Online ledger to maintain shared bills and expenses with several people or groups
Automatic expense tracking, notifications sent when app is updated. Add details to each expense like pictures and memos. Link PayPal to pay directly through the app between PayPal users. Easy grouping system.
Splitwise looks to hold everybody accountable and make it easy to continue a running tab or paying your share of the bill.
Whether it’s one person or an entire group of people, Splitwise aims to help you keep track of who owes who what. The app is set up to allow single instances or running totals over time and a detailed report of who paid who when, how much is left to pay or be paid, and even sections to allow memos and even pictures.
Unfortunately, the app can be a little difficult to navigate at times. I had a hard time getting a few people on board with it but once you understand the inner-workings of all of the features Splitwise offers, it becomes much more manageable. Despite the small learning curve, the app looks and functions great. It’s easy on the eyes and effective at displaying the important information most prominently.
Adding a group is a simple way to keep track of bills or expenses that are frequently changing. This is great for me, living with several people who are college students sharing a house. We have many bills split between us and whenever anybody enters a new expense to be split, everyone gets a notification that your balances have changed. Any time somebody moves in or out, you can easily add or delete them from the group so they’re no longer listed for further lending. One nice touch with that was that if anyone in the group owes or is owed from the person who wants to leave the group, they are required to settle up before they’re able to be taken off.
The “Simplify group debts” feature is a clever way to reduce how many times money is changing hands. If you’ve got to pay someone who also owes somebody else cash, you would instead pay that third-party. To some this may complicate things further because they would rather just pay the person who they owe directly without worrying about a third-party in the exchange. Luckily this option can be changed at any time.
As previously mentioned, you can add little details into the transaction to make sure each person understand what is being lent or paid back. This can be great if you need to “prove” what people owe you, allowing you to take a picture of a bill, or perhaps supplies that are shared, etc. You can either record a cash/check payment or send them money via PayPal, a nice touch for those who prefer keeping everything able to do by their smart phone. Interestingly, Google Wallet is not an option and in 2013 they had applied for a patent of a system that effectively is the same thing as the Splitwise app.
Selecting a certain expense will show how the loaned amount is broken down and adds it accordingly if there are several existing balances. This transparency is a great way to keep everybody honest, updated and most of all accountable.
Overall Splitwise is an excellent and smart way to manage money among several people or even just one other person. The variety of options allows for a lot of flexibility and details but holds itself back as it can be difficult for people to fully understand and navigate.
Detailed and informative way of splitting bills and tabs. Many options as to how to split your bills among one person or several people at once. Simple and effective layout, easy colors to understand.
A lot to take in at first. Can be difficult to navigate around in at times. Doesn't support alternative currencies. Only one option for online payments (Paypal).