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> What if you want to track shared expenses with friends/family and settle up at the end of each month? I agree with your overall sentiment, but for that speci
by Tijdreiziger 3y ago
> What if you want to track shared expenses with friends/family and settle up at the end of each month?
I agree with your overall sentiment, but for that specific use-case, there are tons of apps where everyone in the group can see, add, and edit the transactions live, and then square up later.
When I lived in a shared house at university, we used Splid [1], which is very easy to use yet supports advanced features like multiple currencies. If you ever find yourself needing to split expenses, I can highly recommend it.
[1] https://splid.app/english/ https://splid.app/english/
- globular-toast 3y agoOk but how do you track what those expenses were? From the point of view of your bank account you were just paying "shared expense". I want to know what it was, groceries, energy etc.
- Tijdreiziger 3y agoYou track it in your shared expenses app (e.g. Splid). When you enter an expense, you enter the amount, a description, and the persons in the group who are splitting that expense. For example, let’s say Anna, Bill and Josh start a group. Anna buys groceries, so she enters the following transaction: 30 EUR, groceries, paid by Anna, applies to {Anna, Bill, Josh}. Then, Anna, Bill and Josh can all see (on their own phone) that transaction in the transaction log, and they can also all see that Anna’s balance is 20 EUR, and Bill and Josh both have a balance of -10 EUR. Then, let’s say Bill and Josh go for coffee, Bill enters: 10 EUR, coffee, paid by Bill, applies to {Bill, Josh}. Then the balances become: Anna 20 EUR, Bill -5 EUR, Josh -15 EUR. So the nice part is that because everything is synced, everyone in the group can easily add transactions and see the transaction log and balances, all from their own phone.