Splitwise: Settling Debt the App Way

School is in and, for many college kids, this will mark their first time ever having a roommate. The roommate experience is as much as fun as it seems, but it can also come with empty pockets and broken friendships. One thing that is desperately needed is a budget plan. Individuals who decides to split bills must know how to track their expenses. With this being said, there are some cool online and app-based programs that can help roomies efficiently manage their household.

One of those cool apps is Splitwise. This app is available on iPhone and Androids. It is very user-friendly and easy to navigate. According to CNet. com, with Splitwise, the app allows you to create groups and add others. Shared expenses/bills can be added to groups and then split evenly, by percentages, or by an exact amount assigned to each person within the group.

Once the bill is split, the app keeps track of the amounts owed. Notifications can be set-up to remind others when their portion of the bill is past due. Users can also upload a picture of the bill/receipt to prove that the expense is legit.

Splitwise allows debt to be settled with little effort. There is even a Settle Up button that you click when you are ready to make a payment. Payments can be made via PayPal or users can make notation of when a cash payment has been made.  With PayPal, users will incur transaction fees when a debit or credit card is used.

For more information on Splitwise, check out their site at www.splitwise.com.