An outstanding balance between friends may lead to resentment if not managed properly
This scenario may sound familiar: You covered a friend’s dinner, or paid for their concert ticket on your credit card. Maybe you even lent them cash during a vacation.If it’s a small amount, you may let it go. But if you want – or need – that money back, it can be awkward to chase someone for it, and even strain your friendship.conducted by PayPal last year found that on average, U.S. adults were owed US$926 for expenses such as dining, concerts or travel.
So how can you ask a friend for your money back while protecting the relationship? Experts say it’s best to be direct yet polite.Jessica Moorhouse If your texts are ignored, Ms. Moorhouse suggests a phone call, FaceTime or an in-person conversation.For larger amounts of money, Ms. Knox advocates for open conversations that keep your friendship at the forefront. If the friend who owes you money does not have it readily available, it can lead to feelings of shame or anxiety on their part, Ms. Knox says. They may want to pay you back, but can’t at the moment.
If you do send an Interac request, Ms. Knox suggests adding a casual note, such as: “Hey, sending this request now – didn’t want to lose track of it.”Whenever possible, make your money expectations clear: Do you need to be paid back by a certain date? Are you both comfortable with splitting all expenses 50/50?
“When we were lying in bed in our hotel room at night, she got out her phone calculator and I opened up my credit card statement and I read her numbers,” Ms. Barton said. “Then, she would send me the money. It never felt like she owed me because we had an agreement.”Ms. Moorhouse says there is an inherent risk when lending money, especially with new friends or those with financial issues. You have to be prepared that you might not get your money back.
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