Splitwise is a free app that is available on every mobile platform that allows the user to keep track of their share and their friends’ share of bills that they split- it could be food bills, electricity bills, pet food, rent, cable bills, dutch dinners, bets that you place with friends, IOUs or even payments that you owe to your friends and the list goes on. In short it makes sharing with friends very easy. This information is stored on the cloud where all your friends can access the same and stay up to date regarding their debts that they owe you or regarding what is owed to them from you. Any changes made can be seen by all. This cloud information can be accessed from a laptop, PC or even another mobile with your unique login. Your friends can see this information too and they need not have the Spitwise app to be able to do so, though it helps if they do!
The payment gateway is PayPal where you can pay your monies online and balance out the debts that you owe. You’d rather call it an IOU manager, a full-fledged one that keeps track of your debts and is the most handy check splitter when you don’t want to do the math yourself. Now imagine this, you end up spending a night (or maybe two or more!) and you wish to thank the hosts in your way for letting you hang out at their place. How much should you pay them as partial rent for putting up with you? Doing the math??? Don’t. Just use the Splitwise app and input the details of how many days or nights you spent there, what is their actual rent or an approximation, and a few more and Splitwise will give you a suggestion as to what should be the fair amount that you can pay them for your stay.
In addition to honoring your debts, it keeps tracks of your payments and IOUs that make sharing with you a pleasure- as far as you honor the deadlines of making the payments shown in the app! The app also has a “fairness calculator” that gives you an idea as to what is fair when it comes to payments for your personalized situations based on crowd sourced data. This app works best for people who frequently have to stay with others or those who end up having many IOUs a month or for a person who may just not want any obligations or favors from others and is willing to pay up for a long term stay before making a permanent change like a change of residence, renovation or other such activity that drives him to vacate his place for a few months where he might find it affordable to stay with friends instead of a hotel.
Though if you are the types who doesn’t owe much or very little, too infrequently then this app would be an overkill.