How Splitwise Has Changed Finances Between Friends

Splitwise is a new app that you can use for free if you have consumer expenses that you need to split with friends or relatives. Perhaps you are going on a group vacation or maybe you’re attending a concert or other kind of event. Splitting the bill fairly can be tricky business, but the Splitwise app can help you to do it fairly, quickly and easily. How has it changed the real estate industry?

It’s a free tool that helps in figuring cost divisions

When a group wants to go through a realtor to acquire a vacation rental, the app makes it easier for the agent to divide the costs among the renters so everyone gets treated fairly in the deal. It’s also good for the temporary renters to use on their own so they can determine how to divide the cost for accommodations.

Figuring costs as they come in

When people are splitting a joint trip, who should pay for what can become an issue. For example, some persons in the party may want to use room service or dine out and eat expensive meals while others may want to conserve on the total cost. Splitting the bills down the middle isn’t always fair because some people will come out ahead. Splitwise offers a solution to the problem of equitable divisions. It even has the capacity to track new amounts as they come in. It’s a cloud-based app so it maintains the data that is input so you won’t need to worry about keeping receipts. Expenses are added to the app as soon as they come in.

How it works

It doesn’t really matter whether members of the group make payments by check, cash or an online payment resource such as Venmo or PayPal. The app allows all users to send an IOU to another member of the group for tracking, and you can also send messages via the app. Another free app that is complementary to Splitwise is the Plates app that helps to split up restaurant bills. This ensures that any items that are shared is split among the guest that share the plates and all other meals are paid for by the person ordering, including taxes and the tips. An email notification of the total amount owed is sent to each member of the group. The Plates app is easy to link with the Splitwise app.

Online integration

One of the features that make Splitwise so handy is that it is integrated with Venmo and Paypal. These payment systems can be linked with a bank account, a credit card or a debit card and can be used to either send or receive payments through PayPal via both payment platforms.

The benefits of a shared finance app

Vacationers aren’t the only ones who can benefit from using Splitwise. It’s also a handy tool for people who are renting a home together. Splitting up the bills equally isn’t as simple as each person paying half of the total amount due. Sometimes the divisions need to be made differently in order for them to be fair. Roommates can use the handy app to make sure that everyone is paying their fair share, but no more. It’s a great app for figuring out how to split the weekly grocery bill, utilities, rideshare situations where several commuters carpool on a weekly basis for school and work and much more. It eliminates the need to keep receipts for purchases and to write a ton of small checks or make trips to pay people the money you owe for your IOUs because you can make the funds transfer instantly via PayPal. It’s a convenient and time-saving app that is absolutely free to download and use. There may be a charge if you are using a credit card via Paypal but these charges usually only amount to one percent of the transfer amount and in most cases, there is a maximum charge of $10, which is affordable when you’re making a larger funds transfer.

Final thoughts

Splitwise is a useful tool that makes it easy to keep track of shared expenses by taking the pressure off and doing the tracking for you. All you need to do is make sure to input the amounts that you spend. It’s available for iPhone, Android and through the web. It’s totally free so give it a try.

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