Do you share monthly expenses with a roommate or significant other but pay for them from separate bank accounts? For better or worse, that’s how my wife and I have been splitting up our monthly expenses since we got hitched last August. We have a joint savings account and credit card, but we haven’t gotten around to joint checking yet.
Until about six months ago, we used a jury-rigged Excel spreadsheet that we emailed back and forth to figure out who owed whom—and how much. Then it dawned on me that our method was so 2007. With the brilliantly simple Google Spreadsheets, we can now both access and edit the same document from anywhere. That means it’s no longer just one person’s job to update the bills every month—with a Google Spreadsheet either of us can update the file as soon as we pay the latest bill.
This system doesn’t just work for couples, it’s perfect for roommates, too (who, arguably, will be more concerned about equally dividing living expenses than cohabitating lovebirds).
I’ve created a free, sharable version of this Google Spreadsheet for splitting joint monthly expenses. You can access it here, save a copy to your Google Docs account and share it with your partner or roommate. (This spreadsheet is only setup for two people splitting expenses evenly, although with a little finessing it could easily accommodate any number of roommates).
To use it, simply change the expense categories to reflect your monthly expenses, enter what you spent on each category. The other person enters what her or she spent in each category and the spreadsheet automatically calculates how much you owe the other person or how much he or she owes you.
What do you think?