At a certain point in life, there will be a moment when we decide to leave our parent’s home and leave on our own. Now, this can be really challenging financially and emotionally both. Even if you have a job, managing the living expenses all by yourself can be difficult. Hence, this is the main reason why many people often plan to share their living space with others. Well, a roommate can be a bane or boon depending on the person with whom you will be sharing your room.
Every people have their own roommate story where they share their experience. The roommate who eat all your favourite evening snacks, one who goes to the party wearing your T-Shirts or shoes. Well, these were some of the most common give and take tradition that you have to endure when you decide to live with a roommate. But, things can go ugly in various other situations where you are unable to make the payment of the rent because of your roommate. Utility bills like waters and electricity are being paid by only you.
There can be other sad stories that can make you rethink whether you should leave with a roommate or not. At the same time, there is no denying the fact that sharing with your room can really help you to cut your expenses in various ways. But, it is your sole responsibility to stay alert and watch out every activity. Here, in this blog, we have mentioned useful tips that can help you protect your finance when living with a roomie. So, let us get started.
Make sure that the payments are shared equally
The thumb rule of living with a roommate is to ensure that both of you are making equal payments. Now, to ensure that each and every bill split equally, prepare a lease agreement and sign it. This will be the legal declaration that you and your room mater are entitled to share all the bills related to the house you are living in.
Don’t delay in payments
Well, if you have not done the lease, then delay in the payments of the bills can have an impact on both of you. So, because of your roommate mistake, your credit score will be affected. Hence, if it is you or your roommate because of whom bills are not cleared yet, then you can approach a direct lender to get financial assistance in the form of first direct loans. You can use these urgent approved funds to clear all your due bills.
Don’t buy things that cannot be divided
Yes, the main reason why you are sharing your room is to reduce your living expenses. For this, you will look for every aspect that can be shared apart from the bills. It is often seen that roommates end up buying furniture together. But, this can be a bad decision as in the end; one of you will be leaving the room. So, things can difficult to decide who will take what. Therefore, try not to share the price of any furniture as it can create massive conflicts later. Instead of that, buy individually as you will know what stuff belongs to you.
You must keep in mind is that when you share the room; everything decision related to the room has to bilateral. If you want to leave the room and shift to a better place, then you must discuss with your room partner and take a mutual decision. If things are not going well between you and your roommate even after trying to solve the matter, it’s better to leave the house. Search for new houses around the place where you can easily commute to the office. Chances will be there that you will be asked to make an advance deposit. But, if you don’t have enough funds because of the improper financial management, then you can apply for loans for bad credit and no guarantor.
So, these were the major tips that can help you protect your finance when you decide to share your room with another person.