Over the years, I’ve learnt a few things (I’m definitely still learning) and picked up a few tips. Hopefully sharing these tips will help make “the bill chat” and your life, a little less stressful.
1. How to split your bills
There’s a few ways you can split and manage your bills.
1.Put one person in control
Give one person the responsibility to the pay the bills from their bank account. Each housemate can then transfer money into their account each month.
2. Use a joint account
Set up a joint bank account where each of you pays into the account and the bills are taken automatically and shared out equally.
3. Use a tool
There are bunch of tools and websites that can help with splitting household bills. I personally use splitthebills.co.uk. For me it takes the stress out of negotiating bill payments with my housemates.
2. Dodge potential conflicts
Everyone thinks about money differently and will vary in how they prioritise paying bills. The easiest way to avoid any conflicts is to sit down and set expectations early. This way you’re on the same page from the start.
A common problem can be if one person in the house has a smaller room than the others and feel they should pay less. Obviously each situation will be different but again my advice is to sort things out early and be flexible. 90% of the time it can all be sorted with common sense.
1. Sort it out early:
Put together a meeting with all your housemates ASAP to discuss the best way to tackle paying the bills.
2. Find the way that works best for your house:
Whether it’s having one account holder, a joint account or paying a third party service such as Split the Bills to calculate and pay your bills for you, discuss as a team.Priority is keep it simple so you avoid fines, late payments and drama.
3. Take responsibility and be flexible:
However you choose to split the bills make sure you pay them on time. If you can be flexible it will make your life and everyone else’s life a whole lot easier.
If you’re struggling with money, talk about it.
Mark joined Choose Wisely in 2015. He continues to work in close contact with the providers, brokers and journalists operating in the world of consumer credit.