Why You and Your Roommate Should Get a Shared Bank Account
Every month when rent is due, there’s a whole routine in roommate households. Everybody writes somebody a check, that somebody has to collect it all and then re-write one single check for the whole amount. And this happens with every single bill: Rent, electric, Internet. Well, we’re here to tell you that this is not the way it has to be. There’s a WAY easier way to split bills with roommates. It’s a shared bank account. Ok, so we know this may sound kinda sketchy. And the more financially-savvy of you may respond, “But wait, I thought you had to be married to have a shared account.” Well, yes, it used to be like that. But not anymore.
Simple, that digital bank you’ve probably heard of, just introduced shared accounts that you can get with absolutely anybody. All you need is a Simple account. So, when you and your roomie sign up, you’ll just have to link your individual accounts with one new shared account. No worries: Your roommate won’t be able to dip into your personal account for a late-night Seamless sesh.
In the joint account, you’ll be able to see every interaction between the two users. (So no surprises where your rent money went!) When bills are due every month, just transfer money in from your personal account and pay out from the joint account. It’s a great way to make sure everybody is on the same financial page.
Stop using Venmo for your rent. There’s a waitlist to get into Simple’s beta program right now, but you can sign up here for access.
Any other tips for splitting the bills with roommates? Let us know @BritandCo!
(GIF via Simple; photo via Getty)