Splitting and managing shared payments
When you share expenses with others, tracking the true cost to you can be tricky. Here is how to manage shared payments in Finthy.
Common shared payment scenarios
Splitting bills: Restaurant meals, group activities
Shared housing costs: Rent, utilities with roommates
Family expenses: Groceries, household items
Group gifts: Shared presents or contributions
Tracking shared payments
There are several approaches to handle shared expenses:
Option 1: Track the full amount
Record the full payment amount as your expense. This is simplest but may overstate your actual spending.
Option 2: Track only your share
Add a manual transaction for just your portion of the expense. This gives you an accurate picture of your true spending.
Option 3: Track both with notes
Record the full transaction but add notes indicating it was shared and with whom.
When you pay for others
If you pay the full bill and others reimburse you:
The full payment will appear as an expense
Reimbursements will appear as income
Your net expense will be accurate over time
Using categories for shared expenses
Consider creating mental categories for shared vs personal expenses:
Track shared meals separately from personal dining
Note which utility payments are shared
Keep household expenses distinct from personal shopping
Tips for accuracy
Settle shared expenses promptly to keep tracking simple
Use consistent descriptions for recurring shared costs
Review shared expense patterns monthly