Sunday, December 18, 2011

Managing bills in student or shared houses

Splitting bills with flatmates can be a chore

If you live in a shared household, either as a student or just with friends, organising and paying the household bills can be a tiresome job. Even with the best house-mates in the world, it usually falls to one person to keep track, and involves handing money back and forth as bills arrive and are paid by different people.

Others take the approach of setting up a joint account from which to pay the bills, which can work well with people you trust, but do you really want to link your financial history and credit rating to everyone you ever live with? See this forum topic if you're wondering why.

There has to be a better way to take the hassle out, but keep everyone in control!

WhoseBill was created to tackle this very problem

WhoseBill works like a social network, but designed for money and debts...a social debt-work...ahem. It keeps track of what each person pays for and who was involved, offsetting debts and payments to automatically calculate a position against each of your friends. This lets you instantly see who should pay the next bill, and avoids the need to repay individual debts.

But WhoseBill is much more powerful than that!

WhoseBill lets you create "Pools" for group finances, which offset bills and expenses between multiple people at once. Pools are the most efficient way to manage the bills in shared student houses or other group situations such as holidays.
All payments in the pool are automatically offset between everyone in the pool, giving you a simple view on how much each person owes or is owed. That doesn't mean to say everything has to be equally split - any type of bill can be added to a Pool and WhoseBill can work out the overall impact to each person. This means that you no longer have to worry about paying back other individuals for the bills that they pay. Instead, you only have to look at your overall position in the pool to determine whether you are ahead or behind, and of course...WhoseBill is it next?
WhoseBill Pools also provide the quickest way to settle up, useful for when a house-mate changes, or everyone moves out. Simply choose to settle up the pool, and WhoseBill calculates the most efficient set of repayments that will make sure everyone has paid their fair share. It doesn't matter how many bills have been paid, or how long you have been sharing in the house, settling up can usually be performed with only 1 or 2 repayments for the people who owe money overall.

Setting up your household is easy and free

If you haven't yet got a WhoseBill account, it only takes a minute to signup, and then its simply a case of creating a Pool for your flat or house...

Create a pool for your flat or house and invite the other sharers to join:

Any of you can then add new bills as they arrive, and record payments you make, from any browser or smartphone:

WhoseBill automatically offsets everything and shows you who should pay next in your household:

Everyone in the pool can see a breakdown of what they owe others, and others owe them, and there is even a detailed ledger view for the accountants amongst you:

All house-mates are notified when bills are added or paid, and can use WhoseBill to contest anything they don't agree with:

Whenever you want to settle up, WhoseBill works out the easiest way and keeps tracks of the repayments to make sure everyone pays their share:

And that's it! You spend less time squabbling with your house-mates about you more time to squabble about sport, religion and politics!

To learn more about WhoseBill Pools, read about them in our FAQ, or signup for a free account.

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