TAILOR MADE FOR ROOMMATES: 5 POPULAR BILL SHARING APPS WORTH CHECKING OUT
By Kim Williams of Sovereign Associates Inc.
Living with roommates can be a blast, but the financial side can sometimes get tricky. Thankfully, bill-splitting apps are here to save the day, making it easy to divide expenses and avoid headaches. These apps can help you keep track of shared subscriptions and bills, ensuring that everyone pays their fair share.
When choosing any app, it is essential to research and review its privacy policy before you download it. With that in mind here are five highly rated cost sharing apps that are worth investigating.
1. Splitwise
This app is best for calculating shared rent. The app has a handy rent-splitting calculator that shows you how to split the rent based on room size, closets, bathrooms, and more. Although it has other less highly rated features, the rent-splitting calculator is what it is praised for. You can download the app or access this resource on their website.
2. Tricount
Tricount is great for tabulating shared costs when several people are involved. You can create a group expense report on your phone that tracks personal spending. It splits how much each individual owes or is owed from the total balance. When you are ready to share the final breakdown, the app sends each person a link to Tricount's site to review the data.
3. Splitrr
Splitrr is perfect for organizing group expenses. You can create events, add participants, and split costs evenly or unevenly. Splitrr even generates PDF summaries for easy sharing and keeps a history of all expenses and debts.
4. Settle Up
Settle Up offers excellent share features, allowing you to send reminders to roommates via email or social media. It backs up expenses and syncs data across all users, ensuring everyone stays on the same page. Plus, it even handles international transactions with ease.
5. Venmo
Venmo is best known for its digital wallet capabilities, excelling as a bill-splitting app. You can send and receive money instantly and send payment requests and reminders. While it doesn't automatically split expenses, it offers complimentary transfers, saving you from transaction fees.
Bill-splitting apps take the hassle out of living with roommates, allowing you to focus on enjoying each other's company. So why stress about who owes what when there are apps designed to do it for you?
