7 Unique financial advice for living with a roommate
College is a time when you can enjoy the freedom of living and dealing finances on your own.
However, to enjoy the freedom, often college goers have to share rent with a roommate because the rent of an apartment is quite expensive, especially when they have to manage other expenses including education cost.
Well, you can get a roommate to share the rent. What’s next!
Living with a different person is not easy.
But when you are sharing the cost of living in an apartment, you have to be cautious.
Things to consider when selecting a roommate
Before choosing a roommate, you can ask some questions to get an overall idea of the person’s mindset.
Here you go:
- Ask the person’s plan of staying in the apartment. Will be the place he/she wants to study, or party with friends, or play music all the time.
- Does the person smoke or use alcohol or drug?
- Make sure he or she has a sense of proper cleanliness.
- Ask the person’s lifestyle like sleeping habit, work schedule, food preferences, and diseases or allergies. Make sure your lifestyle is compatible with the person you are selecting as a roommate
- Ask about the roommate’s preferences about allowing guests like a romantic partner and other family guests. Talk to your roommate about it beforehand and fix how long they are welcome. However, if the romantic partner visits your place on every weekend and you are not comfortable with it, then tell it beforehand.
7 Financial advice for living with a roommate
As I have already mentioned, living with a roommate can be a good idea for college students as their finances are tight. But the idea can be risky as well.
Thus, you should follow some financial advice to avoid the financial mess in your life.
1 Make a lease or agreement
When you rent an apartment, don't make a verbal agreement. Put a written agreement in place. Keeping a lease or agreement can help you to avoid a financial clash.
If some things don't work out, you can get out of it or get the roommate out of the apartment.
2 Discuss things with your roommate before making the agreement
You should talk to your roommate about how all things are to be handled. Who will do the kitchen task, who will do the cleaning, and on which day both of you will give rent, etc.?
3 Avoid buying furniture together
Buying furniture separately is a good decision when you are living with a roommate. You can take the furniture when you move out.
Thus don’t split the cost of buying furniture. Discuss with your roommate about buying the furniture needed for the apartment.
It will help you to save money, and you will also not feel bad when your furniture will be used roughly.
4 Divide expenses with your roommate
Splitting expenses is another important task when you are going to live with a roommate.
Also, discuss how and when the bills are to be paid each month.
5 Create a budget
You should create a budget to avoid spending money on unnecessary things.
It will help you to create a savings cushion so that you can manage the cost if your roommate suddenly moves out.
6 Go for individual leases
You can choose an apartment that caters to students by offering an individual lease.
7 Track your expenses to avoid “You-still-owe-me-money”
If you don’t track the expenses that you share with your roommate, you may end up with “You-still-owe-me-money” conversation.
# You can also maintain an excel spreadsheet to track shared expenses.
How does it work?
The spreadsheet will tell you who owes what to whom.
Thus, sharing rent with a roommate is beneficial especially for students who deal with limited money.
How can you find a comfortable roommate?
- Select friends, that you already know, as your roommate.
- If you are moving to a new city for studying, then you can take help of some websites to find available roommates and apartments.
- Research online before signing up for any service to avoid scam and to get potential roommates.
Getting the right roommate is difficult, but you have to try to get the right person to live in a shared apartment.
It can make your he life easier, especially when you are studying. Good luck!