Introduction to Group Saving

Group saving is a highly effective way to manage collective finances and work towards shared goals, whether you are pooling funds for a holiday, a big household purchase, or a significant event. Group saving can be just as effective for one or two people—such as couples or close friends—as it is for larger groups. A shared savings pot can be created for a specific goal, making it easy to invite each friend to contribute. Creating a dedicated shared savings pot allows friends and partners to save together efficiently and achieve their financial objectives.

While options like a joint bank account exist, they often come with inflexibility and commitment issues, especially for groups or individuals who prefer to keep their finances legally separate. This has led to the rise of specialised digital savings apps, which offer a more flexible and convenient approach. These platforms allow each friend to contribute directly to the pot that has been created for the group’s goal.

In this comparison, we look at the benefits of using a dedicated collection platform like Potje versus expense-splitting tools like Splitser.

Understanding Joint Bank Account

A joint bank account is a practical way for two or more people to manage their finances together, making it easier to handle shared expenses and streamline payments. Whether you’re a couple, roommates, or business partners, a joint bank account allows all account holders to deposit, withdraw, and make payments from the same account. This shared responsibility can simplify transactions and help keep track of spending, as everyone has equal access to the account.

However, deciding to open a joint bank account should not be taken lightly. It’s important to discuss how you each spend, your spending habits, financial goals, and how you’ll manage the account together. Since all transactions and payments affect everyone on the account, clear communication is key to avoiding misunderstandings or disagreements. Opening a joint account requires a significant commitment from both partners, as it involves shared responsibility for financial decisions. There’s also the possibility that one person’s financial decisions could impact the others, so setting ground rules and regularly reviewing your finances together is essential. Ultimately, a joint bank account can be a powerful tool for managing shared finances, but it works best when everyone is on the same page about responsibility and managing the account.

Understanding the Difference: Saving vs. Splitting

Before choosing an app, groups need to decide whether they want to split bills after spending or save together in advance. For example, groups might save for or split shared expenses such as food, holidays, or household purchases. It is crucial to understand each app’s primary purpose:

• Splitser is primarily an expense splitter. It helps groups split bills and decide who owes what after expenses have occurred. It is excellent for tracking debts but does not typically hold the pooled money itself. Splitser is mentioned as an alternative to Potje for managing group expenses, but it focuses on settling expenses after they occur.

• Potje is a digital saving and collection app. It creates a dedicated, secure money pot before the money is spent, focusing on proactive saving and collection towards a specific goal.

The Problem with Retroactive Splitting

While expense-splitting apps manage debt, they do not manage the money itself, and require someone to post each transaction after the expense has happened. The organiser still has to personally pay the full expense upfront and then rely on chasing payment requests from the group via BACS, which can lead to friction and cash-flow issues, especially if delays in posting payments occur—problems that often happen in group settings.

Benefits of Digital Savings

Digital savings have transformed the way individuals and couples manage their money, offering a level of flexibility and control that traditional banking simply can’t match. With the ability to create multiple saving pots for different goals, you can easily organize your finances—whether you’re setting up a joint account for shared expenses, a savings pot for a future house, or an individual account for personal goals. Budgeting as a couple is the best way to decide how to split finances when living together. This approach makes it simple to split bills, track expenses, and ensure that each person contributes an equal amount to the shared savings pot, all while keeping your own money separate and secure.

Apps like Potje make it easy to start saving together without the need for a traditional joint bank account, which can feel like a big commitment for some couples or groups. Instead, you can create dedicated pots for everything from monthly bills to long-term savings goals, and set up recurring payments so you never miss a contribution. Automatic notifications and secure payment processing mean you can stay on top of your financial situation without the stress of manual tracking or chasing payments. Potje operates under strict supervision of the Dutch Central Bank, ensuring user funds are safe and secure.

One of the biggest advantages of digital savings is the ability to maintain financial independence while still working towards shared goals. Each person can decide how much to contribute, keep their own account, and still be part of a collective effort—helping to strengthen relationships and keep finances balanced. This flexibility is especially valuable for couples, friends, or housemates who want to manage expenses together but prefer to keep some aspects of their finances separate.

By using digital savings tools, you can reduce worry about money, make informed decisions, and track your progress towards important milestones—whether that’s buying a house, planning for kids, or simply building a financial safety net. The ability to create, manage, and monitor multiple pots means you’re always in control, and you can adjust your plan as your needs change. Ultimately, digital savings apps empower you to take charge of your finances, achieve your savings goals, and plan confidently for the future.

Alternative Savings Options: The Potje Advantage

Digital savings and collection apps like Potje offer a comprehensive solution that combines the benefits of splitting with the security of a dedicated account, eliminating the drawbacks of traditional joint accounts. As a digital savings and collection app, Potje provides key features such as creating digital pots, inviting contributors, and tracking progress, making it easy for groups to manage shared finances. Potje also helps groups set and achieve their savings goals efficiently, whether saving for a holiday, a wedding, or a significant shared financial commitment like a mortgage, supporting better financial planning and collaboration.

1. Dedicated, Multiple Saving Pots

Potje allows users to create multiple saving pots for different goals (e.g., ‘Holiday Fund,’ ‘Flat Bills,’ ‘Birthday Gift’). This keeps finances perfectly organised, which is far simpler than relying on a single joint bank account or a single debt tracker. Each pot can be set to maintain a certain level of funds to ensure financial stability for that specific goal. Users can track progress towards each goal in real-time, making it easier to stay motivated and manage priorities, and can balance their contributions across different pots depending on what matters most to them. For active, goal-based group savings, Potje is the better tool.

2. Automated Contributions and Transparency

Potje simplifies the financial management process by automating the most time-consuming steps:

• Recurring Payments: Users have the ability to set up automatic, recurring payments, ensuring consistent contributions to the shared pot without manual effort. You can choose to split the amount half each or set contributions based on each person's income, making it fair and flexible for everyone involved.

• Real-Time Tracking: The app provides the ability to see a clear overview of expenses and savings, helping groups make informed financial decisions. You can easily track how much each person has contributed, whether it's half each or proportional to income. Furthermore, the transparency of the pot ensures everyone knows exactly who has paid and how close the group is to reaching their objective.

Set up a dedicated money pot for your next group goal with Potje.

Payment and Transfer Options

When managing shared finances, there are several payment and transfer options to suit different needs and preferences. Many couples and groups choose to open a joint account to handle regular expenses like rent, utilities, and groceries. This makes it easy to pay bills directly from one place, and bank transfers can be set up for seamless contributions from each person.

For those with multiple financial goals, creating multiple saving pots or dedicated savings pots can help keep funds organized. For example, you might have one pot for a house deposit, another for a holiday, and a third for emergency savings. Setting up recurring payments into these pots ensures that everyone contributes consistently, making it easier to reach your goals without having to remember each payment.

Modern apps like the Potje app take this a step further by offering features such as bill splitting, expense tracking, and automated payments. These tools simplify the process of managing expenses, splitting costs, and keeping everyone accountable. Whether you’re paying for a group dinner, saving for a big purchase, or just managing day-to-day expenses, using a combination of joint accounts, savings pots, and smart apps can make financial management much more straightforward and stress-free.

Managing Group Finances

Managing group finances can feel overwhelming, especially when you’re trying to balance different spending habits, savings goals, and financial situations within your group. Whether you’re sharing a house with friends, planning a big trip, or saving for a major purchase with your partner, finding the right approach is key to keeping things fair and stress-free.

One common method is to open a joint bank account, allowing everyone to contribute to a single account used to pay all the bills. This can make it easy to track payments and manage recurring expenses, as everything is centralized. However, a joint account isn’t always the best fit—especially if group members want to keep their own money separate or have different approaches to spending and saving.

An increasingly popular alternative is to use a shared savings pot or multiple saving pots. With this approach, each person contributes a set amount to a dedicated fund, which can be used for specific goals like rent, utilities, or a group holiday. Apps like the potje app make it simple to create and manage these savings pots, track contributions, and see progress towards your shared objectives. This method gives everyone the flexibility to contribute according to their own financial situation, while still working together towards a common goal.

When it comes to splitting bills, there are several ways to decide who pays what. Some groups prefer to split bills half each, ensuring everyone pays an equal amount. Others might use a bank transfer or set up recurring payments, which can help automate the process and reduce the risk of missed payments. If group members have different incomes or financial responsibilities, you might decide to split expenses proportionally, so everyone contributes a fair share based on what they can afford.

A key feature of successful group finance management is the ability to track transactions and expenses. Using a budgeting app or a simple spreadsheet, you can monitor spending, see who has paid, and identify areas where you might be able to save. This transparency helps prevent misunderstandings and keeps everyone accountable.

Of course, managing money as a group isn’t without its challenges. Disagreements can arise over spending decisions or how to split costs. To avoid conflict, it’s important to establish clear communication from the start. Set ground rules for spending, agree on a process for resolving disputes—such as group discussions or even a simple vote—and make sure everyone feels comfortable voicing their opinions.

Setting clear savings goals is another crucial step. Decide together what you’re saving for—whether it’s a house deposit, a group holiday, or building an emergency fund—and create a plan to reach that target. Using multiple saving pots or a shared savings pot can help you organize your funds and stay motivated as you watch your balance grow.

Ultimately, the best approach to managing group finances depends on your group’s unique needs and preferences. By using tools like joint bank accounts, savings pots, and budgeting apps, you can streamline the process, reduce stress, and focus on achieving your shared goals. Not only does this make managing money easier, but it can also strengthen your relationships and build trust—turning financial planning into a team effort that benefits everyone involved.

Comparison: Potje vs. Splitser

While both apps aim to simplify group finances, their underlying functionality differs significantly, making Potje the more comprehensive solution for actual group saving.

With Potje, users can keep their finances separate and only contribute the agreed amount to the group pot, keeping the rest as their own money. Groups can decide on their preferred approach to managing shared savings, and once a method is decided, it’s easier to avoid misunderstandings. The only problem with some methods is when there isn’t a shared idea of how to manage group savings, which can lead to confusion or conflict. The Potje app provides more flexibility, offering features like multiple saving pots and recurring payments, making it a more comprehensive and forward-looking solution for group savings.

Data Security and User Experience

The Potje app takes data security and tracking seriously, providing a high level of protection for users’ money. The app uses secure servers and encryption to protect users’ data, giving them peace of mind. Users can also make a note of each transaction for full transparency within the group, making it easier to track contributions and expenses. If pooled savings are held, users may even benefit from interest earned on the collective balance.

The app is designed to provide a user-friendly experience, with an intuitive interface that makes it easy to save money and manage group finances. Potje helps reduce worry about data security and financial management, so users can focus on their shared goals. Features like automatic payments and recurring transfers simplify group finances, allowing the organiser to focus on the shared goal rather than the payment logistics.

Financial Goals and Objectives

Setting clear financial goals and objectives is essential for anyone managing money with a partner or group. Whether you’re saving for a wedding, planning to buy a house, or working towards retirement, having a shared vision helps keep everyone motivated and on track. Start by creating a budget that covers all the bills, regular payments, and any debts you need to manage. This will give you a clear picture of your current financial situation and help you plan for the future.

Using a joint account or multiple savings pots allows you to allocate funds for specific goals, making it easier to track progress and ensure that everyone is contributing an equal amount. Recurring payments can be set up to automatically move money into these pots, so you never miss a contribution. Don’t forget to consider long-term savings options such as an individual retirement account and other retirement savings vehicles to secure your financial future.

Open communication is key—regularly discuss your goals, review your budget, and adjust your plans as needed. By working together, you can strengthen your relationship, manage expenses more effectively, and build a solid foundation for whatever the future holds. Whether you’re paying off debt, saving for a big purchase, or just trying to keep all the bills in check, having clear financial objectives and a plan to achieve them makes all the difference.

Conclusion

Managing group finances can be challenging, but using a dedicated digital platform simplifies the process. While expense-splitting apps like Splitser are great for settling up debts after the fact, Potje works better for proactively saving and collecting funds.

By offering dedicated saving pots, automated recurring payments, and a high level of security, Potje ensures everyone stays motivated and focused on their financial objectives.

Ready to start saving together, not just splitting expenses? Discover how Potje makes group collections easier.