Sharing a house? Split bills wisely for savings! Use apps for tracking, divide equally, set budgets, and encourage energy efficiency.
Living in a share house is helpful in reducing the amount you pay for utilities and shared household supplies. It surely helps you save money. Thanks to your roommates, as you don’t need to shoulder all the expenses alone.
But splitting the bills is not as easy as one plus one, however, there are some options when it comes to sharing bills. For example, sign a joint tenancy which makes you all responsible for the rent if it’s unpaid or individual tenancy which makes you responsible for just your share.
Here are a few things that you can do to make it easier for you to deal with your roommates in times of payment and to avoid trouble in the future.
When you move into your new house, it is a good idea to arrange a discussion with your roommates before starting your day. It doesn’t need to be formal but, make sure everyone is on the same page on which utilities should be sorted and paid off.
It is the easiest way as you don’t need to ask for money from your roommates each month. However, you cannot split the bills evenly especially for electricity and water as they do not have a fixed amount every month, so, it depends on if someone is happy to pay a bit more.
This option relies on one person being organized in the group. One housemate pays all the bills while the others will pay him.
It may seem like the perfect way to pay all your bills. But you have to be wary of joint accounts as all those involved will be affected by each other’s credit scores and they can use it for other purposes not just for paying bills so, this may only be the best way if you’re living with trusted BFFs or partners.
Most of you are busy at work and sometimes forgot the “payment day”. Whether you’re in charge of the bill or you need to pay your housemates each month this way can make your life a lot easier. Set them all up at the start of your tenancy then you don’t have to remember to transfer the money each month.
If you want to be fancy and use technology for splitting bills, there are apps out there that can organize and pay your bills but, some of it will only work if all the housemates are online. Do your research first to find out the best splitting bills app for you.
If you have roommates who are students and low-income earners, confirm if they are eligible for Health Care Card or Low Income Health Care Card. They may also be entitled to a rebate through the Commonwealth and State Government’s Annual Electricity Concession, Heating Allowance, and Water Concessions.
During the payment day, it’s either you open your “piggy bank” and pay it on your own or split the bills with your roommates. If you’re going to do the latter, make sure you sort it in advance like who will be in charge of payment. Assign the tasks to each member to divide the responsibility.
There are a lot of ways to conserve energy in your household by targeting the laundry, kitchen, bathroom, and bedroom. There is no doubt that saving energy reduces your monthly bills so, make it a habit to switch off lights, unplug electronic devices when not in use, and minimize using the dishwasher, air conditioner, freezer, and washing machine. For more energy-saving tips,
Good energy plans should be affordable regardless if you’re living alone or in share. For you to save MORE money, together with being energy efficient, choose an energy retailer who can charge you considerable rates.
So, compare your rates and switch now with Econnex!