Your I Owe You Tracker with Lumio is your balance and internal ledger as a couple. It helps you instantly know where you stand so you don't have to keep sending money back and forth.
Financial equality is different for every couple. With so many couples paying for shared bills and expenses from personal bank accounts and credit cards, Lumio's IOU Tracker gives couples a single source of truth for all their shared spending, so they always know where they stand.. And because every relationship is different when it comes to splitting bills and expenses, Lumio's IOU Tracker is completely customisable.
Within your IOU Tracker, you can set your spending split to suit you. This is about agreeing and setting the expected split on spending contributions as a couple. So, whether it is 70:30, 50:50 or linked to salaries, you can control your shared expenses fairly, together.
To make the most of your IOU Tracker, you need to:
Make sure your partner has joined Lumio and your Shared Space
Set / Adjust your Spending split as a couple to suit you.
Share all shared bills and expenses paid for from personal accounts to your Shared Space. Learn more about sharing transactions here.
First things first, to get set up or adjust your IOU Tracker, just follow the steps below.
Set up/Adjust your IOU Tracker
Go to your Shared Space - by tapping on the profile icon in the top left of the screen, and selecting your Shared Space.
Tap to your 'Spending' tab at the bottom of your screen.
You should see your 'IOU Tracker' widget at the top of this tab. If not, double-check that your partner has joined your Shared Space. Here's how to check.
A partner in your Shared Space
Within the IOU widget, tap 'Adjust Ratio'.
The Adjust IOU Ratio will appear. Here you can adjust your split in three ways:
Scroll and move the slider to an appropriate split.
Type in the amount.
Select one of the Presets to suit you as a couple.
Once you've selected you split select 'Apply IOU Ratio' at the bottom of the screen.
You IOU tracker will adjust in line with your new ratio on the Spending screen.
Once you've settled upon any IOUs, tap 'Mark as settled up' within the IOU widget - and it will reset to £0.
If you want to understand how the IOU Tracker is calculated - you can read more here.