Estimate the total income or cash receipts and detailed expenses. Make sure incoming money balances out or is more than outgoing money for expenditures.
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At the end of the month, check the difference between the budgeted amount per item and the total. The new actual number will be used for the future budget. We will use a similar approach to guide you in working out practical issues. There are examples of using a plan to deal with practical issues. Even if you live off-campus, or you opt to not go to college, the chances are you will still rent with someone and live with a roommate at some point in your life. Besides adjusting to different schedules and lifestyles, you also need to think about how to live with a roommate from a financial perspective.
Work with your roommate to assess the total cost of expenses and how much each person will contribute.
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You should come up with a list of potential daily expenditures for shared items and activities:. You should also assign a person to take charge of each specific activity. One does bookkeeping, one does cleaning, one is in charge of shopping, and so on.
The roles can be rotated. If there are four roommates, each one could take a turn at the task of shopping for the team.
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- Richard Madden and roommate Brandon Flynn take pet pooch Charlie for a walk in LA.
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Richard Madden and roommate Brandon Flynn take pet pooch Charlie for a walk in LA
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