BillMonk-Easily Split Bills With Friends - Knowledge Hub

BillMonk-Easily Split Bills With Friends


sharing-paying-bills I share accommodation with my friends. While living together with friends is fun, it also comes with some challenges- the most challenging of which is keeping a track of the money owed between friends. One of us pays the rent, the other one pays the electricity bill. Then there is grocery and other stuff. We also go out together on weekends for movie, bowling etc., and dividing the bill becomes a big problem.

We maintained an excel sheet for this purpose, but it has certain disadvantages- sometimes, more than one person pays which makes it more difficult to calculate who owes whom and how much.

But all these worries are a thing of past now. Thanks to BillMonk!!

What is BillMonk?

billmonk

BillMonk is a free web service that helps users to keep a track of money owed between friends.

How Useful It Is?

To answer this, I’ll show you a situation.

Let’s assume I went out with 3 other friends- A, B and C, for dinner. I’ll put down the expenses incurred on the way:

The auto fare was Rs.140/-. A paid Rs.100/-, and since he didn’t had change, I paid the remaining Rs.40/-

At dinner, A and B shared a chicken biryani. I decided to try veg biryani, while C, being on diet, went for salad. B also ordered a mocktail. The total bill, including tip and taxes, came out to be Rs. 932/-. B and C settled the bill.

While returning, B had to go to some other place, and he borrowed Rs. 110/- from me for auto fare.

We had a lot of fun, but now is the time for some mental exercise! Who owes who and how much? Solving this problem using pen-paper o excel will probably give headache to anyone!

Let’s now solve this interesting problem using BillMonk.

How Does BillMonk Work?

Setting The Account
  1. Sign up at www.billmonk.com.

  2. On the homepage, on the top right corner, click on Account, and then on Settings. Here you’ll see an option to change the default currency. Change it to INR (or whichever is your preferred currency).

  3. Go to the home page and click on “Add and Invite Friends” to add your friends with whom you want to settle the bill. Add them by providing their e-mail ids.

  4. Once you have added the friends, go to homepage and click on the individual e-mail id’s to assign them a nickname.
    assign nickname to friends

Now that we have setup the account, lets solve our problem of dividing the bills.
  1. Click on Report Bill on the left. You can record three types of bills as shown below.
    billmonk-types of bills

  2. The auto fare was paid by A and me. I go to shared bill to record that.
    billmonk shared bill 

  3. During the dinner everyone had a different item. It’ll be unfair on C, who only had salad, to split the bill equally. So, we decide to split the bill depending on who had what. For this I go to itemized bill.(Click image to enlarge)
    itemized bill 

  4. While returning, B borrowed Rs 110/- from me. I record this under Loan/Debts.
    billmonk-loan

  5. Now to see who owes who and what, I go to the home page. Here I can see how much I have to pay to whom and from whom I have to collect. Similarly, my friends can log in to their account to see who owes them. (Click on image to enlarge).
    billmonk final bill

  6. Once I settle payment with my friends, I go to Report Payment and record it.
    report payment

Sweet and simple! Isn’t it? The process is transparent, so, whenever someone adds a bill or make some changes to it, an e-mail is sent out to all the stakeholders.

There are two more options that I did not cover. One is Shuffle Debts and the other is Library.
Shuffle Debt: You can shuffle debts to reduce the number of people you have to settle up with.
Library: You can add books, music, movies etc to your personal collection. When you lend it to a friend, you can record it here.

Though anyone can use BillMonk, I think it is particularly useful for students and bachelors who are living with their friends away from their home.

How do you keep a track of the money that is owed between your group of friends? Will you use BillMonk, or do you know of a better method than this? Share your thoughts with us by leaving a comment below.

5 Responses to “BillMonk-Easily Split Bills With Friends”

  1. Anita
    July 30, 2011 at 6:45 am #

    Thanks! I liked it

  2. ankit garg
    August 9, 2011 at 6:52 pm #

    i liked it …..i will use it very soon

  3. Hemant Mangal
    February 15, 2012 at 10:49 am #

    I have designed a desktop application that fulfills all of the above requirements in a very simple manner. It is more user friendly than billmonk site. we can use it offline also unlike billmonk in which you have to login online only.

    please have a look on it, if you find it fulfilling all your requirements in easy way, please write back to me in the feedback tab of the website for hisaab systems.
    Site: https://sites.google.com/site/hisaabsystems/

    • Anshul
      February 29, 2012 at 10:34 am #

      Thanks for sharing Hemant. I’ll try this out.

  4. Jacob
    August 11, 2012 at 2:46 pm #

    Try out http://www.billsup.com, it’s similar to billmonk

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