Paying rent is one of the largest expenses in any budget. And if you have roommates, that makes it even harder to pay the rent on time! A new website, WilliamPaid.com takes the pain out of paying rent. Check out our Q&A below with the founders of WilliamPaid:
1. Why did you start the Website?
Williampaid.com’s Co-Founder, Jeff Golding and I, spent nearly 15 years in consumer financial services. We have seen many young adults struggle to pay their minimum monthly payments on student loans, credit cards and rent. Rent can have a significant impact on a young adult’s life, especially when you have roommates that may be forgetful or a little short on their share of the rent each month. Many roommate relationships have been ruined because of rent-related arguments. Therefore, we started Williampaid.com to offer renters and roommates the ability to share, manage and pay rent each month with more flexibility than they’ve ever had before. We like to think that we are giving roommates a little harmony each and every month.
2. How can this website help young people?
First, it’s the obvious – we help renters and roommates pay their rent on time each month. This eliminates potential late payment fees and reinforces the message of creating solid financial habits that will help them later in life. Second and more meaningful, paying rent through Williampaid.com can help young adults build credit without going into debt. For many people, rent is the largest monthly payment they make and until now, no one got credit for it. Given how difficult it is for anyone to obtain credit these days, it is even more difficult for young adults who have yet to start building credit history. By having regular recurring monthly payments reported to the credit bureau, one can build a credit file and history that can really give them a leg up, without going into debt. We also hope that, along the way, our users will learn more about creating lifelong financial habits that can help them save money.
3. What are some ways for college students to save money and prepare for adulthood?
The best way for college students and young adults to save money is to save money. The message about saving money has gotten lost in $4 coffees and $2 bottles of water. We have a simple savings calculator that can help people figure out where they are spending their money – and, more importantly, where they can save money. In fact, we have issued the WilliamPaid Challenge, challenging young adults to 90 days of belt tightening. By saving a dollar or two, here and there, and applying them to outstanding debt, people can save meaningful dollars. It’s a simple concept, but not easy. Like most things, you need to form a habit, and our 90-day challenge is meant to reinforce good spending habits.
4. What is your goal for Williampaid.com?
Our goal is simple, to help renters, roommates and young adults by providing great rent and group payment tools and opportunities to build credit. We would also like to teach some valuable life-long financial habits. As we like to say, you can enjoy $4 coffees when you retire…early.
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