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Best Financial Apps for Roommates

Best Financial Apps for Roommates

For those of us who like to stay financially organized—and for those who just need a gentle reminder of their financial responsibilities—utilizing mobile apps is a great way to stay on top of things. When living with a roommate, one of the biggest points of contention is often the splitting of bills, which sometimes causes roommates to owe each other money at one point or another. Here are five apps that not only help roommates to manage money that’s owed in a friendly and easy manner but also help to track spending and budgets to ensure that due dates are not missed (saving your credit in the process!).

Splitwise (Free)
Splitwise (available for iPhone, Android and on the web) helps you and your roommates to keep track of who owes what on items ranging from utility bills to groceries. Its fairly straightforward interface allows you to add recurring and one-time expenses and also has a “quick add” feature for modifying balances without having to identify specific expenses. Splitwise keeps track of each roommate’s balances, focusing more on the amount of money owed rather than on the details of each expense.

FriendCash ($2.99)
FriendCash allows you to easily view a list of friends’ owed money via a friendly and appealing interface. FriendCash lets the user keep track of expenses without the input of other users but allows syncing between devices using the same account via iCloud. One of the best features of FriendCash is that even though it will split bills evenly for you, you also have the option of customizing the way that each bill is split. The app will let you determine the weight of each person’s share of the bill so that you can account for situations where each friend/roommate isn’t responsible for the same amount.

BillTracker ($1.99)
BillTracker helps you to stay on top of all of your bills, from the water bill to the car payment to the student loan. Through your iCloud account, you can sync your bills to BillTracker for iPad. The app tracks various information about each bill, including due date, amount due, whether or not the bill is automatically paid, confirmation numbers for payments and more. BillTracker gathers all of your upcoming bills into one list so that it’s easy to figure out which bills you need to pay next. It also allows you to set the frequency of payment (biweekly, quarterly, etc.). This app sends you reminders when a bill is due soon (or past due) and lets you view account websites directly from within the app, as well as save the complete history for each account (i.e. every bill and payment).

LearnVest (Free)
This sleek and easy-to-use app, targeted toward women under 30, helps to keep your spending and financial goals on track by analyzing all of your financial transactions (encrypted with bank-level security). LearnVest syncs all of your financial accounts and tracks all spending, creating a budget that works for you and your goals. One of the most interesting features of this app is that it provides free access to personalized financial advice during a complimentary 15-minute call with a LearnVest Planning expert.

Mint (Free)
Mint.com allows you to track, budget and manage your money all in one place so that you can see where you’re spending and where you can save. Open an account, and add your bank, credit, loan and retirement accounts, and Mint will automatically pull in and categorize your transactions. Mint also provides a budgetary breakdown of your spending, as well as a timeline to reach your financial goals (i.e. paying off your student loans or credit card debt).

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About The Author

My name is William Paid, Esquire and I’m a serial personal butler with 40 years distinguished service, orchestrating exceptional living experiences for exiled kings, rockstars, supermodels, and even a few “young gun” Internet executives who are now woefully overleveraged and unable to employ my services. My role is to ensure everything runs smoothly for renters and roommates. I’m at YOUR service.