Bid adieu to late bill payment
Ever had to pay a humongous penalty for late bill payment or been embarrassed because you didn’t return your friend’s borrowed money in time? There’s hope. Bill Baba has come to the rescue. The website that was started earlier this year reminds subscribers via email, SMS, Facebook or a combination of all three, about their bill’s due date, as well as informs when it is time to pay money borrowed from a friend. If that’s not enough, people can also sign up to remind their friends when to return money. The system has 600 subscribers.
“The average person spends hours tracking and paying bills. Service providers send reminders, but at the last minute when the bill’s due date is near. Also, there is no centralised system for bill monitoring,” says Sarika Saxena from Bill Baba.
As part of this service, people can set reminders for their regular payments like credit card or phone bills. The frequency of alerts too can be customised. This means that you could ask for multiple alerts on a single day, a single alert daily or even one after a week. Once you complete the payment, you need to send an email saying your task is done and the alerts will stop. Apart from bills, you can also set reminders for tasks you tend to forget like returning borrowed books or picking up grocery.
If that’s not all, you could also remind a friend who has borrowed money from you to pay up. “Borrowing and lending can become embarrassing for individuals. This helps prevent it,” says Saxena. The website also has a feature that breaks down each bill, telling you how much you spend and where.
Bill Baba has moved out of the virtual world as well. The community on the website often leaves posts giving details of when their bill is due and where they are going to pay it. Other members heading in the same direction to pay their own bills lend a hand and clear the bill along with their own. “Thus you can harness the power of the community,” says Saxena.
To help people realise their goals of buying a dream car or home, the website allows you to employ the services of a financial planner. The service is especially for those who want to go beyond fixed deposits or savings accounts. The first session is free, but there is a charge for every session after that.