5. Organise how to pay shared bills
When it comes to paying shared bills, you’ve got a couple of options: set up direct debits, open a joint bank account, or pay for a bill-splitting service. If you’d like more information on paying shared bills, we’ve got an in-depth guide, ‘How to split student bills’.
Direct debit
This option involves each housemate taking responsibility for setting up and paying one bill (for example, water, gas, electricity, and broadband). Each person will need to set up an account with the relevant supplier and then set up a monthly direct debit from their bank account.
You’ll then need to calculate how much everyone needs to pay each other to make sure everyone is paying an equal amount for bills each month. This can be tricky (although there are apps that can help), and you run the risk of your housemates not paying you on time, meaning you have to cover their portion.
Joint bank account
Setting up a joint account means everyone has full knowledge of all charges. Beware if another account holder has a poor credit history; it could affect yours in the future. If you’re unsure, contact your bank and speak with a financial advisor.
Bill-splitting service
Bill-splitting companies divide all payments into one monthly cost per tenant. This would ensure everybody is paying the correct amount and nobody has to deal with the stress of chasing their friends for money each month.
If you’re anxious about paying bills for the first time, opting for a stress-free bill-splitting service is possibly a good way to go.