How Can You Share Your Living Costs While Staying With A Roommate?

If you are sharing your room with somebody, it can be beneficial for you. This is in terms of finances and company. But sometimes, if you share it with someone, you may face financial problems with them.

 If you want to save money, staying with a roommate is the right choice. But how can you split the costs and still save money? There are different situations wherein you have to pay some extra money.

Along with money, it is essential for you to set a positive rapport with your roommate as well. But what are the proper techniques to maintain relationships and save money?

Maintaining finances while sharing your space

Many people make a mistake and only keep on building a relationship. They do not focus on saving money.

While others only save money and indulge in arguments with their roommates. If you find it difficult to cope with your finances, you can opt for a loan and effective management.

You can take out no guarantor loans from direct lender. These loans help you to sort your living costs easily.

Ways to manage your costs

While sharing a room with your roommate, you can follow these tips to manage your living costs.

  1. Know Your Friendship

To save money, it is crucial to assess your friendship. First, try to gauge your rapport with the other person.

Evaluate and then go ahead. If your friendship has passed specific tests, only then you can let go of certain things.

For example, is your friend have suitable finances? Can they pay on your behalf if it is required? Does that friend pay bills? If these questions are answered in the right way, only then you can assess your friendship.

These points can either break or make your friendship. If you are new and your share needs to be paid, you may have no hassle paying. But if your friend creates a hassle, it can be difficult for you.

You cannot pay the total share. It is essential to share the living costs. Also, if your friend promises you to pay next week or next month, do not fall for these promises. Instead, go for equal shares as they will help you to sort out your finances.

  1. Decide your bills

When you are sharing your space with a roommate, always decide on what bills you have to pay. Segregate all the bills and then go forward.

For example, if there are gas, electricity, and water bills, you have to decide which bills you are going to pay and which bills your friend will pay. Both of you should also halve the cost of groceries.

Make sure to analyze and decide your eating preferences. If you are accommodating in certain things, your friend should also be accommodating. It should not be the case that you are going expensive grocery shopping just because of your friend.

Ensure that your roommate adjusts so whatever is feasible for both of you. You have to think before proceeding further if you do not match a certain level. You can talk to your friend and agree on one common point.

 For example, talk to your friend about monthly necessities and get only the required things. If you find it difficult to pay your bills, you can opt for loans for bad credit. These types of loans help you get rid of your monthly bills and keep you stress free.

  1. Stay organized

The best way of sharing expenses is to stay organized. You may not be staying together if you are not organized in your costs. If the bills have to be paid at a particular time and your friend is delaying paying the bills, you need to reconsider your decision.

The bills and expenses have to be taken care of on a monthly basis. If this is not an obvious task for both of you, discuss it with your roommate. If the bills are not paid on time, it can lead to frustration for both of you.

Possibly, a late payment may attract fees or penalties. Especially if the bill in is your name, you may have to pay extra money for it. You can stay organized by preparing excel sheets.

You can refer to that excel sheet whenever there is a bill payment or an expense. This helps you to stay organized and also remember each and every cost that you have to pay. Also, you can make changes to that sheet according to your preferences.

  1. Check the name on the bills

First, check with the name on the bill. If the bills are in your name, do not make the payment until you have received a share from everybody. In this case, if you make the complete payment, you may not get the share from everybody.

Therefore, wait and then go ahead. You can give them gentle reminders if your roommates are not of your bills. Try to remind them every week or at regular intervals. This way, they can also manage their finances and pay off their share.

If your roommate has to make payments, do not delay it. You can create and set auto-debit from your account. This will ensure you are on time to make payments.

The money will be automatically debited from your account and will be transferred to your roommate’s account.

This way, both of you can manage their finances and will not be delayed in paying the bills. Also, it helps you avoid awkward conversations regarding money between you and your roommates.

  1. Set up a guest policy

Be clear with the future visitors if there are any. If there are visitors at your place, they can make yours at that time.

But if you are preplanned with this, it will not create any hassle. Talk to your roommates about any visitors that are going to visit you.

They can be your friends’ relatives, or they can be your roommate’s friends or relatives. Both should be treated equally. If they are coming in, what will be the share per person? You can also set up a guest policy.

Whenever there is a guest who is going to bear the expenses and water issue, once this is sorted, it won’t be difficult at the time of action. It will also help you eliminate unnecessary drama whenever a guest is there.

  1. Communication

Communication is the key to every problem. If you are communicating with your roommates on a regular basis, you will not face any kind of problem.

Also, it will help you to understand the character of your roommate. If you regularly interact with them, you will appreciate their likes and dislikes and behaviour.

Understanding the behaviour of your roommate is very important since you have a common space. Try to understand their financial behaviour and emotional behaviour as well.

If you know them, you can sometimes take decisions on their behalf. Also, this will have some peace and harmony in your common space.


Many people are not able to adjust to their roommates in terms of finances. But when you are sharing space with someone, it is vital to define your boundaries.

You should also understand your responsibility towards your roommate. Make sure to maintain peace and harmony in every situation.

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