7 tips for managing finances with your roommate

Moving is just a step that many are willing to take, but is sometimes delayed by financial problems. This is why living with “roommates” is an increasingly common practice.

Last update: 04 December, 2021

Living with someone is one of the most common options among millennials who seek to become independent from their parents, but fail to meet the costs of such independence. Below we will share some benefits that living with a partner brings and what are the best tips to manage finances with your roomie, achieving a lasting relationship.

This new generation of young people between 20 and 30 years old wants to gain autonomy in all aspects of their lives. Housing is the issue that represents the most complications, especially at an economic level. In this context, the figure of roomie or roommate seems to be an excellent solution.

Advantages and disadvantages of having a roommate

The main advantage of sharing a roof with a roomie is that you have the possibility to leave the house where you live with your family and become independent. This is because the cost of buying or renting a home is too high. Many times it is impossible to face it alone.

However, when you decide to share the cost of the rent with another person, the outlook becomes more encouraging and you are encouraged to start a new life.

On the other hand, when you live with someone else who is on the same page as you, it is easier to travel this unknown path. Coexistence is more fun and enjoyable when both share objectives and criteria on issues such as order, schedules, visits and finances.

One of the downsides of moving in with a roomie is that, if they do not manage the same priorities or do not have similar lifestyles, coexistence will be difficult. One of the main problems is finances and how to manage them so that they do not represent a reason for disputes.

Let’s see 7 tips so that the experience is not terrible.

1. Roommate income

From the beginning and before signing the rental agreement, it must be made clear that the cost of renting the dwelling must not exceed 30% of the income of each of the roomies. This is one of the main requirements that people who will live under the same roof must meet.

First, to make sure they get to cover the amount of the rent without sacrificing food expenses, for example. Second, because you guarantee that no one has difficulties when it comes to contributing their part of the rent.

The accounts should be done in advance so that no surprises appear when you move in with a partner.

2. Differentiated amount

Does everyone have to pay the same amount of rent? In general, houses or apartments do not have equal spaces, but some rooms are smaller than others or have different amenities.

It would not be entirely fair for those who have a bedroom with their own dressing room to pay the same as those who received a smaller room. Take into account the characteristics of the property. Ideally, it should be fair, neither bigger (because costs increase) nor smaller (because it can be uncomfortable).

3. Responsible for expenses

It is essential that they choose a person responsible for the expenses by mutual agreement. In addition to the rent, there are the services and taxes that must be paid in a timely manner to avoid problems and late fees.

This is one of the tips to manage finances with your roomie that has the most value. You must be an organized person and have the necessary time to carry out this task.

4. Common expenses

One of the most practical ways to keep track of expenses is through an application, in which each one registers the consumptions that are common in the same place. At the end of the month it is added and divided. However, the million dollar question seems to be which expenses are common and which are not.

For example, with regard to food, they can make a list and go shopping at the supermarket. What is bought in that instance is considered common.

Now if some of the roomies They have tastes or preferences for more expensive foods or certain brands, since they will have to buy them individually to avoid problems. In this case, the products should be labeled in the pantry or refrigerator.

5. Extra expenses

This is another issue that has to be more than clear when establishing the guidelines for coexistence. What if you roomie wants to contract satellite television service and you don’t? If you are going to use it, you share it. Common sense and good intentions are essential when living with a roommate.

Another situation that could generate tension is the issue of food. Suppose you went shopping for the whole month, but one of the roomies He invited his friends and they consumed the week’s reservations in one night. To avoid bad times like this, decide which expenses are common and which are not.

6. Home furniture

Our suggestion is that you try to buy the least amount of furniture together and appliances possible. At the end of the cohabitation period, the division can be cumbersome.

Make an inventory of what they already have and what each of the future inhabitants of the house can contribute. Then check what is missing and through a common fund of money buy what they need.

7. Frequent visits

It is not the same to receive a visit every so often than to host the couple from roomie daily. It is fair to consider to what extent the frequent visit (who spends the night in the property) should not contribute a part of the budget that is had for food and services.

If some issues are not resolved beforehand, finances can mean the breakdown of a relationship between departmentmates.

Tips for managing finances with your roommate are based on talking

So far we have made a brief review on some considerations about finances that you should take into account so that living with your roomie be bearable. The best and first thing you should do is talk and chat about everything beforehand: customs, schedules, food, expenses, personal tastes, visits.

As the saying goes: “Clear accounts preserve friendship”. And for the numbers to be fair for everyone, even the smallest detail must be stipulated in advance.

We hope you can take that transcendental step for your life and find the best roomies in this stage of independence so longed for by all.

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