In order to properly prepare and manage all finances on a monthly basis, the responsible individual should maintain a spreadsheet. I would recommend a spreadsheet maintained in Excel. This spreadsheet should be maintained with the names of everyone sharing the apartment. All finances are generally divided evenly so everyone should be paying an equal share unless there is some prior arrangement that would require someone to pay more or less. Whatever the case, the responsible individual should solicit payments from each roommate in the household. As they are received, it should be well-documented and noted. The date, payment amount, and the name of the household member should be recorded. Having this information will prevent potential discrepancies to creep up later on. Don't wait a few days or a few weeks before updating the Excel spreadsheet. I've learned from my prior living arrangements that this can cause problems. Record the information as soon as possible so that you have the most up to date information.
The reason why I suggest one individual to handle all the finances in the apartment is because it is much easier and simpler. The finances are handled at one central point and aren't spread too thin. If multiple people are handling separate bills, this can cause a lot of confusion. The math will get quite messy. With this in mind, living with your roommates will be even more enjoyable as finances are handled quickly and efficiently. You want to get this right because money can turn relationships sour. Best of luck!!
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Article Author: Andres_Mok
Article By: Andres Mok