Technology Pays: Tools to Pay Bills Together (on time, every time)
It doesn’t take an accounting degree to keep track of your finances these days. There are plenty of free or inexpensive tools and apps to help you and your roommate monitor who owes what and when it’s all due. Here is a list of our favorites to facilitate smooth transactions for the length of your lease:
- Share-A-Bill for iPhone keeps track of purchases and allows you to add users who owe you money during an event or period of time. The ‘uneven’ function even allows you to keep track of people who have partially paid, or owe more than others.
- BillTracker is a calendar-based app which allows users to add recurring events and amounts due. Our favorite feature are the color-coded visual cues for bills that have been paid (green), are upcoming (yellow), and are overdue (red).
- ATMHunter - Owe your roommate some small change but don’t want to write a check? Use MasterCard’s ATMHunter app to locate the closest ATM. A great way to close out a small debt before it becomes an issue.
- Spending issues? Keep track of how much you spend from each category within your budget using Envelopes app for iPhone. This is the digital equivalent of budgeting on a regular basis where a certain amount of money is set aside in an envelope.
An Excel spreadsheet or shared Google Doc are also a simple ways to keep a more detailed list of running expenses. But no matter what method you select, be sure to update it as frequently as possible to ensure accuracy.
You're set! You've got the information, tools, and resources to make your ideal living arrangements a reality.
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