Best Expense Manager App for Roommates

In this world of constant expenditure, everyone needs the best expense manager for making their lives easier. Expenses always seem to be on the rise and tracking them is a hectic task. To keep the bills in check, people go out for group meals and live with flatmates who share the household expenditure.

This is especially common among the younger crowd such as young professionals, working class, college students, etc. But that also has downsides such as friction between friends and awkward situations with dues settlement. However, there’s a new app on the block, which is designed specifically for taking away the unpleasant from group meals and trips.

Pros of Splitwise

The Splitwise app is perfect for the roomies who want to be thoroughly fair while splitting bills such as rent, electricity and water checks. It is also the best expense manager when it comes to split restaurant bills and trip expenses. The simple user interface of the Splitwise app makes it even more useful for tracking one’s spending trends as well.

It works quite simply- all you need to do is sign up using your email id or Facebook id and mobile number which is optional. An account is set up for you and you can choose to add your apartment or a group trip, to begin with. While entering the costs with the title and optional description, you can choose who owes you or whom you owe from your contacts list.

For instance, if you dine out with friends and belatedly realise that you forgot your wallet at home, you can easily track the split bill on the go using the best expense manager and send an IOU to your friend right at the table. In the same way, you can go on using the app with your roommate for splitting monthly shared expenses, like the electricity, water or gas checks, cable or Wi-Fi, or even shared grocery expenses.

The Splitwise app has custom settings for splitting bills. For instance, you can enter the sum and split it equally for a group of two or change the settings for splitting the total by shares or percentage for a group of more than two. The app also uses simple stickers alongside the generic titles such as travel, dinner, shopping, etc. This makes it easier to track spending trends in the activity tab super easily with just a look.

Why it’s the best expense manager?

Get notified via friendly emails when the rent check is due for the month and get a gentle reminder when you miss the due date for paying someone back. The app handles groups in the same way by keeping people connected in the old way- emails. This also means that the app doesn’t connect to social media and wouldn’t publish your data online.

The Splitwise app is more like an advanced calculator and hence, it is undoubtedly the best expense manager in your smartphone. Since mixing money and relationships can be awkward at best and really chaotic and stressful at worst, Splitwise takes away the stress of dealing with uncomfortable situations by keeping everyone connected and ensuring fair bill splits. According to the stats, the Splitwise users have shared more than $1 billion across the globe since its launch.

Integration with payment modes

When it comes to settling of payments, the app saves your data and updates your status when connected to the Internet. There is no option of settling dues and debts directly but you can either choose to pay via PayPal, Venmo or Paytm with which Splitwise has integrated.

Other offline and online modes of payment are also viable for the users and you just need to update the thread for closing the group after settlement. Splitwise doesn’t handle any kind of real money by itself. The app works as a record of expenses and thus; is the best expense manager for those who don’t earn much but need to spend quite a lot for a myriad of things.

This app is generally most useful for college students, young professionals, interns and fellows. But others can use it too for keeping a check on IOUs and group trip expenses. The Splitwise app is the best expense manager tool for keeping expenses and friendships right.