Money is a shaky area when it comes to roommates and significant others. More fights result as a result of unpaid bills or roommate money problems. It can be really difficult to deal with these problems. These problems can put a kink into your life. Here is a list of common roommate money problems and how to deal with them effectively.
1. Splitting the Bills
Normally you will split rent, utilities and cable with your roommates. If you are the landlord you may pay for water and garbage yourself. Generally you do not need a landline telephone any longer. Other costs that you may split are the Internet and cable bills. It is best to have everyone sign a contract with the landlord, so that you will not be held responsible if your roommate flakes out. Also each roommate can have a separate bill in his own name, this spreads out the responsibility.2. When Someone Doesn’t Pay
It is important that everyone pays on time. If someone doesn’t pay, generally that means someone has to cover the money. You should stop this practice before it happens. You may decide to have everyone put an extra hundred dollars into a roommate pot to cover these times. This is like a roommate deposit. If one person uses it to cover bills, she will need to replenish it as quickly as possible. This is another important reason to split up the utility bills between roommates, and sign a separate contract with the landlord.3. Food, Food, Food
Food is another source of conflict in a group of roommates. This can be difficult to deal with. Generally assigning cupboards and shelf space in the refrigerator helps. If it is a real problem, purchase a black magic marker and use it on your food. If you are good friends with your roommates, you may decide to share food. This can be tricky to come out even and may cause contention. You may decide to take turns cooking for each other instead. 4. Your Significant Other
Dealing with finances and your significant other is different than with just roommates. You tend to combine more categories. You should never completely merge your finances until you are married. You should both pay for rent, utilities, and groceries. You can keep your discretionary spending separate. If one person makes a lot more than the other does a fifty/fifty split may not be fair. Instead you should both contribute the same percentage of your income. If your household costs are $2500.00 and you make 2000.00 a month and your significant other makes $3000.00. Then you would each contribute fifty percent of your income. The percentage may vary in your situation, but when added together it should equal your household costs. 5. Identity Theft
Roommates can and do steal identities from those they are living with. It can be so easy to do. You need to carefully guard your identity. You may consider keeping your important documents in a fire safe box or at your local bank in a safety deposit box. If you do not know your roommates well, you may consider having a post office box as well. You should do everything that you can to protect yourself from this financial nightmare.6. Avoiding It All Together
If you can afford it you may consider living on your own. While this may be more expensive, you may find that you enjoy the quiet. You will not miss all the headaches that come with having roommates. It is important that you find an apartment in an area that you are comfortable staying at by yourself.
