You did It! You and your roommates have managed to get a place together. You’re all excited for the things to come, but have forgotten one important conversation, “How are we splitting these bills?“. It’s missed even more when you start factoring in bills like; Rent, Electric, Gas, Water, Cable & more. We’ve all been there, and we’ve outlined a few steps to make this happen easily!
The “Old Way” of Splitting Bills
We’ve come a long way from the classic writing a check to your roommates or giving your roommates a Benjamin Franklin for your portion of rent. With P2P transferring services paving the way for those one-off transactions, they’ve become cumbersome for managing those monthly bills that happen each month. They have autopay for single-user bills, why not for roommates?
Understanding Financial Situation
Understanding someone’s financial situation can be tough, especially when yours is completely different than theirs. We all come from different backgrounds, work-life balance, family support, etc., and knowing how to have a conversation about your finances with your roommates is the #1 part of having a healthy living arrangement.
Here are some things you can chat about:
- When you get paid, and how quickly you can have your portion of the bill paid?
- What will happen if you don’t have your portion of the bill?
- When to have the conversation of not being able to pay the bill on time.
Understandably, these conversations can be tough to have but they can help mitigate any conflicts between you and your roommates when the time comes. We’ve made it easy with Splitsy, to split bills automatically and reduce the hassle of bugging your roommates for funds.
Develop a Plan for “Going Splitsies”
Whether you and your roommates are Going Splitsies on an exact dollar amount, an even split, or by a percentage it’s important to know what your plan is so each member can prepared for to pay their bills monthly.
Here’s some examples of how your splitting could occur:
- Even Split: Your group has 3 members and your electric bill is $90.00. Each person pays a $30 share of their bill directly through the Splitsy Mobile App
- Exact $ Amount: Your group has 3 members and one person has committed to paying $20 of the Cable Bill. The remaining bill is $100 and the other two members decide to split the remaining portion 50/50 via the Splitsy Mobile App.
- By a %: Your group has 4 members and splits a $1,000 rent bill. Each member pays 25%, ultimately charging each user a $250 portion through the Splitsy Mobile App.
There’s an endless amount of splitting options when it comes to sharing bills, but developing a plan will help each party be prepared for their upcoming portion. Ready to Go Splitsies? Join our Wait List Below!