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Practical Money Matters Radio Series

August 6, 2012
When Roommates Go Bad


Ensure a happier, more successful living situation with these tips on maintaining good roommate relations.

Transcript

Having a roommate is a great way to save money. But if you're not careful, minor disagreements can blow up quickly. The key is open communications.

Here are some tips:

  • Make sure everyone fully understands the terms of your lease before moving in together.
  • Have regular meetings to discuss household finances and chores.
  • Decide who pays each bill and make sure they're paid on time; otherwise you risk late fees, credit score damage or even eviction.
  • Pay your fair share. For example, if you work from home and use more utilities or eat more food, a 50/50 split may not be fair.
  • Get renters insurance. Your landlord's insurance doesn't cover your possessions or liability due to theft or accident.

Bottom line: Follow the Golden Rule&ndahs;treat your roommates the way you'd like to be treated.


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