100 Perry Street - Shared Home Ownership

QUESTIONS and ANSWERS - PAYING BILLS


We have three pots of money. 


We all contribute monthly to the operating costs of the house.  This includes taxes, cleaning, utilities, general maintenance, etc.  Right now, that's $1100 per month each, but we know that's more than we'll need in the long term.  For now, we just roll the excess into the contingency fund.  We are trying to set up most bills so that they are automatically paid by transfer from the bank.  We do keep a spreadsheet and reconcile the expenses monthly.


The contingency fund is held in a joint savings account.  Right now we're saving for the things that we still want to do in the house - landscaping, driveway, some built-ins, a generator.   In the longer run we will want to continue to build the contingency fund to some reasonable figure so that we have money set aside for a new roof (in 20 years?) or any major renovations or repairs.


Our third fund is grocery/household supplies.  We all contribute $100 per week right now for any week that we're home.  Again, that might be decreased over time.  For now, we're happier having it set a little on the high side.