Asked on 25 Jun 2019
Hi I am the 'cash guy' (read: casual loan-shark with 0% interest) in my group of friends, which makes it hard to budget or balance my accounts month to month. This also makes for terrible headache when pay by card because my expenses are inflated
Does anyone have a good way to account for lending money to friends? I currently use notes on my phone with a ledger but it is damn leceh.
update: I have now become a wallet. Ex: they pass me $200 and I deduct their meal spending from there.
Gosh. I would switch it up such that you guys are taking terms to pay, instead of it being you paying all the time. If it's literally $5 here and $10 there, people tend to forget.
But since you are paying for your friends' meals, why not use it to work towards your minimum card spends, or loyalty points ;)
Alternatively, ask them to paynow you directly afterward. It is so easy now with paynow/paylah etc.
This is a good thing, helps you to hit min spending for your credit card easily for that extra rebate/miles :)
And go chase them for your money.
It is unacceptable to me that friends don't immediately paynow/grabpay/hand cash....
For your wallet strategy, charge them interest?
P.S. I have to chase some folks too...
You can talk to your friends about it. If they are your good friends, they will understand.
Everytime you lend them money, they will get notified and they can see how much in total they owe you. And max up your rewards accounts (credit cards, favepay, grabpay, shopback - whatever you can think of) to get the most out of it.
Splitwise app, and rmb to use those cashback promo and apps to get some money for processing the admin work obo your friends
All the negative stuff aside, your situation sounds like an amazing opportunity to get a lot of credit card rewards from all the spending you are doing on behalf! I hope you are at least maximising the rewards to 'compensate' yourself for doing the hard work of tracking group spending :)
To address your issues, you could try using Splitwise (http://www.splitwise.com/), have used it with my friends whenever it is necessary to split spending (e.g. group dining, holidays) and it works pretty well!
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