Managing Money With Roommates - 9 Do's

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Elwin Walton
Managing Money With Roommates - 9 Do's

Roommate Money Management Dos

  1. Do Establish Financial Rules & Expectations Before Moving In. ...
  2. Do Put One Roommate In Charge of Paying Shared Bills. ...
  3. Do Buy Furniture Separately. ...
  4. Do Create & Publicly Post a Shared Expenses Chart. ...
  5. Do Check Out at the Grocery Store Separately. ...
  6. Do Keep Records of All Shared Bills.

  1. What are good roommate rules?
  2. How do you manage roommates?
  3. What is the best way to split bills with roommates?
  4. What do you do when your roommate owes you money?
  5. What do you do when your roommate has friends over?
  6. How do you have a successful roommate experience?
  7. How do I deal with a toxic roommate?
  8. How do you apologize for a bad roommate?
  9. How do you deal with a rude roommate?
  10. Should you split bills 50 50?
  11. Is a roommate agreement legally binding?
  12. Should all roommates split utilities equally?

What are good roommate rules?

Roommate Etiquette Guidelines

  • Establish some basic rules. ...
  • Don't borrow without asking. ...
  • Respect the other person's space. ...
  • Follow the Golden Rule. ...
  • Be respectful when inviting guests. ...
  • Clean up your own messes. ...
  • Keep your hands off the other person's food. ...
  • Respect the need for quiet time.

How do you manage roommates?

Here are 7 tips to help manage your shared expenses with roommates.

  1. Communicate. ...
  2. Buy Furniture Separately. ...
  3. Stay Transparent. ...
  4. Put Everyone's Name on the Bills. ...
  5. Don't pay bills until everyone contributes. ...
  6. Develop a Guest Policy. ...
  7. Don't get Passive Aggressive.

What is the best way to split bills with roommates?

  1. Splitwise. Running after your roommates to pay back every little expense is tiring, not to mention time-consuming. ...
  2. Venmo. Venmo is an easy, popular and secure way to pay back your friends. ...
  3. IOU. Roommate bill-splitting app IOU helps you keep track of all your debts to your roomies. ...
  4. Splitrr. ...
  5. OurGroceries.

What do you do when your roommate owes you money?

Sure, but if it's your roommate who owes you money, you can:

  1. Remind them to pay.
  2. Set up a payment schedule.
  3. Forgive them the loan or have them work it off.
  4. You pay less rent while they pay more.
  5. Take legal action.

What do you do when your roommate has friends over?

When you or your roommate have friends over, keep these tips in mind:

  1. Keep the lines of communication open. ...
  2. If necessary, make a schedule. ...
  3. Keep track of food and household supplies. ...
  4. Make sure your friends know the rules, too.

How do you have a successful roommate experience?

But if you follow these tips to being the best roommate you can be, your room can still be a harmonious haven.

  1. Know Yourself and Communicate Your Needs. ...
  2. Be Flexible and Willing to Compromise. ...
  3. Get to Know Your Roommate. ...
  4. Consider Creating a Roommate Contract. ...
  5. Respect Your Roommate's Space. ...
  6. Be Open and Honest. ...
  7. Assume Good Will.

How do I deal with a toxic roommate?

5 Ways to Deal with a Toxic Roommate (When Your Lease Isn't Up for Another 10 Months)

  1. Invest in a Good Pair of Headphones. Yes, this is a total Band-Aid solution, but it also works. ...
  2. Stop Negative Talk in Its Tracks. ...
  3. Pick Up a New, Out-of-the-House Hobby. ...
  4. Don't Take on Extra Housework. ...
  5. Try to Have Empathy.

How do you apologize for a bad roommate?

Actually say the words “I'm sorry.”

If you have a little fight with your roommate over text, wait to see them in person to apologize. Texting an apology is okay, but saying it in person can really make the person believe your sincerity. But after that, be open to the discussion that'll follow.

How do you deal with a rude roommate?

  1. Try to sit down and set up a list of rules. ...
  2. Get coffee together, and try to get to know her a little. ...
  3. Find a place on campus where you can get a little peace. ...
  4. Tell her when she does something you appreciate. ...
  5. Be kind when you address what's bothering you. ...
  6. Make sure you're clear about what she can, and can't, borrow.

Should you split bills 50 50?

Splitting bills 50/50 with your spouse or partner is very common. Generally, just agreeing to split 50/50 will alleviate the headache of finding another method. 50/50 works great when both partners have similar incomes and split resources equally. Your husband might eat more food while your wife might use more water.

Is a roommate agreement legally binding?

A roommate agreement is a legally binding document that you and whomever you share your living space with will sign. ... A rental agreement between roommates is separate from the lease agreement and doesn't include the landlord.

Should all roommates split utilities equally?

Some roommates prefer an even split, others use income figures to divide up expenses,” she says. ... If utilities aren't included in your rent, she recommends splitting those equally among roommates. In other words, even if you've got the master bedroom, you can still split the cable bill equally.


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