How to Control the Household Expenses in your London House share.

Friends on sofaHouse shares in London – Tips for controlling your living expenses.

Year after year, just like in other popular cities for international students, the living costs in London are increasing. This has prompted many people to be more frugal in their lifestyle, and as a result, an emerging trend that is lately becoming increasing popular, is the concept of finding a house shares in London. Just buddy up with some people who share similar interest or life styles, like classmates or friends, find a house of a flat in London that suits your collective needs, and share on the rent and the overhead expenses. However, a simple (and fun) solution is this may sound, it presents a problem in terms of how to share the cost of the flatshare in a fair way, especially as some people are naturally better at managing financials from a shared residence, while some find it very difficult to do so.

 

  1.  Plan an agreed Budget for your house share.

One of the most important things you should learn with regards to house shares in London would be the importance of planning. In this case, it is important to have an intelligent forecast of how much you will be spending for a month and divide this equally amongst the members of the household. This will allow you to be in control of how much will be spent. To avoid any problems, make sure to consult with your housemates. Once you have agreed on the amount each of you will be sharing, stay focused on it and avoid overspending. You should also learn how to adjust so the budget will fit in.

 

2. Take Note of All your Expenses

Whether you are sharing a house with expats, local students or international students in London for an academic semester or two, one thing that will help is to take down notes. See to it that all of the expenses are carefully recorded in a file everyone can see. You should assign someone to be responsible for bookkeeping. There should be transparency so you will all know how much you have spent for the month.

 

3. Choose Your Housemates of flatmates carefully

Controlling the expenses will be better if you know the people you’ll be sharing a flat with and if you know their character. When moving to a flatshare in London, take time to evaluate the people you will be living with. Sharing a house with expats in London, for instance, can be challenging because of different cultures and traits. By picking the right housemate of flatmate, you can be confident of being able to ask for everyone’s cooperation when it comes to managing household finance.

 

4. Communicate with your flatmate

At the end of the day, the most important thing in managing the expenses of house shares in London is to have clear communication between the flatmates, and freely discuss any shared financial matters that relates to the flatshare. Make sure to set rules and to talk with one another if there are disputes. Plan the budget while having everyone involved and make sure all major expenses are made known to all and agreed by all prior to taking any shared flatmates obligations.

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