4 rules for managing expenses for flatmates

4 rules for managing expenses for flatmates

Once you settle in your new home, you are ready to embark on the exciting journey of living with a flatmate (or more)! But first things first. If you want to achieve a financially mature (and happy) relationship with your flatmates, there are a few ground rules to follow:

Rule #1: Initiate a financial talk
There is no better time for the financial talk with your flatmates than the beginning of your flatmate life together. In other words, the sooner you talk about the household finances with your flatmates, the better. Here are the main topics to cover:

• Rent payment
• Bills
• Groceries, cleaning supplies, etc.

Rule # 2: Keep track of the expenditures
Keeping track of who is spending how much on what around the house (apartment) is crucial if you want to keep your good relationship with your flatmates. Luckily for you, there are a lot of free apps online that will help you track (and split) your household costs. Or you can use the good old Excel sheet (shared between all flatmates, of course). If you’re not keen on electronics for taking care of your finances, you can even have an expenditure journal where everybody puts their supply purchases!

Rule #3: Always pay your bills on time
There’s no better way to feed up good flatmate financial practices than serving as an example. Always pay your bills on time and make sure you don’t owe money to your flatmate(s). This will make all of you feel comfortable around each other as “short reckonings make long friends”.

Rule #4: Keep your own personal budget
Keeping a personal budget may sound strange at first, but just a few weeks will be enough to prove to you that this is the best way to keep track of your personal finances. Moreover, it will help you contribute in the best way you can to the shared flatmate finances as well. Knowing what is due when and keeping written record of your expenditures is easier than you think and it can save you a lot of headache in the long run.