Split Expenses with roomamtes
There are many advantages of having roommates along with you
You can rent a large space for living, watch movie along with them, Hangout in malls and other places. On the other hand, shring space with roommates is also not so easy. You need face some challenges, especially when it comes to money.
How can you easily split expenses, so that it doesn't have to be a burden for you?
When you have a roommate or roommates with you it's common that somtime you spend you money for them and somtimes the vice versa. Whenever you spend on someone or if someone spends you, it's always a good practise to keep a track of it. The Best way to do this is to Split Expenses. When the word Split Expense arises it might be a even split or Uneven Splitiing of Expenses.
1. Create a Ground Rules that is applicable for everyone
Here you will be calculating what is total expenses and what expenses you need and what all to be paid individually. One important thing that has to be followed here is to well organise you bills, because it denotes the total moneyyour are spending. Also you need to decide who is paying for what and how much he needs to pay.
2. Use Apps
You can find thousand of apps that make your work easier. Best among that is Expensebit, which has all the feature required for spliting expenses and track all you financial matters.This app lets roommates track bills, tally who paid, and send reminders so you’re never late. Start using this app to make paying bills easier among you and your roommates.
3. Prioritize your Purchases
It's always common that you stay somtinme in a perticular place and move out to some other place. So, it's always good to figure the new purchases that has to made. For Example: You plan to buy a furniture which you need to sell back when you move out from that place, this kind of purchases must be avoided for a perticular period.
4. Choose a better roommate
Obviously you would not like to live with someone who you’re going to constantly clean up after. You also would not like to live with someone who will never pay their share of the bills. Doing so could end up hurting your wallet, especially if they skip out and you can’t afford the rent on your own.