Are you ready to make some real money moves?

Whether you’re living with your significant other or living with roommates, it’s essential to talk about how you’re going to split the rent before the ink is dry on the lease. Having a discussion will clear up any confusion and help you advocate better for your budget.

Here are 3 ways that you and your roommates can split the bills evenly.


Split Bills By Income


Works Best For


Family Member Living Together


i.e. siblings living together, children moving back in with parents, or other adult family members living together


Couples


If your partner makes more money, they may be comfortable taking on a more significant portion of the bills. This approach also works for family members who live together. If this option sounds like a fit, then you can try this: have the person who earns less pay no more than 30% of their monthly take home pay for rent. The partner or roommate who makes more can cover the rest.


Split Expenses 50/50


Works Best For


Family Member Living Together


i.e. siblings living together, children moving back in with parents, or other adult family members living together


Roommate


Couples


This is the most common method. All bills are split 50/50. This option is simple and easy to get started. It works best when incomes are similar or in situations where you do not want to get personal about your finances.


Split Bills Based on Perks


Works Best For


Family Member Living Together


i.e. siblings living together, children moving back in with parents, or other adult family members living together


Roommates


With this option, the person who gets the better perks pays more. For example, a room with a private balcony or bathroom is much more appealing than a room that has a window staring at a brick wall. Take all elements into account and decide on a fair price to split the rent.


You can also customize the rent price by the size of each person’s room. Whoever has the biggest room pays more, and the one person has less space will pay the least. Use your apartment floor plan to get exact measurements.


To keep all fairness intact, check out these are websites to help you do the math of splitting the rent: Spliddit.org, NY Times Rent Calculator


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