![]() ![]() I realize now that I was barking up the wrong tree with Transaction Splitting. I now understand it a great deal more, have accomplished my tax organization goals with it, learned some features, and now ready to tackle this split parent expense tracking thing. I had to finish a rental project, then have now been forced to learn Tiller better in order to do my multi-business taxes for 2022. It I should just post a new topic for this, I can do that. We are happy to make changes as far as bank accounts, credit cards, etc, but looking for a way for the accounting inept to make this as easy as possible. Please recommend the best scenario for two split parents to manage such a situation. It sounds like the new “Split Transaction Workflow” might be the way for us to manage shared child expense. We are both bad with accounting and I am just starting to work through getting Tiller to automate my financial life with rental properties, amazon transactions for various purposes, and our shared child expenses. We do not have a shared credit card for child expenses, but individually have rewards credit cards we like to use. We have a shared bank account for our childs expenses, but we run into the problem of rarely having enough funds there, so in-the-moment transfers are then called for and inconvenient. Connect with us online to learn about our residences and application process.I found this thread while searching for a recommended way for split parents to manage shared child expenses. You or your roommate should log the date next to each bill once it’s been paid to eliminate confusion and error.Īrdent Communities has several apartment and townhouse communities in Columbus, Ohio. Highlight the due date and amount or input them in a spreadsheet. Tracking expenses is a must, whether in a notebook or on a spreadsheet or app.Ĭollect your monthly statements and keep them in a communal space where everyone can find them. You’ll have several monthly bills to manage, and you may encounter a situation where you or your roommate can’t remember if you paid. For example, you take charge of rent and electricity payments while your roommate ensures the water and heating bills are covered. ![]() Or split up the bills per roommate and collect each other’s share after it’s been paid. That person should create a deadline for each roommate’s portion of their expenses to ensure everything is paid on time. Having one person pay monthly expenses all at once is often easier than separate payments from multiple people, which can lead to confusion and over- or under-payments.ĭiscuss who would best handle the expense schedule. Most rent and utility bills require a primary account to make payments. One person buys items for the kitchen, while the other purchases for the bathroom. Each roommate can buy their supplies or divide the supplies per room. You could also split the cost of cleaning supplies. You may like to cook while your roommate prefers takeout, making it hard to determine what you need to fill your fridge and pantry.īuying your own food is an option, but will you finish things like milk and condiments on your own? Discuss which foods and beverages you’re willing to share and take turns buying those items. You and your roommate may have different eating habits and schedules. Working out how to pay for groceries might be tricky. He or she may wish for you to chip in for their subscription since you’re sharing the account. For example, you both watch Netflix, but it’s your roommate’s account. You’ll need to discuss who will pay for those services or if you’d like to split them evenly. Other optional expenses include internet, cable, streaming services and renters’ insurance. Rent and utilities like water, electricity and heating are commonly shared costs between roommates. Personal expenses such as car insurance, loans and phone bill.However, it’s an important conversation that should happen before you move in together.ĭiscussing the following will give you an idea of your roommate’s finances: Personal finances are a sensitive subject, even if you’re talking with your best friend. ![]()
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