Smartphone apps make splitting bills between roommates fairly easy. Take a look at a few of the options out there.
Part of living with roommates means coordinating over who pays bills. Someone may end up paying the entirety of rent, whereas everyone else just pays that one person. There will also come times where you split up groceries, order in dinner together, or purchase the kinds of things that are often shared between roommates like paper towels or toilet paper. Back in the day, this would require some pen and paper, divvying up cash, and sometimes leaving a roommate with an IOU. Nowadays, it’s easier than ever thanks to the plethora of smartphone apps that make splitting bills between roommates easy.
1. Splitwise
Sick of tracking down every roommate whenever you need a little expense paid off? The bill-splitting app Splitwise is perfect for keeping track of who owes how much to who. If you’re not concerned about getting paid immediately, you can keep track of all those little bills and then get paid back in one lump payment. Plus, automatic reminders can be set up so you don’t have to hound whoever you live with—instead, you just upload an expense, choose who to share it with, and automatic reminder emails can be sent to keep them in the loop.
2. Venmo
Beyond being useful for roommates, Venmo has become widely accepted as one of the better options out there for paying people back. You simply add a bank account or debit card and can then transfer money between people without any fees. You could also keep money in your Venmo account, meaning if you paid for dinner last week and someone sent you money via Venmo, you can use that money to pay off a bill with a roommate. It’s super popular and is becoming an important method in paying others.
3. IOU
If you’re splitting bills often, IOU is great for roommates. You can add recurring bills for anything that’s monthly or create a payment plan in case you go all in together to buy a brand new TV but want to pay it off over time. IOU keeps track of everything, giving you the paper trail you need in case there’s any confusion that ever pops up as a result of paying bills between one another.
4. PayPal
It’s been around forever and just about everyone knows it or has used it at least once: PayPal is a classic way to pay each other off. PayPal has no frills and is incredibly user-friendly, but that means it’s not quite as niche as many of these other options. If you’re going to pay a one-time bill, or just need to pay a lump sum every month like rent, PayPal may be a good option for getting the job done.
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