We’ve have fairly similar lifestyle habits and use the utilities in our house pretty equally, so we’re happy with this method. This is how my girlfriend and I split our expenses and rent. If that sounds good to you – this can be one of the simplest ways to split rent. People in your house buy a bunch of stuff. But if you’re still wondering how you should split your expenses, here are some options. In this example, Rachel owes Dennis $38.83 and Cooper owes Dennis $18.33. After the “ Simplify” box is ticked, the spreadsheet will do some magic calculations to find the least amount of transfers needed to settle up. Sending money to every person in your house to settle up can be a bit time consuming, so the spreadsheet also includes an option to simply the calculation.As every expense is added, the spreadsheet will automatically calculate the amount each individual owes to each other.If they want to split it by percentage, they can pick Variably from the How to split dropdown and add a percentage under each person’s name.If you want to exclude a housemate from paying for the expense, simply untick their name. The spreadsheet will automatically assume everyone if splitting it. If they want to split the expense equally between housemates, they can pick Equally from the How to split dropdown and tick the checkboxes for everyone who is going to contribute.When someone in the house pays for something – lodge it in the spreadsheet.You’re now free to customize the sheet with the names of your housemates. Click on this link, Sign in to your Google account (100% free unlike Excel), and copy the Google sheet.It’s setup for you to start using, no matter how you prefer to split expenses. And to start making things smoother in your household – I created a nifty spreadsheet template with a little bit of coding magic. This post will cover the various ways you can split household expenses fairly. But after speaking to a bunch of people in different situations (couples and singles) it turns out the reality is far more complex. Really depends.īefore writing this post, I naively assumed most people were like me, and split rent and house expenses equally. What’s the fairest way to split household expenses?Īnd the answer. Savings: emergency fund, RRSPs, RESPs, TFSAs, seasonal expenses (e.g.Over the past week I’ve given a lot of thought to this question: Personal: tobacco, alcohol, books, music, clothing and shoes, donations, subscriptionsĮating Out: meals, snacks, take-out, beverages (coffee, tea, juice, soft drinks)Įntertainment: recreation, sports equipment and fees, movies, concerts, hobbies, gamingĬhild: daycare, lessons and activities, allowance, school supplies and fees, babysitting, programs, tutorsĭebt Payments: credit cards, loans, leases, support payments, government debts, personal debt Health Care: medical premiums, life insurance, medication, eye care, dental, supplements, wellness costs Transportation: fuel, auto insurance, transit, parking, taxi, rentals, car sharing, tolls Living: personal care, bank fees, salon and spa services, dry cleaning, pet costs, memberships (fitness, clubs, associations) Groceries: food, baby needs, household supplies, toiletries Household: furnace, water tank, roof and gutters, decor, upgrades, storage locker, gardening, cleaning services, outdoor equipment and maintenance Utilities: phone/cell, cable/internet, gas, hydro, security Housing: mortgage, rent, strata fees, house insurance, property taxes View a sample of a completed tracker (from the previous version of our Monthly Expenses Tracker).Įxpense Categories – Know Where Your Money is Going This becomes the cash balance for the next week. If there’s a surplus, you should have money in your wallet or bank account. Total all columns and subtract actual expenses from actual income.On these pages, keep track of seasonal expenses rather than recording on your weekly pages. You also need to record weekly savings amounts on pages 14 – 15 of the Expense Tracker.You may want to track coffees, dining out, or fuel separately. You can then use the blank columns to create your own categories. List the dates down the left side and record actual money spent each day.You should also list any income you may expect to receive during each week. Record cash balances on hand or in your bank account.For example, a 7 day tracking period would be March 30th to April 5th. For each week, record dates you are tracking.
0 Comments
Leave a Reply. |