MoochSpot.com - Track Debts & Shared Expenses

Ever wanted to have a simple, web-based manner of keeping track of debts and shared expenses with your friends? If that is indeed the case, a visit to the MoochSpot website is more than likely to set you going.

In principle, the site will not only enable you to keep track of the abovementioned financial considerations but also to make instant payments through PayPal and settle down debts easily.

The concept at the core of MoochSpot is that of “Piggy Banks”, an euphemism for a way of tracking and sharing debt information among friends who move in the same circles. In practice, this system means you can borrow from many and settle the debt by paying to a single person you all have in common.

The only requisite in order to use MoochSpot is to have a Facebook account, as the site has been put together using the Facebook API. A link for creating an account is provided in the event you don’t have one.

“MoochSpot is where you can come to keep track of how much money you and your friends owe each other. Whenever you loan someone some money or borrow a bit, just come here and enter the loan. We'll keep track of it for you. But we'll do more than just remember that you owe Joe $5 and Mary $10 -- we'll keep track of the group as a whole using Piggy Banks. Piggy Banks are the heart of MoochSpot. A Piggy Bank is how you share debts among a group of friends. Say you loan $20 to Marcel, and Marcel loans $30 to Ruchi. If both loans are in the same Piggy Bank, then we'll tell Ruchi to pay $20 to you and $10 to Marcel, settling all your debts.”

It puts Facebook into practice by providing a supple service.

What features are planned for future incarnations?