CLEMMONS, N.C. -- Financial experts suggest a successful family budget includes keeping a spending journal and being transparent with money. A new financial app called Spense does both.
Craig Coleman of Clemmons, a software developer by day, created the app after discovering financial success in keeping a spending journal and sharing it with the family.
The app became available for iPhone users on Wednesday.
Spense allows you to share a spending journal and sync transactions with family or friends who are allowed to update it.
"Since you can share it, it becomes transparent. You know what everybody is spending," said Coleman.
"Everybody has a view into what's happening. They see the transactions, they can add to the transitions, you can delete transaction and hold each other accountable for what’s going on," he said.
At the end of your set budget time the app sends you an email with a breakdown of your spending habits.
To use the app as a personal spending journal is free. If you are interested in adding friends and family to sync your transactions the price ranges from $1.99 for a month to $20.00 for a year.