Budgeting with a Roommate and Venmo
I am new to YNAB and am still a bit confused on how to set up my budget, and here's why. I live with a roommate in a house that I own, and because of that I am responsible for most of the "immediate obligation" bills (such as mortgage, water, electric, etc.). We split most of the bills 50/50, and she pays me through the month by Venmo. I am confused on how to budget all of this accordingly. Listed in my budget right now are the amounts I am budgeting for, but I always end up overspending in those categories because I pay them in full (typically on my credit card to gain points, which I also pay off in full every month). What is the best way to set up my budget? I have watched videos on reimbursements and looked at multiple responses about this topic, but still do not feel they have given me the guidance I need. Any thoughts would be appreciated!
Welcome to the YNAB party Salmon Screwdiver !!
You are right - reimbursements are a little tricky, but once you decide how to handle it then it won't be a huge deal.
Here's the question - is your roomie paying you after the bill is due, or before? So does roomie pay you for each bill as it comes due, or pays you rent + balance of bills all at once? Knowing this can help you get organized a little better with a plan for how to handle it.
Hi farfromtheusual ! Thanks for the warm welcome and getting back with me!
Roomie is paying the rent bill before it is due. Aside from that, she is paying bills as they are due (which are sometimes all billed on the same day). She does not pay rent+balance of bills all at once.
To make things more tricky, I also pay her for some expenses (i.e. we share groceries and she pays on her credit card, and then bills me).
Matthew I recall you sharing about a Splitwise integration with YNAB, but the forum search is not giving that post to me.
Salmon Screwdiver , I hope someone links that Splitwise post. It has a good explanation of how to deal with a relationships full of reimbursements in YNAB even if you're not using Splitwise.
You'll basically make a category for your roommate.