If you're like most people, you probably have a lot of house bills to manage or split with roommates. Between rent, streaming services, groceries, and utilities, it can be hard to keep track of who owes what. Fortunately, in two minutes, you can easily automate the process of sharing bills with your roommates.
By using WellPaid, you can make sure that everyone can see shared expenses and split the cost automatically. If you're looking for an easy way to avoid annoying reminders and get paid back automatically, we recommend WellPaid. Here's how it helps.
Today, consumers seem to split bills in a variety of different ways. Some people split the cost of every bill immediately, some split the total house bill at the end of the month, and further, many households pay for certain bills and assume the amount per person is close enough. While everyone has their own approach, split bills have long prevented personal finance tools and budgeting apps from truly providing a complete picture to a personal budget.
How to Split Utility Bills
Since most Americans live with someone else, that means most of us are responsible for some piece of utility bills or living expenses. Further, if a roommate pays for utility bills, then these would not show up in any online tool… until recently.
When you sign up for WellPaid, you connect your existing card or bank accounts to track recurring charges and identify your bills. Then, you tag your roommates on bills, like utilities or streaming services, and set everyone's share. When you hit "Confirm," any future charges for those bills will be automatically shared with your roommates and their share automatically transferred to your bank.
In WellPaid's platform, you can specify an even share of future charges, a percentage, or even fixed amounts for everyone to pay. You may even settle up all bills at the end of the month or have everyone pay a fixed amount in advance, for bills like rent. WellPaid acts as an organizational tool and helps automate money transfers from your roommates to you. As a result, no new account or card is needed.
Tom Martchek, a former Director at PayPal and WellPaid’s founder, describes the service as, "...think of it like autopay for transfers. These days, most people pay for at least one subscription on autopay. It seemed silly to me that I could pay a company I've never met on autopay, but there wasn't a way to pay my roommates back for shared costs the same way."
What’s Next for Roommates
After you send a request to split, you can track charges and see your share all in one place. In the near future, WellPaid plans to add renewal reminders and password sharing to further simplify household bill management.
WellPaid also plans to help automate the management of bills in the future. Services, like Truebill or Trim, gained fame through allowing users to cancel services. WellPaid plans to allow both searching for services in your area and incorporating the ability to cancel into the first fully integrated bill management platform.
While available only on the web today, WellPaid plans to launch a mobile app within the next couple months to help users manage bills on the go. For now, the service is still usable on mobile web browsers.
If you're looking for a way to automate the process of splitting bills with roommates, we recommend WellPaid. With this service, there's no need to worry about pesky reminders or manual money transfers. Roommates can easily and securely share expenses without any hassle. Give it a try today!