Tips For Sharing Living Costs With Roommates

Living with a roommate is something just about everyone has to do from time-to-time, but it is possible to make the headache of splitting up expenses hurt a bit less by following these few tips. First up, always be transparent with your roommates about the cost of rent, bills, shared food, and other communal costs. No one likes having extra fees sprung on them after they arrive, so try to have this conversation with your roommate before agreeing to live together. By staying transparent with them, it is possible to avoid awkward questions about where the money is going and how it is being used to support the household.

Let's dive into rent now!

Rent

You want to be fair when it comes to dividing up costs for rent, but it can be hard when bedrooms are bigger, and someone uses the living areas more than others. Here are three quick tips for dividing up the costs of living everyone should discuss with their roommates. First, consider a square footage division to favorably divide the space. To do this, use this simple mathematical formula.

Total Square Footage of Area ÷ Square Footage of Bedroom = Percent of Room Rental Division

Subtract that percentage from the total payment due to get the rest of the price and then divide this number up by the number of roommates who will be sharing the property.

If this division is not appropriate for your situation, consider the per-person approach where common rooms are assigned a value, and the rest of the amount due is divided up per person according to the bedroom they want. Don't forget to get the agreement in writing, so you can reference it to solve any future disputes.There are also online services that can help keep track of who owes what for the house, bills, and other unforeseen costs you might need help from your roommates in paying.

Continue reading to learn how utilities come into the equation.