Roommates are similar to launching a small business without any paperwork or hiring agreements. Sharing of assets, budgeting, and different views on the temperature setting are typical issues of every household. The main threat to the welfare of your mini organization is the conflict connected with money. Therefore, the right approach to handling this question may prove to be the decisive factor in your life and relations.
The very first thing to do is to establish the operation system and here comes Splitwise as one of the best tools. Splitwise can act as a financial accounting tool which will help you stop acting as a debt collector running after everyone. If this application does not suit you for some reason, you can try other applications such as Zelle or Venmo. In any case, it is not enough to just keep track of debts and collect them. It is the most difficult part of the work.
First of all, you should set the “Settle Up” schedule and follow it strictly. Ideally it should be set once in two weeks or no more than once in a month. It cannot be acceptable to let balances grow since it will cause increasing resentment and spoil the lease. In case someone does not pay his bills on time, you need to speak with him at once and not wait until he remembers about it. Remember that silence never helped in solving any problem.
As for such shared products as toilet paper or dish soap, you should set a special fund to buy these items. In this way, you will not argue who has bought the last roll of paper towels. In case you are ready to get serious, you may appoint one of your roommates as a chief financial officer to buy these items wholesale. However, don’t forget that this person should not be the one who always “forgets” his/her wallet at bars.
To conclude, one may say that sharing expenses isn’t an exciting thing to do but treating it like a business will save your money and nerves. This will help you develop healthy financial habits which will definitely help you in the future. Remember to stay on top of things and communicate in order to enjoy your pizza.