Splitting Money Is Easier Now: The 5 Best Cost-Splitting Apps
App Development
07Nov 2020
The latest innovation in technology has led to ease for people these days. The lifestyles have transformed with the advancement of technology and digitalization. Mobile apps have changed the face of the financial sector with various apps. This year has been a dramatic rise in money-splitting apps. It is essential, especially when you are on a trip or just a casual hangout with your friends.
The best thing about going on a solo trip is to have complete control over your cash. Now imagine there's a whole group of friends; it can be tough to manage and work out who owes what.
And everyone has different methods when it comes to splitting the money. If you track every single penny each time anyone of you spends, it can be quite a hassle.
Imagine going on a trip to Paris with your 4 friends. One person spends on airfare, one for a hotel, one for a cab, one for food, etc. Now think how difficult it will be to manage your expenses and figure out what's what. In the end, you don't want to have hard feelings for someone and disagreements.
Money-splitting apps have made such times easier where you don't have to apply your brains and use a calculator while figuring out how much money someone owes you and likewise. It is a good idea to choose an app-based solution to make math as simple as possible.
If you are into mobile app development, it is a good idea to build such an aesthetically pleasing and user-friendly app. This app is sure to have a bright future in the coming years.
Let's take a look at the 5 best cost-splitting apps.
1. Splitwise
This is one of the best apps to download. This app is simple to share IOU's. It started as a simple rent-splitting calculator but rapidly grew with time and advancements in this sector. It's available on Android, iOS, and the web.
This app makes it easy to share all the expenses, from rent and travel to cake and coffee. It's possible to create various groups to track the costs with all in your life, whether it's travel friends, roommates, or your life partner.
Another best feature is debt simplification. This is a savior from those awkward situations where everyone owes money and owes money by others. Splitwise organizes everything to minimize the transactions needed without altering how much anyone is owed.
This app has nothing to do with handling money, though. You'll have to pay people through your bank account or mobile wallets. It doesn't have anything to do with paying them.
2. Settle Up
Can't agree more with its tagline- "good accounting makes good friends." It has a more attractive interface compared to Splitwise. Though Settle Up has few errors, and there are costs involved with its usage.
For those using Android, the basic version is ad-supported and costs 0.99/ month to eliminate ads and gain some more features. For iOS users, there's no free version and a one -time payment of $1.99.
However, it offers a few extra features than Splitwise. For instance, it's possible to send a picture of bills to any group member and provide more breakdowns of where the funds have been spent. This app can be used in all currencies and works entirely offline.
Settle Up is the second-best option if you aren't convinced with Splitwise.
3. Excel Tactics
Using the Excel Tactics app can be quite complicated, although there are ways to simplify it.
This is a web app that helps you keep track of your money. If you are not great with Excel and don't want to make the table and calculate on your own, this is a good alternative.
It is free to install for the website and lets you keep track of everything you spent your funds on. Andrew Roberts, the creator of the spreadsheet, recommends that while there are various apps and websites by app development company dedicated to sharing expenses, he considers it's easier just to note it down and sort it out later. Excel, together with spreadsheets, has all the essential features.
To be honest, this one is as convenient as having an app on your mobile that you can enter the numbers into as soon as you've spent the cash. However, if you have a travel group who refuses to sign up for an app or website, this app is your best bet to track everyone's spending.
4. Splid
Splid is an ideal option if you seek a free approach to split travel costs that can solve the currency conversion issue. The app even works offline and has features such as debt simplification, total group spendings, currency conversion for over 150 currencies.
For instance, if your expenses are in Rupees, you can easily settle in dollars, as Splid will automatically convert your expenses into one currency. No sign-up is needed; hence it is easy to get a bunch of buddies on-board.
Splid is a user-friendly and likable app, with plenty of options like multiple payees, unequal bill splitting, ability to export in PDF or Excel format. Know the best part? All of the features are free!
5. Venmo
Venmo allows you to split a bill and pay your buddies immediately, but it also requires some math on your end.
When you are splitting down a bill using Venmo to send your half straight away, you can cut the awkward conversations. You can also send your friends a reminder if they forget to pay you back. Unlike PayPal, the app has no charges for sending or receiving money.
It's a well-known app in the States, mainly amongst those between 17-25. It feels like a social media platform as a personal finance tool with emojis & the function to "like and comment" on transactions.
Bottom Line
In the end, there are various ways to split costs among friends. But after testing a handful of options, Splitwise remains everyone's favorite. It evidently does not have the best-looking interface, and it's annoying to pay people manually, but it's free and caters to its purpose very well.
Harnil Oza is the CEO & Founder of Hyperlink InfoSystem. With a passion for technology and an immaculate drive for entrepreneurship, Harnil has propelled Hyperlink InfoSystem to become a global pioneer in the world of innovative IT solutions. His exceptional leadership has inspired a multiverse of tech enthusiasts and also enabled thriving business expansion. His vision has helped the company achieve widespread respect for its remarkable track record of delivering beautifully constructed mobile apps, websites, and other products using every emerging technology. Outside his duties at Hyperlink InfoSystem, Harnil has earned a reputation for his conceptual leadership and initiatives in the tech industry. He is driven to impart expertise and insights to the forthcoming cohort of tech innovators. Harnil continues to champion growth, quality, and client satisfaction by fostering innovation and collaboration.
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