My roommates and I have been using a free application called Splitwise for the past one year to keep track of our expenses. It is an available on the Web, Android & iOS, and helps you keep track of who owes who. It comes with a number of neat features and functionality that help you keep your debt straight and easily payable.
There were days when we used to send numerous emails and text messages to get an idea of who spent what and then fill them into spreadsheets and send people reminders. There also used to be missed expenditure that was later added into the speadsheet requiring new email alerts and reminders. Splitwise takes care of all these things for you.
It might seem to be an overkill for the occasional lunch or after-work dinner, but if you share expenses often like housing rents, utility bills and groceries this application is a gift. Of course, if you have a bad roommate, there’s nothing that can make your roommate a good person. But for well intentioned types, like my roommates, Splitwise simplifies group finances a lot.
Your friends don’t need to be Splitwise members, but it would make things easier for them if they are. It is quite handy if you don’t want to do the math everytime you go to a restaurant or to the grocery store. It also features a ‘settle up’ that you can use to pay your friends back, though we haven’t quite tried that and have stuck to the regular account to account bank transfers.
If you need to split your recurring expenses with a group of people, Splitwise is your answer.