Latest news with #Splitwise
Mint
29-05-2025
- Business
- Mint
How much does a breakup really cost — Are you prepared for financial reality?
Breakups are not just emotionally brutal – they can be financially devastating too. Think about it: shared Netflix accounts, co-signed rent agreements, couple trips on EMI, gifts bought on credit, and emotionally-triggered impulsive spending. Ouch! In India, where relationships are becoming more independent and financially entangled, budgeting for a breakup isn't just smart, it's essential. Whether you're dating, live-in, or navigating a situationship, here's why you must prepare your bank balance for heartbreak. That Goa trip? Booked. Those anniversary gifts? Swiped on a credit card. Shared Zomato Gold? Split down the middle. But when the love story ends, the financial story doesn't. In a country where "couple goals" often means planning mini-vacations and buying gifts to keep up with Instagram reels, many young Indians forget to calculate the real cost of love—and the even higher cost of losing it. Breakup budget tip: Always keep shared expenses transparent. Use UPI-based apps like Splitwise or SettleUp. If you're booking something expensive (like flights or furniture), get it in your name only if you're okay bearing the full cost later. In metros, live-in relationships are rising despite societal scrutiny. But when a breakup hits, someone's left scrambling for a new flat, brokerage, deposit, packers, movers—and probably a crying session or two. Suddenly, that ₹ 40K shared rent becomes a solo burden. Or worse, you have to move out within a week, thanks to a fight or a judgmental landlord. Breakup budget tip: Build a 'Freedom Fund'—at least ₹ 50,000 stashed away for emergencies like sudden moves or solo rent. Think of it as your emotional insurance. Netflix. Spotify. Prime. Google One. Couple accounts save money—until they don't. Breakups bring awkward 'Who gets the password?' fights. Worse, your ex's new date might be chilling on your Netflix. Breakup budget tip: Use family plans with actual family. Or if you're sharing, create separate profiles and payment methods. Keep digital independence—it's cheaper than emotional baggage. Heartbreak = Swiggy binge + Zara spree + impulsive Goa tickets. Emotional spending is real. For many Indians, buying feels like healing. But swiping your sadness leads to long-term pain. Breakup budget tip: Give yourself a fixed 'healing budget.' Take ₹ 5K– ₹ 10K and spend it guilt-free on food, therapy, or a trip. Beyond that, rein it in. There are apps on Google Play Store and Apple Store to help you track and cap spending. This one's for serious couples. Bought crypto together? Booked a flat under both names? Opened a joint account? Congratulations, you now have a legal entanglement post-breakup. India doesn't recognise live-in breakups like divorces, so sorting joint assets can be a nightmare. Breakup budget tip: Unless you're legally married, or have serious commitments, don't invest together. In fact, when investing together in gold, mutual funds, or business, use written contracts. Breakups will take a toll on your emotional health. Therapy cost usually ranges between ₹ 500 to ₹ 3000 per session, and they are rarely covered by insurance. Breakup budget tip: Make sure you factor in mental health into your financial plan. And use affordable online therapy resources. Good mental health leads to good financial decisions. Indians are romanticising their relationship beyond tradition, yet they are often stuck in traditional practices regarding finances. We plan for marriages, not for breakups. But the practical fact of the matter is that without a budget, a break-up can hijack not just your heart, but your soul, money, and sense of security. Whether you're swiping on Bumble or celebrating your third anniversary, financial independence and a breakup budget are non-negotiable. Remember that you can not control when love ends, but you can control how broken it leaves you.
The Guardian
21-04-2025
- Business
- The Guardian
How to split the bill without causing long-term divisions
Income disparity in friendships can sometimes lead to conflict. A study published last year by a US financial services company, Bread Financial, found 26% of people felt they were 'financially incompatible' with their friends, while 21% said they had lost a friendship because of money. According to Talia Loderick, a money coach, the wealth gap between friends is something more people should be mindful of. 'It's so easy to let friendships fall by the wayside because we're so awkward and money's so emotional,' she says. When dining with friends, it is important to understand everyone's views on how the costs should be divvied up before you split the bill. This is a topic that divides opinion. When the comparison website Compare the Market carried out a survey of diners, it found 34% thought a bill should be split evenly, including the tip, while 36% said it should be divided according to who had what. Vivi Friedgut is the founder and chief executive of Blackbullion, a free-to-use money management app for students. She says that whether it is splitting the cost of household items or eating out, it is vital to have open and honest conversations right at the outset to make sure that 'everyone is clear that somebody is fully paying, or that everything is being split across the group equally'. Tom Allingham, communications director at the money website Save the Student, says: 'People will often say, 'I'll get this, and you get the next thing.' But what you find over time is that that doesn't even out. So it might be that one of you gets one dinner and that might be £50, then the other one gets the next dinner. But that might only be £20.' Over time, what can happen is 'one of you ends up being far more in the red than the other', he adds. According to the most recent Save the Student data, the typical maintenance loan that most students take on falls £504 short each month of covering the average living costs. That could create issues for some more than others within the same friendship group when it comes to splitting costs. There are a growing number of bill-splitting apps and services that take the hassle out of dividing expenses between lots of people. You may want to look at a few to figure out which one(s) work best for your particular circumstances. The best-known bill-splitting app is probably Splitwise. Launched in 2011, it enables you to keep track of unpaid bills, rent, holiday, food and travel costs and other shared expenses. Splitwise works as an IOU app whereby you sign up and create a group. Then you and your friends can start adding expenses. To do this, go to your group on the app, then hit the 'add bill' button. You will be asked for various details about the expense, such as the total cost, who paid and how much each person owes. When you hit 'save', the app will update everyone's balances. To settle up, UK users normally have to exit the app and go to their banking app or website to initiate payment, or hand over some physical cash, then return to Splitwise to confirm they have paid. However, a link-up a year ago between the app and the payment services platform Tink enables UK Splitwise users to make direct payments to friends and family from within the Splitwise app. To use this, you need to link your bank account with Splitwise. The app is free to use, but also offers a premium service with extra features called Splitwise Pro, which is £3.99 a month or £39.99 a year. Splid is another free-to-use app available for UK users. It doesn't require you to register for an account. The app lets you choose from more than 150 local currencies and works offline, too, which means it could be especially useful if you are travelling as a group of friends in places where there is limited internet access. Another free app to help keep track of and settle shared expenses is tricount, which is owned by the European financial firm Bunq, and boasts it has 'millions of users worldwide'. These sorts of apps can really come into their own in terms of taking away some of the awkwardness associated with splitting costs fairly and settling up, says Loderick. She adds: 'No one likes the nitpicking at the end of a meal or on holiday. The apps can take that conversation away.' Allingham says apps such as Splitwise can be particularly effective for splitting small expenses between friends, such as grabbing a coffee. NatWest used to offer a well-regarded bill-splitting app called Housemate that was designed to 'take the stress out of renting' by splitting bills and keeping track of shared expenses. Unfortunately, Housemate is now no more – it was shut down in February this year. However, several other banks have similar tools. The app-based bank Monzo has a feature called Split which it says 'lets you split, track and chase payments, all in one safe place'. It enables people to keep track of joint expenses such as household bills, and also allows them to split one-off payments such as a dinner. An individual can be added to a Split even if they do not bank with Monzo (they need to be invited by a customer though). Starling Bank offers an in-app feature called Split the Bill, which it says lets you work out who owes what and send out 'IOUs' in just a few taps. Recipients of the IOUs will be taken to a secure webpage to pay you back – or they can do it directly from the app if they also bank with Starling. The UK digital bank Kroo is another that offers bill splitting. You can set up a group in the app and add your collective spending. Anyone can be part of a group, and you can send a non-Kroo customer a payment link, but if they are not an account holder, they won't be notified they have joined a group, and they won't be able to see the group details. Revolut also lets customers split bills with other users.
The Guardian
07-03-2025
- Business
- The Guardian
Will I regret lending cash to friends? Can I ask colleagues what they earn? The experts' guide to modern money etiquette
Navigating a cost of living crisis in a world where we can tap and spend without a thought is changing the way we manage our personal finances. Whether asking our boss for a pay rise or negotiating splitting the bill with friends, we have to confront our discomfort about discussing money. But the emotional stakes can feel precarious. So how do we navigate this new money etiquette? You might not be ready to share your credit score on your dating app profile, but don't be afraid to set out your financial boundaries. The cost of living has made people more understanding, according to Dr Caroline West, a sex and relationship expert for the dating app Bumble. 'It's totally normal to stress over the financial side of dating, like who pays for what, or whether to split things 50/50. These debates aren't disappearing any time soon, but my advice is to always be upfront with yourself about your expectations and limits, and make sure to communicate them.' According to Bumble's stats, more people are choosing alcohol-free 'dry dating' and low-cost, low-pressure first meetings. Almost a third of 18- to 34-year-olds say they'd suggest something like a walk for a first date. Gen Z are also much more comfortable bringing up money that early, with only around one in 10 UK singles aged 18 to 34 saying they would never do it, compared with a quarter of 45- to 54-year-olds. Running a household on one salary is less viable than it used to be. Romantic couples, married or cohabiting, need to find a way to blend incomes that feels fair. This goes for anyone working out how to divide the bills with platonic housemates or family members, too. A joint account can help. You can open one with one other person, and sometimes two or three, but it gives all account holders equal rights to withdraw money or run up debts, so you need trust. It also links your credit files, which means you should have an understanding of each other's financial mistakes to protect your own ability to borrow money in the future. Can you afford to ignore who had a starter and a pudding? Or if you're a teetotal vegetarian, are you paying for everyone else's steak and malbec? And how do you divide up the dreaded group holiday supermarket shop? Apps such as Splitwise have increasingly become the answer, doing the painful work of asking friends for money on your behalf. You add a group expense, everyone pitches in with what they have laid out for, and you can send a request to 'settle up'. Others agree on a budget before the event and put someone in charge of a kitty. PayPal has a new pooling feature, where you can create a tab on your account and share the link with friends and family via email or WhatsApp. They contribute directly using the link, and when the kitty reaches its target you can transfer it all to your PayPal balance and into your bank account. That way you become the nominated 'banker'. This is good for group holidays. It's one way to avoid what Alex Holder, author of the book Open Up: How to Talk About Money, has coined 'the mate wait': 'the undetermined amount of time one spends waiting to be reimbursed by another person for shared expenses'; see also, the 'mate weight' – the emotional burden of debating whether the £4 coffee is worth mentioning again. Haggling may feel horrifying to many British people, but it is now widespread. The areas in which you're most likely to be successful are with subscription services and household bills, big-ticket items that are already on sale, insurance and breakdown cover, and also independent businesses and preloved shopping. Luckily for the more reserved among us, you can also haggle via online chat. 'It's becoming more acceptable to give it a go,' says Molly Mileham‑Chappell, consumer expert at website TopCashback. Secondhand selling app Vinted even has a 'make an offer' button, and many items on eBay do too. If it's a subscription service, you might state you are unhappy with the renewal price and considering leaving. Or if it's a one-off purchase, you might say you narrowly missed a promotion on the product. 'If a lower price isn't an option, ask nicely if there's anything else they can do. They may throw in perks like free shipping, upgrades, or generate a discount code. Consider starting a chat at the end of the day, or closer to the end of a retailer's sales period when they may be keen to hit targets and bend a little,' says Mileham-Chappell. 'Always have a 'get out' phrase up your sleeve too, in case you need to think on it: ''I've got to pick up the children from school now, can I come back to you later?'' Many employers discourage their employees from discussing salaries, but they have no legal right to do so, and this is being frowned upon as a way of cementing inequality in the workplace, so go ahead, says Daniel Zhao, lead economist at the workplace community Glassdoor. Its salary negotiations section has insights into how others are managing these conversations in their own offices. 'Pay transparency is an important tool for workers to ensure they are being paid what they deserve, and has the potential to mitigate pay inequities by revealing gaps that might otherwise have hidden in the shadows,' says Zhao. He does, however, warn people to try not to take discussions about pay at work too personally. 'A colleague may be paid more because they have responsibilities or experience you aren't aware of. The most common mistake when asking for a raise is simply saying that your colleague makes more than you as your argument. Pay transparency is good to help you benchmark what you can ask for, but it alone cannot make the argument.' Many of coach Bryony Williams' clients come to her specifically wanting to work on asking for a pay rise. The founder of consultancy The Glass Female says three themes tend to reveal themselves. 'Clients think someone else is getting more and feel undervalued where they are; they're not happy at work and they see financial compensation as the plaster to make them happy again; or they're under financial strain and the desire for a raise comes from external pressure.' She says that she encourages clients to do their homework on how much is reasonable to ask for – websites such as Glassdoor and Payscale can help. Consider your experience and location – and, crucially, be honest with yourself. What is driving your desire for more money? Is it your personal financial circumstances, a goal, a debt you wish to pay off, or is it simply appropriate for your level, experience and leadership? There's a difference, and the latter needs to be the case for your request to be successful. 'If you can reframe money as maintenance and remove the emotion, it is easier to be confident. We often feel we want more money because we desire validation or recognition for our efforts. There are opportunities to satisfy those needs with our own positive affirmation, a rewarding conversation with a manager or even great feedback.' Sign up to Inside Saturday The only way to get a look behind the scenes of the Saturday magazine. Sign up to get the inside story from our top writers as well as all the must-read articles and columns, delivered to your inbox every weekend. after newsletter promotion In the UK, tips have traditionally been seen as a way of recognising someone going above and beyond, but the US approach of adding service to top up wages started to take hold during the pandemic, when customers were keen to support low-paid workers. Should you still tip everyone that prompts you? Adrian Harris, founder of thankU Cashless Tipping, an app that lets you leave a tip with your phone, believes there's a difference between adding 50p on to the cost of a flat white that you've queued for and collected from the counter, and giving cash to the colourist in a salon who spends three hours doing your highlights. In the hairdressing world, £10, £15 or £20 is, he says, 'very normal'. Caroline Larissey, chief executive at the National Hair and Beauty Federation, says typical tips range from 5% to 20% of the cost. 'Some clients tip assistants who wash their hair, others tip their stylist, and some tip both. Your hairdresser understands that tipping is optional and won't be offended if you don't.' If there is a particular person you wish to tip, ask them how they would like to receive it (either in cash or via an app, for example). Under UK legislation introduced in 2024, 100% of money left, including service charges on bills, must go to the staff, but each venue can decide how it should be distributed. 'A cash tip will allow them to keep it themselves,' says Kate Nicholls, chief executive of UKHospitality. 'Leaving a tip on the bill or behind on the table will benefit the whole team, from front-of-house to chefs and kitchen porters working hard in the kitchen.' If you can't afford to tip, Larissey suggests you leave a positive review online instead. A recent study published in the Journal for Consumer Psychology found that people who lend money to friends frequently feel they deserve oversight on the cash and how the borrower spends it. Alarmingly, this judgment persists even after the loan has been repaid. Work hard to avoid this, says Keith Barber, director of business development at the Family Building Society, particularly if you are, as is now so common, helping adult children on to the property ladder or with expenses such as childcare or fertility treatment. 'You've got to be very clear about the terms on which the money comes over. But I think that's at the end of the conversation, rather than the beginning. You need to start with: what are your children's goals? What are their ambitions? What do they want to do?' The idea is to really listen to why they need the money, rather than impose on them what you think the money should be for, and therefore how much they need. 'If you're willing to help, you've got to also be willing to let go of that money, assuming you can afford to give it rather than loan it.' And if you are helping with a property deposit so your children can get a mortgage, most banks will want to see in writing that the money is a gift with no strings attached. Lending and borrowing between friends and siblings is becoming more common, too. Barber has seen cases where one sibling is better placed financially and wanting to help another buy a property. In this situation, the same rules of not expecting oversight should apply. Drawing up a written loan agreement is a helpful way to ensure there isn't any miscommunication. State how much is being loaned, for how long, what it is for, whether any interest is due and any other terms you feel are important to note, such as what happens if your loved one can't pay on time. If it's a small amount, you could do this informally between you. But you may want to seek legal advice if it's tens of thousands of pounds. Tara Edwards, a private client executive for Wellers Law Group, says agreements in writing are also important when it comes to how you want to leave an inheritance. This helps avoid any misunderstandings that could have legal implications. For example, not understanding someone's motivation could result in a claim on your estate, as well as heartache. Joanna Harrison, couples therapist and author of Five Arguments All Couples (Need To) Have and Why the Washing-Up Matters, says discussing money anxieties could throw up a lot of shame. 'One person might want to protect their partner by not bringing it up. How do you make it not feel intrusive? How do you not make someone feel defensive? 'I think a helpful way is not 'Can you give me a form with all your money details,' but to be really curious with each other about what your attitudes to money are.' For example, what did your partner or friend grow up with? What were their experiences of money as a child? This can tease out whether someone may be afraid of getting into debt, or why they might feel it is important to have their own private bank account. She suggests you have a conversation about having the conversation. ''How would you feel about us being transparent with our finances?' is a very different way of starting off a conversation than saying, 'I want you to be transparent.''
