If you live in sharing or on a trip with your friends, it becomes quite difficult to manage all expenses and split them later on. Too many calculations involved! Also, it’s quite embarrassing to keep reminding your friends to pay you the debt. Well, there exists a perfect solution for you – Splitwise. On Splitwise, you can track all your expenses, split them with your friends, maintain a ledger and even pay your friends with one tap using PayPal or PayTM (India). And here’s the best part about Splitwise – it’s free and can be accessed on the web, Android, and even iOS.
Your account is always synced and even if you lose your phone, you can check all your expenses, how much you owe, and how much your friends owe you anytime. You can use Splitwise as an IOU Manager where you can add day-to-day expenses and track who owes money to whom. Not only individual friends, you can even create groups and add expenses to the group. It has an option to simplify group debts, another cool function of this app. If you are a group of 3 friends on a trip, and you owe your friend A 20$ whereas he owes B 20$, it will simplify debts and will ask you to directly pay B 20$. So, it automatically combines debts of a group. However, if you don’t like it, you can turn this option off anytime. Let’s take a look at some of the key features of Splitwise:
1. Split bills with multiple friends in one go
You can split a bill with your multiple friends without creating a group. You just have to select multiple friends while splitting the bill. And, Splitwise will do the maths for you.
2. Add Receipts and Notes with every Bill
Description not enough and you want to add some more details to the expense? Well, Splitwise gives you an option to add notes as well as to upload receipt of the bill. All you have to do is to click on the camera icon at the bottom (on the Add Bill screen) to add receipt. To add notes, tap on the extreme right icon at the bottom.
3. Add recurring expenses and set reminders of payment
4. Multiple Categories and Currencies to choose from
5. Multiple Options to Split Bill
Splitwise gives you multiple options to split bills. You can split bills equally. If the share is not equal, you can split the bill by amount, percentage, share, or by adjustment. Split by adjustment is a cool feature where you can add an ‘x’ amount against someone and that amount will be deducted in equal shares from others. For example, you went out for dinner and one of your friends ordered an extra drink for himself worth 5$. Your total bill came out to be 100$. Now, instead of splitting 95$ equally and then adding 5$ in your friend’s share, split the bill by adjustment and add 5$ in your friend’s share. Splitwise will do the maths and will split the bills accordingly. Cool, isn’t it?
6. Create Groups
7. Simplify Group Debts
8. Settle with PayPal or PayTM
9. Remind your friends about the dues
Splitwise not only reminds you of your check dues but also lets you remind your friends about the debts. To send a reminder, tap on your friend on the homepage and click on the menu option in the top right corner. You’ll see a few options popping up. Select Send Reminder option and edit the reminder note. Once done editing, click send. Your friend will be notified by email or notification.
10. Maintains a Ledger
You can check all your expenses and transactions on the Activity tab. The activity tab is sorted by time. Hence, all your recent expenses are on the top.
11. Settings and Security
Splitwise gives you full control of almost everything you do. You can access account settings, device settings, notification settings and can even set a password on the app so that no one can access your Splitwise without your permission.
- For IOS, Click here.
- For Android, Click here.
- To access Splitwise on Web, click here.