How to Divvy Up the Spending in a Share House

Sharing is caring, after all.

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You and your mates have probably been chatting about how you're all desperate to live the independent life, but there is just one problem: none of you can afford to do it solo.

In fact, the very thought of paying rent and electricity bills makes you shiver in terror. But maybe, in a moment of inspiration, one of your mates suggested a genius idea: Why not move out together?

It‘s the ideal scenario. Picture countless nights of binging Netflix, eating pizza and having people stay up to entertain you while you cram for that dreaded physics exam. Plus, think about the money you will save from splitting living costs. It would be absolutely perfect, right?

Well, while those Netflix marathons will unquestionably happen, we all know that nothing is perfect.

Like anything, living in shared accommodation, whether it is in a private rental or a dorm, can be challenging at times. That is because Jane stealing your last slice of chocolate cake is only one of the issues that can arise out of having roommates.

Another issue is sharing financial responsibilities. Who is going to pay for groceries, and, more importantly, the Netflix you're so eager to binge?

This isn’t like a group project, where there is guaranteed to be at least one unreliable member that you never meet again. One person not playing their part could be the difference between harmony and pure awkwardness in your literal home.

So, here are some tips to live by to ensure you're caring about your sharing.

Keep communication clear and open.

This is at the top of the list for a reason. Clear communication is vital in any relationship, as it provides a solid foundation for trust and respect to grow. Knowing this, you probably want to sit down and have a chat with your mates about your routine, expectations of others, personality quirks, and your ability to contribute financially. Being open from the beginning will help you avoid any surprises. If someone in the household refuses to pull their weight, you probably shouldn’t approach it like this…

… unless that dynamic works for you, of course. But, ensure conversations around issues are approached in a rational way. Remember, you're a team!

Set up a bank account with no bank fees.

When you are living out of home for the first time, it’s easy to forget about all the little living costs that can add up. Volt Bank suggests saving some money by setting up a bank account with no bank fees. If you weren’t already aware, some banks charge bank fees for account set-up and maintenance. Remember, every dollar counts!   

Save money by signing up to Premium streaming plans.

We know that being able to Netflix and chill is an important part of daily life, but it can also be expensive. Look into signing up for premium plans on Netflix and Spotify, which allow for multiple users at a reduced cost. At the end of the month, you can all pay your fair portion towards the bill.

Try and split utilities equally.

Preferably, utilities such as electricity, water and gas should be split equally between all housemates. However, if one person decides to pull regular all-nighters to play Minecraft, it might be fair for them to pay a higher proportion of the electricity bill. Additionally, discuss ways to incorporate environmentally sustainable practices into your household to conserve energy and reduce costs, if that is important to you.

Buy your own furniture where possible.

If your place is unfurnished, and all you can afford to eat is mie goreng, it might be difficult to avoid splitting the cost of expensive items such as your fridge, couch, or washing machine. Just be wary that you will have to communicate who gets which items when you eventually move out. Wherever possible, it’s best to purchase your own items of furniture to avoid this potentially awkward situation. (That doesn’t mean your roomies can get out of helping you put together that flatpack though…)

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Header Image: iStock.com/monkeybusinessimages