BillMonk is a free service offered by Obopay Inc. It is a way of recording bills shared by you and your friends. It makes life a lot easier, relieving you from making tough calculations on who owes you how much. Instead, you just have to enter the bill amount along with who paid how much and who is going to share the bill. BillMonk does the rest and shows you calculations. You can collect or payback the money as and when required.

Let me explain you with an example… If I owe you (assume you are my friend) $20, you can ask me to pay for your lunch tomorrow. This flow is founded on trust, and is not a legally binding guarantee. I pay today and record it in billmonk. You pay tomorrow and record that amount in billmonk. And once in a while, we can settle the difference with each other.

Money usually stresses friendships. “Neither a borrower nor a lender be, for loan oft loses both itself and friend.” BillMonk is here to defuse the financial tension between friends by providing us with a tool which manages money in a way that is easy and fair. If you need to track the money that you have borrowed from someone or the money which you owe to someone else, use Bill Monk and make it easier.

For more details about the site and the services they offer, you can check out their blog.

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