IOUmate: Know What You Owe

This free app, developed by Cerebris, is clearly aimed at putting a bit of fun into fairly low key debts rather than being a serious expenses tracker.

Marketed for “Family and Friends” I can also see it being useful for youngsters in a flat share situation where, if memory serves me right, the arguments about who paid for that loaf of bread or who washed the dishes last form a constant daily conversation!

You can sign up for a free account or sign in using your existing Facebook or Twitter details. The choice is yours whether you just keep the information private or share it around with friends and family. The fun however must surely be in sharing it around and enjoying some lively banter whilst at the same time ensuring that Joey, who conveniently forgot his wallet at the pizza restaurant, stumps up his share.

As well as keeping tabs on financial transactions the app can be used as a reminder for anything loaned out or borrowed like books and DVD’s. It can also be used to set reminders for recurring items like paying the kids allowance. Having said that, it’s probably likely that most kids will already be on ioumate.com with Mom and Pop their very first diary entry for a weekly prod.

The pages are very user friendly and similar to many chat sites. You enter what is owed to you or what you owe others and make a comment. The other party can then respond accordingly. Once the IOU has been settled you can mark it as such using the ‘Settle’ function. Alternatively you can click ‘Borrow More”.

The recurring items function is equally as easy to use with name, description, amount and due date the only information required.

So, from cash to items to household chores, keep tabs on who owes who in a fun environment. You can even remind those friends with frequent short arms and long pockets that it’s about time they bought you that beer.

Conclusion
Although fun and less serious than a lot of expenses trackers this app certainly has its place. After all, a lot of small IOU’s can add up to one large amount if left long enough.