When you are going out with friends, splitting rent or shared expenses with a roommate, or taking a trip in a group, keeping track of shared expenses and splitting the cost can become tricky. There are apps that simplify this process and allow you to send money to friends and relatives with a push of a button. Here is a list of four best free apps for money sharing with friends and relatives.

1. Splitwise, iPhone/Android

This free app allows you to keep track of your regular shared expenses with someone, like a roommate. Splitwise will show you a total of what you and your friends owe each other. When you are ready to settle your debts, the app will take you to PayPal to make an easy payment. Also read this post, if you want to know how to set ground rules when you start living with a roommate.

2. Square Cash, iPhone/Android

Square Cash is an easy-to-use app for sending or requesting money. You just need to enter your debit card, and you can start sending or receiving money. The other person doesn’t need to have a Square Cash account. There is a 3% fee, when someone is using a credit card.

3. Venmo, iPhone/Android

This app works similarly as Square Cash. It was designed for making easy mobile payments to friends and family. There is an option to split the bill, and you can send money using a text message. Both parties need to have Venmo app installed to complete a transaction. Transactions are free, if you use your bank account. If you want to send money using a credit card, a 3% fee applies.

4. PayPal, iPhone/Android

PayPal works very much like Venmo or Square Cash, but it makes is possible to make payments to anyone anywhere in the world. Both parties need to have a PayPal account. You can send money to friends just by writing their connected email address in the box. Sending money straight from your PayPal balance is free, but if you use a linked debit or credit card there’s a fee of $0.30 plus 2.9 percent.

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Are you using any app for making payments to friends and family members? Let us know which one is your favorite!

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