Never forget who borrowed your Marvin Gaye book ... or that $20!

Posted on : Wed, 16 Sep App: IOUTool

Have a look at your fridge door. Is it covered with post-it notes detailing money owed or split bills that you share with flat mates?  Or a list of books, cd's or DVD's that you have lent to friends? That's how mine looks, anyway. I've thought of using one of the many apps available but, to be quite honest, they've left a little to be desired. Some only link up to your social media friends, some require yet another log in with a password (just what i need) and some only deal in money whereas most of the things I lend tend to be books rather than cash. So when the IOUTool came along it was a breath of fresh air. This free 'finance' and 'lending' application lets you keep a record of all your debts, bills and loans as well as material items like that Marvin Gaye book you lent to a friend ages ago and never got back (true story.)   IOU is a multi currency, debt manager application that gives you a place to 'jot down' things that have been borrowed as well as money. It makes it easier to keep a record of any personal debts, bills and loans that may be owed to you. Just think about how much you can save just by remembering all the small amounts of money that you have loaned friends or the split bills that haven't been paid back yet. With IOU you will not forget about that book you gave someone or who owes you for a lunch. It's even possible to keep track of specific loans and a flatmate' periodic bills all in this single app. You ac access your data with a browser or on the go with Android, iPhone and Windows 8 apps. If you are really serious, you can send notifications for overdue debts and sync with the free mobile apps for Android, iPhone and Windows 8. Share information of your debts with your contacts and, for added security, keep a history of debts that have been repaid debts history.   I don't know how they quite work it out but people who have used this IOUTool have apparently claimed back over US$80 million in unpaid debts from friends. Quite impressive really! This is a very simple and easy to navigate app that gives you a place to put the name of your borrower (or take it from your contacts page, if you like,) a memos area, the due date to repay or return the item by and even a place for recurring debts like a regular vegetable bill or PO box rental. While the free version is perfectly adequate for most people, it's one of the few apps that you will be happy to upgrade your plan to a paid version. Let's face it, you only have to look in that dollar jar in your bedroom to know how small amounts really add up. And think of how much money you will save on post-it notes!

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