Living with another person can be an exciting endeavor and a great way to save money on living expenses. Perhaps you know your roommate well and are looking forward to living with him/her. On the other hand, if you are embarking upon the path of living with a stranger, you may be feeling some apprehension.

No matter whether your roommate is your best friend or a total stranger, sorting out living and financial arrangements is integral to creating a peaceful environment free of interpersonal and financial conflicts.

Though it may be awkward, it is important to talk with your roommate about how you will share space and expenses.  Establishing ground rules before you need them will go a long way in minimizing conflict.

In addition to discussing things such as lifestyle habits, daily schedules, and who will do which chores, you and your roommate will want to discuss finances (ideally before signing the lease). As you prepare to talk about money, you will want to begin by identifying all sources of your income. In this way, you can develop a comprehensive understanding of your finances and, in turn, be equipped with the information that you need to talk with your roommate. 

Select an image below to start navigating your financial terrain:

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Take stock of your finances.

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Consider your situation and options.

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Implement solutions.

Disclaimer: No communication is intended to be, or shall be construed as, the rendering of any legal or professional advice whatsoever. Any such advice or direction is disclaimed. Further, any information contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for purposes of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing or recommending to another party any transaction or tax-related matter addressed herein.