What is a Shared Space?
A Shared Space is a secure space for you and another Lumio user (e.g. your partner) to manage your money together and create a single source of truth for all your shared expenses.
Most modern couples don’t want to dive into a Joint account so early in their relationship. A Shared Space is the perfect first step for any relationship. None of the financial or administrative commitment of a Joint Account.
A Shared Space gives you a single source of truth for all your shared expenses, bills and accounts. You have complete control over your shared space. You can:
Share one-off shared expenses into your Shared Space.
Share any shared Recurring costs - including bills, standing orders, direct debits and subscriptions.
Link any account in full with all the transactions and balances - including your Joint Account. So you have all your shared expenses in once place, regardless of the account you spent from.
Within your Shared Space, you’ll have a real-time view of your:
Total Spent as a couple - including a breakdown of individual contributions and Joint account spending.
Track your household bills & subscriptions in one place - get notifications when bills go up.
Everyday Spending - Picked up the bill for dinner? Did the shopping on the way home from work? Simply share the transaction into your Shared Space, and Lumio keeps tabs on it all for you.
I-Owe-You Tracker - Lumio’s I Owe You Tracker shows you your balance as a couple so you always know where you stand. You can customise your I Owe You Tracker to suit you as a couple, and Lumio will keep track of who owes whom, and how much. And you can settle up any time.
Net Worth Tracker - With all your Shared accounts and balances linked to your Shared Space,
Benefits of Spaces
Here are the features and benefits of Spaces:
All your shared expenses and accounts in one place
Get shared visibility and total alignment with your partner. So you can make your next smart move as a team.
Choose what you share, securely
You decide which balances, bills & expenses you share. Keeping you both on the same page - without the faff of creating a joint account or manual ledgers like Splitwise.
Keep tabs on your shared finances
Track any household expense, from any account. Know where you stand, who contributed and what is owed. So you can settle up fairly and transparently - without mental maths.
Separate accounts, different views
In each Space, you can add different accounts and see analytics, categories, recurring costs and net worth, specific to those accounts.
Private and shared Spaces
You can decide if you want to keep a Space private or share it with your partner. You can connect your child's or partner’s accounts in a Space separated from your own personal Space.
Shared Lumio Pro & Premium benefits
If you are on a Lumio Pro plan and invite another Lumio user to a shared Space, they will have access to some of the Lumio Pro features within that Space, even if they're not currently subscribed to Lumio Pro Premium plans.
Check out affordable Lumio Pro and Premium plans here with their key features.