Money recording system between housemates or partner

Sharing home with friends are so interesting. However it could be a little complicated when it turns to claiming money on purchase we did for the house. The products we might purchase for the house include rice, flour, butter, toilet tissues, drinking water, etc..

Now is the time for us to be more organized about our money transaction. I had seen many people who are very organised in money management success in their lives. Yes, even our friends are our friends, it doesn't mean that we don't care what they buy, how much they buy for the house, and we just believe in them without doing any proper recording.

The money recording system is very important that it allows us to:

1. see how much we have spent for the house
2. we can budget for the next month's expenses
3. we can track down what's important and what's unimportant, so that next time we can reduce purchase of unimportant things
4. we can discuss with our house mates which products cost less and allow us to choose a cheaper products
5. we might know who always buy things at the market, and next time, we might ask another person to do that job more intensely.

Now I found a simple but very helpful and efficient technique to keep record of purchase of different individuals.

What you must have are just:

1. An exercise book (plain book)
2. A glue
3. pen
4. highlighter

Let's say, I live in a house with another partner.

1. Each time I or she buy something for the house, the buyer must keep the receipt in their wallet. Don't forget to get receipt each time you buy something for the house.
2. then, when you or she come home, either immediately or later on the day, paste the receipt you got from the shop into the exercise book according to right way of recording (as I will show you later)
3. then don't forget to write your name ON THE DATE
4. calculate how much YOU buy for the house on that day
5. then write the cumulated amount you had buy before (amount carried forward [c/f])
6. add the amount you buy today
7. total up those 2 amounts (carried forward + amount you buy that day) as Bring Forward (b/f)
8. do the same procedure next time you buy things.
9. Remember that one page is only for one day. You only buy things few times a month, so don't worry the page will be used up so fast. You don't have to leave any blank pages, just paste to a new page when you buy.

The highlighted is the date, and above it is the name of purchaser. The upper box on the right side is the box for me, while the lower box is for my partner. the c/f is the accumulated amount of previous purchase, while the b/f is the amount you will bring forward to the next page.

By this way, your house not necessarily create a fund which obligate each person who wants to buy thing to get money from this fund. If you do the central fund system (which usually don't emphasize the importance of recording system), it could be difficult for all of you to manage the money, or even if you ask a person to control the money, it might be a difficulty to contact the person whenever you want to buy something for the house any time you pass by the market.

Claiming the money

then, we understand that CEKMEK already spent EUR 723 at the end of month and I spent EUR 0. So, now, at the end of month, she can claim for her money. Just 723 divide by 2 = 361,50. while I claim her 0/2 = 0. Thus, how much do I have to pay? It is 361,50-0 = 361,50. It is easy..

The next recording period starts and you will start back at c/f = 0 and do the same procedure, and claim at the end of month.

Happy trying =)