In an era where shared experiences often come with shared expenses, Splitwise has emerged as a solution for individuals looking to manage their finances without jeopardizing their friendships. Enabled by the European fintech Bunq, Splitwise’s popularity has exploded, reaching millions of users around the world. Thanks to the app, splitting bills is simple as can be. It’s so easy, friends and family will be begging to get in on the action!
Splitwise makes it easy for friends and family to create groups to track shared expenses. It’s easy to handle shared expenses such as family bills or last-minute takeout with friends. In order to begin their investing journey, users need to connect their checking or savings accounts with the application. Once connected, users can make payments via their banking mobile apps or web portals. Users can pay in cash and verify the transaction through Splitwise. This flexibility creates additional ease and convenience for users, especially those who like to transact both digitally and in cash.
The app functions like a super simple IOU system where it’s super easy to track IOUs between yourself and friends. Whether you’re picking up a coffee or splitting rent, Splitwise makes sure that everyone knows who owes what. This clarity can help avoid the blame game that frequently plays out in social settings when money is involved.
As Talia Loderick, a financial coach, puts it, there are significant emotional stakes involved when it comes to handling money with friends. She continues on how easily friendships can just drift out of focus. Few of us enjoy talking about money, and money can be highly emotive. The app is designed to take some of that awkwardness away.
Additionally, Tom Allingham points out a common pitfall in informal arrangements: “People will often say, ‘I’ll get this, and you get the next thing.’ What you find over time is that that doesn’t even out.” This results in an outsize number of cases where one party is much better off at the other’s expense. The flip side of that equation can be almost shocking. Splitwise looks to solve this injustice with a simple, straightforward record of who owes what.
If you’re looking for something a little more advanced, Splitwise does provide a premium service, Splitwise Pro. This digital version is £3.99 per month or £39.99 per year. This is because it unlocks advanced features that the free version just can’t offer. These additional functionalities support users with regular and recurring high-level multi-bill and multi-party transactions.
Splitwise recently partnered with Tink, an energetic European payment services platform. Together with PayPal, this integration allows users to confidently send and receive money instantly from friends and family, right from within Cash App. This integration makes using the app so much easier since all their shared expense management needs are achieved in one place.
The app is available to users in the UK and has garnered attention for its ability to simplify small financial transactions among friends. Because at the end of the day, no one enjoys the discomfort of splitting up the tab post-dinner. Especially when it’s on a holiday trip. As Loderick notes, nobody likes a food critic after dinner or at Thanksgiving. He thinks that apps can cut out that type of conversation.
Share the costs Splitwise is absolutely essential for anyone who often splits bills with someone else. It enables them to navigate their financial lives easily and confidently. As Loderick simply states, the app “makes it easy to split, track and chase payments in one secure space.”