co-budgeting Tips for You and Your Roommate”

  1. Great advice, I would also say if your splitting cost with a roommate make sure it is someone you trust, I had a roommate who never paid the internet bill on time, so we always had a late fee and it got turned off several times, once during finals week.

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