Stepping into your first flatshare is a monumental moment.
However, have you finished your pre-move errands? Whether you’re drafting your uni budget or looking for direct lender loans, solidifying your finances is necessary and best done sooner than later. Make sure you’re financially prepared before you move in – you’ll thank yourself in the future.
Ready to get started? Scroll down for our top tips on money while living with housemates.
A structured budget that keeps you in check is always the best route to managing your money. If you’re living with housemates, you might want to create a household budget alongside a personal student finance budget.
A typical student budget considers shared costs for food, household cleaning items, and any shared expenses. Each housemate deposits money into a lump sum, and each member has a say in what the money is spent on. A budget plan isn’t a student-only technique – this can also work for house shares with young professionals or family members.
Direct lender loans and credit lines can help you while living with housemates by providing extra cash to bridge the gap between paydays or to cover last-minute expenses. If your shared property needs a sudden repair, a credit line can help you borrow money when needed. Alternatively, a direct lender payday loan can also help when you’re in a pinch.
Setting up the bills is one of the first steps to a houseshare. But before you do this, decide how you’ll share the costs.
Common solutions include:
Dividing costs per person is the most common option, but different solutions work for everyone. The most important step is to have an honest conversation about payments – don’t just assume someone will cover it.
This tip won’t be applicable to all, but it could relate to you if you’re a student. Before you move in and create a budget or distribute bills, double check your student finance information is complete.
Leaving loans until the last minute could leave you without cash. If this happens, a direct lender can help you with money or a credit line account until your student loan payments arrive.
Finally, our top tip for living with housemates is to stay as organised as possible. Jot all expenses down and set up standing orders to ensure you never miss payments. Keeping track will help you make your cash go further, and you’ll be able to identify any areas of overspending.
Cohabitation can be fun, but there’s potential for financial error if you don’t communicate clearly with your housemates. Remember to be honest and open, and take time to create a detailed budget to ensure everyone’s money goes further.
In need of some assistance? Allow Polar Credit to help.
We’re here to make it easy to access quick money minus the stress. As direct lenders, we offer credit lines that can be paid back in full each month or in a number of small monthly repayments – just like a credit card.
Check out our other great content in our Info Hub, with articles about the different types of credit products, money management tips and help with saving money!