Moving into a new house or flat with your friends from uni, or maybe people you’ve never met before can be tough. You might already have experienced living in halls, which was a little easier as you didn’t have to coordinate paying bills.
Now that you’re in one big house share with people, things can get a little more complicated.
One of the challenges, which will help you learn valuable skills for after uni too, is sharing the costs of living with other people. Paying your bills, buying cleaning supplies and maybe even splitting the cost of food are all things to consider. If you’re about to live with some new people or you need to sort out your current situation, have a look at these tips to manage your household finances.
Paying Rent
If you’re living in a student flat or house, the chances are that you’re not all on the same lease. You probably have individual leases, which give you exclusive access to your room, plus shared use of the common areas (kitchen, bathrooms, garden). This means that each one of you is responsible for your rent alone, and no one else’s. You can agree with your landlord or letting agency how and when you’re going to pay rent. For some people, it’s easy to set up a standing order. Others might pay in a few instalments. Even if your housemates aren’t responsible for paying your rent, you still need to do your best to pay it on time.
Paying the Bills
Paying the bills can be a tough issue when you live with other people. There are a few different ways you can approach it. Some people decide that each person in the house will be responsible for paying for one bill. This might mean that everything roughly balances out, or you might ask some people to pay the difference between the bill they pay and others. Perhaps one person will take charge of all bills, and everyone else will reimburse them. You can try opening a bank account you can use to pay your bills. Another option is to try splitting bills using a third-party service. You can use an online account or an app so everyone can add their banking details and pay a required amount into the account each month. Some allow you to add any household expenses, from bills to cleaning supplies.
Buying Household Supplies
Not every household chooses to share groceries, but pretty much everyone splits the cost of cleaning supplies. It wouldn’t make sense for everyone to have their own sponges, bleach, and washing up liquid. Other household supplies you share can include toilet paper, hand soap, and perhaps even some other toiletries. You can use an expense sharing account or app for this, or choose a more basic way of sharing expenses. You might decide to have a fund everyone contributes to, with one person responsible for topping up supplies. Or you could just leave it to everyone to buy items when they notice that they’re low.
Who Is Responsible for Repairs?
Sometimes, something might need repairing in your student home. Actually, in a student property, it’s very likely that you will need to repair something at some point. The good news is that you are unlikely to be on the hook for any necessary repairs. It’s up to your landlord to pay for any repairs to the property most of the time. One thing that you might discuss, though, is who will communicate with your landlord or property manager. Sometimes, things might not get done because no one has volunteered to be the one to raise the issue.
Sharing the Cost of Food
Not all uni households decide they’re going to split the cost of groceries. Unless you all have similar food preferences and you’re all willing to take turns cooking, it might not be the right choice for you. Some groups do decide that there are some things that everyone has and that it makes sense to share. For example, you might decide to share the cost of milk, eggs, and butter. This is sensible because otherwise, you could have four or five different cartons of milk in the fridge.
Agreeing on Household Rules
Another thing that might help you manage your expenses is to have a few rules. You don’t have to be too strict, though. You can talk about how to save energy and water so that you can all keep the cost of your bills down.
Doing something new is always a learning curve, but if you can cooperate with your housemates, you can all live peacefully.
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