How To Manage Awkward Money Situations With Housemates

No one likes to talk about money, but here’s how to do it successfully.

Living with housemates can be one of the best parts about going to uni. However, on the flipside living with other people can also bring with it a lot of frustration if they’re messy, bad with money or super loud around the house while you’re trying to study.

Being a student is probably the first time you’ll experience properly having to budget and pay for rent and bills, so it’s only natural that some people might not have got the hang of it perfectly yet. When it comes to living with other people, you’re all responsible for paying the rent and bills, as well as any communal items you all use and some people might be better at remembering to contribute than others.

If your housemates are your close friends, it can be super awkward bringing up money issues, especially as you live with them and you won’t want to make your living situation and your friendships awkward.

If you do think you need to have a serious conversation with your flatmates about money, here’s how to do it.

Don’t put it off

If one of your housemates owes you money or is late on their share of the rent or bills, the longer you leave it, the worse it’s going to get and the money they owe you is only going to go up.

As awkward as it is, if you’re having money issues with one of your housemates you need to schedule a time to have that chat as soon as you can.

Use Monzo for easy transfers

Monzo is a lifesaver in uni as it makes it really easy to send and transfer money (and track where it’s going, and what it’s being spent on). If all of your housemates use Monzo, you can simply drop a Monzo link into your group chat if they owe you money and suggest they pay you back when they get the chance.

Don’t get guilt-tripped into lending money

If someone’s asking you to borrow money, it’s probably gonna come with a bit of a sob story too. Obviously, if someone’s asking to borrow money and promising to pay it back it can be really hard to say no. But in the case of a serial money borrower who is unreliable at paying it back, you’re going to have to be firm and start saying no. After all, if someone is bad at budgeting to the point they constantly have to borrow other people’s money it could be a wakeup call to them if people stop agreeing to lend them money. Simply say, no sorry I don’t have the money this month and leave it at that.

Don’t gang up on them

If there’s one housemate that’s bad with money and all of you agree that the issue needs to be brought up, they’re probably going to feel a bit attacked if all of you sit them down to confront them about it. Maybe pick one person to deliver the news, so it doesn’t feel like a personal attack coming from the entire friendship group.

Suggest bill splitting apps

The best way to be proactive about the situation going forward is to try and make it fair for everyone living in your house. There are lots of bill splitting apps or websites you can sign up for that will equally split the cost of all household bills and shared living expenses between all of your housemates. This way it’s super clear how much everyone owes and you don’t get awkward situations where one person is always the only one buying the toilet paper or washing up liquid.

For more money tips check out the average student budget per month here.