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Even-Steven! How to Split Living Costs With Your Roomie

Navigating life with roommates can be both rewarding and tricky. Rooming with friends is fun, but when it comes to matters of finances, things can quickly get heated. Avoid any potential bumps in the road with your roomies by sticking to these tips for splitting living costs fairly.

1. Collectively determine how to divide rent and utilities. As soon as you sign the lease, it's time to start talking with your roommates about how to split the rent and utility costs. The easiest way is obviously to divvy up every bill evenly, but if you're going to charge any roommate more for taking the master bedroom or their tendency to crank the AC, figure out how this will work in advance of move-in day.
2. Come together to choose extras. Are you set on having cable or a certain type of high-speed internet? Your roommates might not care about these amenities and balk at putting out the cash every month. So this is another discussion you should have, first deciding which extras everyone wants and then how you'll divide the costs.
3. Keep a running tally of debts owed. Instead of hunting down your roommates every time the rent is due, make a chart and hang it up on the fridge (with the consent of your roomies beforehand). Clearly state how much each person owes for rent and utilities, as well as the due date. Then cross out names as people pay up so you won't have any crossed signals.
4. Enlist apps for smooth transfers. A lack of checks or cash is no longer a good reason to be late on rent. Apps like Venmo and PayPal allow you to transfer money from one bank account to another seamlessly, so make use of them when one roommate is writing the check for rent or utilities.

How to Split Bills with Your Roommates [Rent.com]
Managing Money With Roommates – 8 Do's & Don'ts [Money Crashers]
5 Tips for Splitting Bills With Roommates [USA Today]

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