Last time we talked about lending money to friends and what to do when weeks or months go by and they still haven’t paid you back. This week, let’s go over a few more tips for tactful ways of confronting the money issue with friends.
Tip one: Talk about your own financial issues. You’ve probably got them, most of us do. If you’re very wealthy, why are you worried about your friend paying you back? But chances are, you’re not very wealthy and getting that three hundred bucks back would help a lot. You might mention that to him. “Hey you know, I gotta make my car payment this month, not sure how I’m gonna do it.” You don’t have to guilt them into it, but you can just subtly let them know that you have your own struggles.
Tip two: Ask for your money back through writing. This may seem cowardly, but it is a lot easier than having a direct conversation and if things ever have to get legal, you have proof of the agreements between you. Also, there are apps out there that will send notifications to your friends to remind them to pay you–this is less personal, less direct and less confrontational, and might be just what you need to get the ball rolling. Google Wallet and Paypal also have options to make it easy for your friends to pay you.
Tip three: This last tip is a bit underhanded, but it can work in a pinch. Maybe you just really don’t want to ask for the money back or even talk about the debt owed to you. Instead, the next time you’re out with a friend, about to pay for the movie tickets or the bill from dinner–casually suggest, “Hey you want to pay for me this time?” They know they owe you money, so it’s going to make them look like a real jerk if they decline. Boom! You’re getting paid! Look, they put you in this situation by not paying you back, so all’s fair in love and money.
In summary, lending money to friends can make things difficult, but there are ways to work it out. And you might want to think twice about lending money next time around.