Western Daily Press (Saturday)
How to avoid money moans when living with friends
The reunion of the cast of US sitcom Friends has brought back warm feelings of nostalgia for the characters who were navigating flat shares and moving up the career ladder.
To mark the occasion, MoneySuperMarket has compiled its top tips to help prevent friends falling out over finances.
Sasha Evans, a money expert at MoneySuperMarket, says: “Living with friends can be a wonderful experience but, in reality, financial issues can threaten domestic bliss. So we’ve brought together some tips so you and your friends can avoid any financial fallouts.”
Be upfront about your finances:
Research suggests over a third
(39%) of people find discussing finances can make their heart race or make them feel stressed. But the trick is sharing the correct information.
You don’t have to disclose your salary. But it helps to share your expectations regarding how much you’re happy to pay for bills such as energy, TV and entertainment packages. This will enable you to choose the right providers and policies.
Money is an ongoing conversation: Have money chats on a monthly basis. Scheduling a meeting might seem a bit formal – so catch up over a drink or a meal. Just make sure you’re on top of your collective outgoings and that bills aren’t higher than they need to be.
Budget: When you move in with friends you’ll split bills, such as rent and utilities, food, insurance and entertainment. It’s important to budget and understand how much each of you has to pay a month.
Get savvy and shop around: With monthly energy bills for some households costing around £90, outgoings can quickly add up. But switching could save you hundreds of pounds that could go into savings – or enjoying time well spent with your friends.