What's the best way to administer shared bills?

bristol_pilot

BruceyBonus is dead right. If I could give one single piece of financial advice to a 'young person today' it would be do not open a joint bank account with anyone - especially student housemates - but also bf, gf etc.

You will be financially linked, be responsible for repaying 100% of any overdraft run up by the other person - including in the future - and find that you are unable to close the account without the other person's permission. You could be paying off your housemates' ever growing debts in five years time. Madness!

A coffee jar in the kitchen worked fine when I was a student, or put one bill in each name and settle differences in cash.

stationaryace

if there are just two of them, both names can go on all the bills, ensuring both are responsible. i did this with a close friend just so we were both covered incase anything happened during our tenancy (falling outs, absconding to live with boyfriend, quitting uni a to run off travelling etc- extreme but plausible)

BruceyBonus

stationaryace wrote: »

if there are just two of them, both names can go on all the bills, ensuring both are jointly responsible.

You aren't jointly responsible, you are equally responsible. That means that both of you are responsible for the entire bill. So if they don't pay, you are liable for the full amount.

williham

I pay all the bills for my house and it worked ok..
I asked for tv licensing, broadband, water up front and then everyone paid me every three months for the gas and electricity. Luckily I'm all paid.

I would definitely pay by direct debit though because you can save quite alot, especially on gas/electricity.