Having a tough time organizing the splitting of expenses when it comes to group gifts or activities? Learn how to split money online in under one minute and never lose track of people's contributions again. Get equipped with practical tips and a great app recommendation.
The difficulty in splitting expenses in a group lies in
Sometimes, splitting expenses with friends, family, or colleagues is painful. It could be a birthday gift for a friend, a weekend spent together as colleagues, or dinner at a restaurant in a large group—the process typically includes:
Peppering people for their contributions: This ultimately gives rise to awkward conversations and delays, especially in the larger groups.
Who has paid, who hasn't: Very easy to lose track of contributions, especially with cash or otherwise informal methods of splitting.
Calculating the final amount and individual shares: First, it would be time consuming; second, it is full of errors, and that too in case of unequal splits.
The severity of the problem in India is further amplified when society switches from being mostly cash-based to digital payments. Whereas transactions between persons have been made easier through digital wallets and UPI, group payments still need manual calculations and messaging on messaging apps.
For instance, let's say you and your college friends are planning a visit to Goa. You opened a WhatsApp group to sort through the expenses for the trip, but who knew who had paid for which part, like the hotel or car rentals? Keeping a shared spreadsheet or relying on cash collection becomes a big headache while splitting expenses.
>> Read more: Having Trouble Splitting Expenses? Get MemoGo, Your All-in-One Hero For Indian Outings!
Solution: Split Money Online the Easy Way.
Luckily, today there are digital solutions that make splitting very easy. They facilitate in the following manner:
Build a common pool for contributions: Through the app, everyone in the group can contribute their share with much ease, thereby eliminating the need to chase each other down for their portion of the split.
Real-time contribution tracking: You can see who has paid and how much; hence, no mistaking split expenses.
It does the automatic splitting for you, whether it's an equal split or someone has spent more on others. Not only that, it saves you time when it comes to splitting, but it saves the overall effort that goes into splitting expenses.
Let's take the case of a colleague's wedding. The money for the gift can be placed in a virtual pot with an open target amount, and the desired gift can be attained using a split money online app. All your colleagues can chip in their contributions at their convenience through the app. You can see real-time progress. There won't be any hassle of collecting cash or chasing people down for contributions; hence, the gifting process is absolutely smooth and stress-free.
How You Benefit from An Online Split Money Calculator
Here are some specific ways in which you stand to benefit from an online split money calculator like MemoGo for your group contributions:
Convenience: Chip in or collect money from anywhere, anytime, on your smartphone. No need to chase people or deal in cash.
Transparency: All members see exactly how much has been contributed, by whom, and how much each still owes.
Accuracy: Get rid of the risk of manual math errors, especially with uneven splits.
Less Stress: No more chasing payments or that awkward ask about you-owe-me.
Easy Record-keeping: The entire contribution will get digitally recorded and can be referred to whenever required in the future.
Let's go back to the Goa trip example. With a split money calculator, you'll be able to create a group for the trip, add all of your friends, and set a target amount for the hotel. Everybody can then contribute his or her share directly through the app, and you could see the progress in real time. You have eliminated the incessant chatter, and everybody pays up.
>> Read more: A Split Money Calculator for Your Perfect Powai Park Picnic
Beyond Splitting Gifts and Trips: Use Cases for Split Money Online Apps
Split money online apps are way more than just being used for gifts and holidays. Here are some other scenarios where they will come in handy:
Share household expenses with roommates: This easily shares rent, utilities, and groceries, keeping track of who's contributed what.
Divide restaurant bills: No hassles calculating who owes exactly what—just split the bill by number of people or items ordered.
Group money collection: Plan a group outing, sporting event, or club membership and collect contributions easily.
Freelancer project expense management: You share software or online resources with other colleagues prosecuting different projects.
Make Splitting Money Online a Breeze with MemoGo
MemoGo is an affable app designed to make splitting money amongst groups frustratingly easy. Here is what sets MemoGo apart:
Simple, intuitive interface: It's very easy to use by any person, regardless of his or her technological abilities.
Several kinds of splits can be done: Either an equal split, an unequal split by percentage, or even custom splits for people's contributions.
Offline contributions: Contributions could be noted down; later, one could manage the splits.
Supports multiple currencies: Especially useful in situations where you need to split with friends/colleagues living abroad.
Want to give online splitting a whirl? Download MemoGo now!