One of the best lessons you can teach your kids is how to manage their own money. Many parents start by giving their kids an allowance or paying them to do housework. But what if there was actually a way to teach them about paying bills on time?
That's just one of the ways you can use the app we're about to share with you. It could also come in handy for any type of bill you're splitting - whether it's getting rent to your landlord on time, or splitting the check at a restaurant. Or, how about when you're traveling as a group and need to split the cost of the hotel room?
The app is called Splitwise, and it helps multiple people calculate and split expenses in just a few simple steps. There's nothing more annoying than an IOU (I owe you), and this app makes sure that everyone always gets paid back fairly.
One of the biggest perks of using Splitwise is that there are multiple options to get paid back. Everyone who's splitting the bill can send payments via PayPal, or Venmo. You can even record that a cash payment took place so there's record of it.
Splitwise is a fan favorite. It's rated 4.5 stars, and people love how convenient it is. "I no longer have to worry about various tallying up group expenses, and everyone knows where we all stand with who owes [whom]," one user explained.
"Seriously takes the annoyance out of having to account for who owes whom for what, and how much," claimed another.
Now, let's go back really quickly to our example about using this app as a way to teach your kids about finances. One of the most common uses for this app is for co-living situations. So, essentially, you'd be preparing your kids for when they reach college and need to split bills with their roommates. It's a win-win!
Using the app is extremely easy. Just sign up, then create an event such as "Disneyland Vacation." Next, invite the group of people you'll be splitting the cost with, and enter in any expenses as they come up. SplitWise will do all of the heavy lifting for you by taking care of all the math.
To see just how easy it is, press play to watch the video below:
Ready to give this app a try? We've already tested it out, so you know it won't be a wasted download. Click the blue buttons below to find the free Splitwise app in the Apple or Android store, and share this article with anyone you know who could benefit from this handy tool.