Are you the friend who ends up paying more than they should because you prefer not to get your calculator out when the bill arrives? Well dread no more, because with the Splitwise app, you no longer have to worry about that money hassle. Whether you’re traveling with your friends or sharing an apartment, everyone will pay their share fair and square.
How to Use Splitwise?
With Splitwise, roommates and pals can keep tabs on ‘who owes what’ minus the awkwardness that comes with the bills.
Create a group for your vacation, shared house, or for you and your partner. Add members to the group through their phone number or sending them an invite link. Once it’s a full house, everyone can start adding their expenses on the spot.
All you have to do is put in what your expense was, how much was it, who paid for it, and most importantly, how you want to split it.
You can either split it equally, by percentage, by value or by share. After the expense is added, a notification will be sent to everyone in the group to stay updated.
All expenses will be displayed on the group’s activity tab, where members can edit or delete in case of a change. At the end, the total money you lent or owe will be shown on the main page.
You can payback each other at your own convenience. The app can direct you to your Paypal or Venmo account, or you can settle the payment by cash and record it manually to clear out the balance.
What are the Best Features of Splitwise?
Simplify Group Debts
This is my personal favorite as it automatically combines debts to save the group hundreds of paybacks. It does not change anyone’s total balance; it just reduces the number of payments, so everyone gets paid back quicker.
For example, if at the end of the trip you owe your friend $55 and they owe you $70, Splitwise will simplify your debts to end up having your friend just pay you $15. Sometimes, with so many expenses from different parties, they end up balancing out themselves.
Just like the little notes hung all over your fridge’s door, the whiteboard can be used to list important info such emergency numbers, addresses, or maybe a daily to-do list.
Even though it’s a simple tool, but I find it convenient that I only have to write ‘lunch’ and it will automatically choose the food category. So, you don’t have to waste time scrolling through the categories every time you’re adding an expense.
You no longer have to hint to your roommate about that electricity bill you paid for last week. Splitwise will send these reminders for you whether by email or another social media platform.
Is the Splitwise App Free?
Yes, Splitwise is a free app to download including all those impressive features.
They also offer a Splitwise Pro subscription at $3 per month or $30 per year, with a 1 week free trial.
What does the Splitwise Pro have to offer?
1. Receipt Scanning
Scan your dinner or grocery receipt, and it will automatically add in the category, value and the items included.
2. Currency Convertor
Even though you can choose any currency when adding an expense, but you can convert all expenses later on to USD.
3. Expense Search
Are you trying to remember how much you paid for the water bill last month? Don’t worry; you can search it up using the expense search and find out in seconds.
4. Chart Overview
A simple pie chart will show you where your group is spending the most. This can be a useful feature for people sharing a household and trying to cut back on unnecessary expenses.
Final Thoughts on Splitwise
With its user-friendly interface and smart features, the Splitwise app makes sharing expenses a whole lot easier for everyone.
Some people may argue that the process is time-consuming and maybe a tad stingy. But on the long run, you may realize how much more money you saved and less arguments you ended up having, due to a simple money splitting app.
I would definitely recommend Splitwise to the ones who are sharing a household, as we all get lost in our dues and debts. So instead of having a bunch of receipts stacked up on the kitchen table, the Splitwise app is your way to go for a financially organized lifestyle.
Download Splitwise for Android
Download Splitwise for iOS