<aside> ⚠️ What is your favorite product and why? How will you improve it?

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Context

It is important to keep track of your group expense in shared flats, outings, and vacations. When I moved to Delhi for my further studies, it was important to keep track of my expenses, be it Flat expenses (Groceries, rent, electricity, etc.), parties, or group vacations. It was hard to keep track of all the expenses and to do all calculations manually.  Sometimes we even used to forget the amount spent and the amount that we owe to someone. This sometimes led to confusion and awkwardness too.

Problem faced

Some of the problems that I used to face on a daily basis with respect to my expense:

1. Difficult to Keep Track of Expenses - It was very difficult to keep track of expenses in a notebook or a diary. There were instances where we even forgot the amount spent.
2. Fair Splitting of Expenses - Whenever we used to go out, it was difficult to fairly split the expenses between Veg and Non-Veg people. It was a tedious task to fairly split the bill.
3. Manual Calculation of Expenses - In situations where multiple expenses are combined or some participants owe money to others, doing manual calculation was very difficult. We also made errors in certain cases.
4. Tracking the Settlement - After expenses are logged, tracking the settlement as in who paid the amount and who still owes the money was very difficult. At the end of the month, often when everyone is short of cash and asks to clear the debts, then we used to realize how much we owe and how much we need to pay.

The Product - SplitWise

Back in 2016, we heard about Splitwise and thought to give it a try and We absolutely Loved it. We can add transactions then and there whenever we spent money. We can keep track of who is spending how much and to whom we need to pay so that the burden doesn’t fall on one person. The expense splitting also become very easy and it saved us a lot of time.

Splitwise that took care of these problems for us:

1. Expense Tracking: We can log all our expenses in Splitwise whenever we want or make an expense, making it easy for everyone to view and monitor their financial contributions.
2. Fair Expense Splitting: One of the most significant pain points in shared expenses was determining how to split costs fairly among individuals with varying spending habits and financial capacities. With Splitwise the expenses are distributed in a way that everyone agrees is equitable.
3. Managing Complex Transactions: With Splitwise calculation, We were able to handle even the complex transactions efficiently, accurately reflecting each person's individual debts and credits.
4. Settlement Tracking: After expenses are logged, Splitwise helps users keep track of settlements when money is paid back, ensuring that everyone's debts are settled accurately.