Millennium Apartments

How to Budget for Shared Expenses when You Have a Roommate

How to Budget for Shared Expenses when You Have a Roommate

How to Budget for Shared Expenses when You Have a Roommate

Do you share your apartment with a roommate?  Whether this is a friend or a stranger, there are a few perks to shared living spaces.  From saving money to having someone to talk to, you'll enjoy living with a roommate when you have the space.  However, there are a few things to consider when you share your apartments in Ft Myers, FL with another person.  One of the main concerns you might have is how to share living expenses.  What bills should you split?  How do you approach this topic?  How can we keep track?  All of these questions may be running through your mind when you consider splitting your financial responsibilities.  Follow these few tips on how to approach and budget for shared expenses when you live with a roommate.

Sit Down and Plan Together

One of the first things you should do when you are splitting expenses with your roommate is to make a definite financial plan.  Be sure to discuss all of your concerns now so that you avoid any conflict later.  Decide whose name is going to be on the utilities, dates of payments, and the method of payment between the two of you.  

Decide Upon Shared Expenses

Some expenses, like groceries, furniture, and decorations, may want to be shared if they are valuable to both of you.  Take some time to decide on what expenses you'll share with one another before you purchase them.  This way, you'll know the expectations on how much to spend and a pre-agreed upon budget.  If you choose to buy some items separately, come up with an agreement on sharing those products and what you'll do if the other person breaks or destroys it.  

Never Assume They'll Split

If you purchase an item for the apartment, whether it be food or decorations, you should never assume that your roommate will split that item with you.  This can lead to many conflicts or arguments that could actually tarnish your relationship.  Instead of assuming, always ask your roommate about impulse purchases before you actually bill them for that item.

Keep Track of Payments and Expenses

Writing down all the expenses in a spreadsheet is a great way to keep track of all your expenses.  This way, you'll be able to remember when you settle up and keep track of the right amounts.  There are multiple apps on your smartphone that can keep track of your spending without having to worry about writing on paper, keeping a dry erase board, or using a chalkboard.  The options are limitless, but you'll want to choose a method that works for the both of you.

These are just a few tips that can make sharing your apartment and splitting your expenses with a roommate much easier.  When you live in our apartments in Ft Myers, FL, you will have a spacious apartment and access to many floor plans that allow for shared living.  Contact us to hear about our available apartments today.

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