Splitting Bills With Roommates

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Having a roommate is a great way to save money on expenses so you can have more to spend on things you really enjoy. Who couldn’t use a little more cash to spend on going out or entertaining? Here are a few tips to make sharing expenses a little easier.

Put it in writing – It’s always a good idea to document financial agreements in a roommate contract.  It’s also good to include: chore responsibilities and expectations, average room temperature, guests, who is responsible for replacing or providing what.

Use an app – Using an app makes quick work for shared finances, especially for those who are forgetful.  SpotMe is one of the most popular for tracking bills and splitting expenses. It also sends automatic email notifications when bills are due or new expenses are added.

Communication is Key – People’s situations and usage habits change. Be willing to renegotiate your financial arrangements accordingly. Communication is key to preventing heated arguments about money and preserving roommate bliss.

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