Four years ago, I was sharing an apartment with 3 of my friends. At the end of every month, we would sit together, jog our memory to remember expense details, and use a calculator to get each person's share.
And we used to get it wrong every time.
Today I am here with a Shared Expense Calculator Template. It can be used when you are incurring expenses that are shared by many people (for example, sharing apartment expenses or vacation/trip expenses). All you need to do is enter the details, and it will automatically tell you who owes whom.
I wish I had this template back then.
Now before you jump in and download the template, here is a little bit about how it works:
Shared Expense Calculator
- Create a list of people among whom the expenses are to be shared. This could be the number of people on the trip or the number of people in the flat. To do this, enter the names in the range A2:A11 in the worksheet ‘Backend Calculation' (I have a dummy list here. You can change it with your own list).
- Enter expenses in the Expense Details tab. The Who Paid column has a drop down that shows all the names you entered in Step 1. So you can simply select the name from the list.
- As soon as you enter the details, it automatically shows you the expense sharing summary. For example, in the example below, Michael (in red) owes Joe (in Green). The amount is mentioned in between the two names.
What goes into making this Shared Expense Calculator
- Excel Formulas – A couple of big formulas, but nothing out of this world.
- Excel Tables.
- Conditional Formatting.
- Custom Number Formatting.
Now you know what you need when you sit down to calculate your share of the expenses 🙂
Do you like this shared expense calculator? Are there any other areas where you think an Excel template could be helpful? Share your thoughts in the comments section.
You may also like the Following Excel Templates:
- Excel Leave Tracker Template.
- Task Matrix Productivity Template.
- Employee Timesheet Calculator Template.
- Vacation Itinerary and Packing List Template.
If you are looking for some online tool to do this, try this.