Living with roommates is not just for college life. In fact, almost one in three U.S. adults has an adult roommate who is not a romantic partner or college student. The cost of living can be hard to manage alone and having roommates can help you save for other things you want in life. We have some tips to help take the stress out of your living situation by managing the cost of living with roommates.

Splitting the Costs: Decide Together

To handle the cost of living with a roommate, you need to determine how to divvy up the household costs fairly. Everyone must be on the same page on how the costs are shared or it will cause issues down the road. You could either split the costs down to the penny or create a fixed amount to cover the costs of utilities and shared household items. However you choose to split the cost of living, make sure everyone agrees.

Track Expenses

A practical tip for splitting bills with roommates is to track everything each person spends on shared expenses. For example, if someone buys paper towels, it will be placed in the spreadsheet to ensure they get reimbursed and that everyone will contribute reasonably.

Don’t Share Food

Out of all of the items that determine the cost of living, food is where it can get sticky. If you have a small fridge, are frugal, or have specific brands you like it can cause issues. If you are doing a group event, then going to the grocery store and buying what you want collectively could call for a split, but usually, food should be a self-purchase.

Create An Agreement

Another way to manage the cost of living with a roommate is by creating a roommate agreement. This document would be in addition to the contract with the landlord. This document will lay out all of the financial responsibilities. You could even add the cleaning schedules, parking, and guest rules.

Discussing the cost of living with your roommate may seem weird, but it doesn’t have to be. When you agree on financial responsibilities, it makes it easier to manage the cost of living and have a professional relationship with your roommate. Here at DEXSTA, we aim to provide our members with information that is relevant to them. If you are looking for guidance with your financial future, contact us. We look forward to serving you.