Living with Roommates

• Budgeting with Roommates / Shared Household
• How Much Rent Can I Afford?
• Budgeting for Emergencies
• Renting a Home
• Renters Insurance
• Budgeting with Auto Payments
• Alternate Forms of Payment

Whether you're in college, just graduated, or have finally moved out of your parents' home, finding an affordable place to live can seem challenging. One smart solution is an apartment or house with roommates sharing expenses and rent to ease the burden on your salary and savings. When budgeting with roommates, tips from FinancialFit can help simplify the process.

While it seems easy enough to split the rent among friends, dividing rent equally and paying on time can sometimes be difficult. By building a detailed budget, roommates can better control the money going into and out of their bank accounts. Our financial lessons covers all the details to consider when sharing housing costs with others:

• How Much Rent Can You Afford? Renting with roommates often allows you to enjoy a bigger place in a preferred location. Looking at monthly income and expenses helps ensure each portion of the rent fits everyone's budget before you sign a contract.
• Setting Up Payments: Automatic payments help roommates pay the rent and bills on time. Learn more about the process to determine whether auto payments are right for your situation.
• Payment Methods: While paying with a check or cash is still a viable option, many landlords and utility companies offer online transactions. Roommates may have the option to pay rent via PayPal or Venmo, making it easier for everyone to budget by tracking money and payments.
• Getting Renters Insurance: While not all apartments require it, renters insurance protects personal property if it's lost or damaged due to unexpected events like theft or fire. FinancialFit's lessons break down how renters insurance can benefit roommates when things go wrong.
• Renting Homes vs. Apartments: Renting a home is somewhat different from renting an apartment. Houses often involve costs like lawn care or additional utility fees, so setting up a realistic budget with roommates can help manage those extra expenses.

Before signing any rental agreements, you need trustworthy, reliable roommates and money to cover monthly rent and living expenses. From the benefits of renting with roommates to figuring out utility costs, our FinancialFit lessons cover all the ins and outs of building a roommate-friendly budget.