Different Applications To Manage And Split Expenses

After a fun-filled group trip we are completely exhausted and the thought of sitting and splitting expenses exhausts us even further. Likewise, we often find people living on edge at the end of the month because of lack of money. We also hear this phrase “I have no idea how did my account become nil; I haven’t made any huge expense this month”.

In order to ease our work and help us manage and split our expenses, there are several applications that can assist in achieving it –

1. Tricount
Tricount assists in splitting expenses. It’s a great application for people going on a group vacation, bachelors living together in an apartment, etc. In this particular application, we need to create a group and enter the expenses that we bore and it will automatically split between the people in the group.

Advantages:
If a particular expense is pertaining to certain people and not everyone in the group, then there is an option to split expenses unevenly as well. This application can be operated offline as well, thus the anxiety of having an internet connection is eliminated. Furthermore, it is associated with PayPal thus payment can be made directly. Every currency is accepted including bitcoins. It is available on iOS, android, and also on web.

Disadvantages:
There is lack of currency convertor and also this application does not display statistics.

2. Splitwise

Splitwise is also a bill splitting application. It is similar to Tricount application with certain differences.

Advantages:
In Splitwise we can share any outstanding expenses as well as label and save them. There is an option in the application to set personal reminders so that it sends us regular updates, in case we still have debts to pay.

Disadvantages:
Unlike Tricount it requires registration. Furthermore, there is lack of currency convertor; it is available only in pro version of the application (prices starting from $1). The facility of paying through PayPal is also unavailable.

3. Splid

Splid is another application for splitting expenses. It is a very user-friendly application perfect for people travelling in groups. In practice, Splid is proven to be the fastest bill splitting app.

Advantages:
In order to use Splid there is no requirement of signing up. Group can be shared online to enter bills without signing in. This application works perfectly in an offline as well. The best about the application is that it allows us to download the summary in Excel or PDF format, thus making it easier to understand. Furthermore, there is an option to choose from 150 currencies that can be converted in any currency as per our requirement. This feature is extremely useful for people travelling abroad.

Disadvantages:
The biggest disadvantage of this application is that in it’s free version it allows to create only one group. In order to create more groups, we have to pay for the pro version. The charge for creating groups is $1 and for unlimited groups is $2. This makes this application unattractive for few people.

4. Settle Up

Settle Up is an application that stands out from the crowd with its unique design. Along with design, it has several attractive features.

Advantages:
In the above-mentioned applications, statistics is unavailable. However, in Settle Up there is member statistics and transactions filter. There is availability of various currencies and exchange rate, which makes currency conversion easier. Furthermore, there is also a feature of exporting to an email or in CSV format.

Disadvantages:
The turn off point of this application is the full-screen advertisement. It can be annoying. In order to eradicate the problem, a pro version needs to be installed. Sometimes, the creative design can also be a turn off point if the user does not like it.

Similar to applications mentioned above, there are hundreds of such application available in play store and app store. We just need to understand which application will actually make our life easier and not burden it even further. The cost is also an important factor because managing expenses manually is free of cost. Still, if the cost of application is affordable then we should go ahead and purchase it or else it will simply disturb our monthly budget even further.