Billmonk-(How much do I OWE U????)

I am penning this post on my way to New York to meet some friends. Everyone likes to go out have a good time. But if you are like me, the pain generally starts afterwards while asking the awkward question “How much does he owe me or I owe him”. Enter Billmonk!!! This smart web application keeps track of all your friends’ IOUs and debts so you don’t have to remind them that they owe you.

BillMonk is a social money management tool that allows a group of friends to keep running tabs on who owes who how much and for what. BillMonk calculates how much you owe (or are owed) and then lets you pay online or by mobile phone through parent company obopay’s payment services. I have actually collaborated with my friends online on deciding how to split past and current bills such as taxi fares or restaurant bills. The bill monk account is really easy to set up and is pretty user friendly.

You can send a text message to record a bill you are paying and then fill in the details later. This feature is a must have for people like me who loose receipts or forget how much I owe even before the night is over.

Besides, BillMonk allows you to add regular expenses like rent or even paying the paper-boy so that on a weekly or monthly basis, the transaction will be added to your bill monk account as to how much do you owe someone or how much does someone owe you. In addition, a group of friends may have a number of IOU’s amongst them. Billmonk can do this math so as to automatically shuffle the debts between friends

Not only can you know how much you owe a person, you can actually settle the accounts online. With Obopay, BillMonk users can record bills on their account immediately after getting them by sending a text message to BillMonk. Mobile (and online) payment integration is the killer app and differentiating feature for BillMonk. So go ahead and try it out your self…Make your social life simpler