Rule number one: discuss all financial aspects with your roommate before moving on to any other rules. Rule number two: make sure you have abided by rule number one.

The financial conversation should come up early on and should be thoroughly covered. Every aspect of the finances between you and your roommate should be discussed. If you do not abide by rule number one, then rest assured that there will be tension and problems will arise in the future.

First, start with the rent amount itself. If you have found a place that you both like you should know what each other are currently able to pay for rent. No embarrassment allowed. Do not look down at anyone because they make less of an income, or even because they have so much they don’t know what to do with it. Once you know who can afford what, you will know who can be given honest consideration for the larger bedroom, larger closet, or private bath.

Now that you know this, you will need to put a dollar amount to the bedrooms. Let’s take a simple two bedroom, two-roommate situation. The leasing office should be able to provide you with square footage of the room, or at least the dimensions of the room from which you can calculate the square footage. Janet and Chrissy move into a two bedroom apartment. One bedroom is 12×12 totaling 144 square feet and the other is significantly larger at 14×16 totaling 224 square feet. We’ll make it easy and say that rent is $1000. Based on the total square feet of available room space (144+224=368), the larger bedroom accounts for 60% of the available room space. (224 is approximately 60% of 368). Therefore if rent is $1000 per month, it would be fair to say that the person who gets the larger room should pay $600 while the other should pay $400. This is the most fair way to calculate amounts based on square footage.

Other options might include paying the same amount in rent, but allowing the person who gets the smaller bedroom to take two extra closets in the hall, and the dedicated parking space. Any agreement should be well talked through and make both parties happy.

Once an agreement is reached, they should be put into writing to avoid any issues that might arise. If an issue does arise in the future, this agreement can be referenced. I can also be amended throughout the roommate relationship with both parties consent.

Considering bills should be done in the same manor. If one person gets to have cable in their room, while the other must go to the living room to watch cable, the amount paid should reflect that. Everything, however, should be put into your written agreement and signed by both roommates.