I frequently pay for my friend's meals because I have cash float. Is there a better way to track who I have been lending it to (so that I can get my money back too)? - Seedly
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Anonymous

Asked on 25 Jun 2019

I frequently pay for my friend's meals because I have cash float. Is there a better way to track who I have been lending it to (so that I can get my money back too)?

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.

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Junus Eu
Junus Eu
Level 9. God of Wisdom
Answered on 27 Jun 2019

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 ;)

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Joe Lee
Joe Lee, Adventurer at Game of Life
Level 5. Genius
Answered on 03 Mar 2020

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 :)

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Shahrin Mathers
Shahrin Mathers
Level 2. Rookie
Answered on 29 Feb 2020

I currently use a budget tracking app on the phone which also has a 'debt' feature where you can track how much is being lent which reflects in your budget tracking as well.

Wallet app by Budget Bakers

https://web.budgetbakers.com/

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Pascal S
Pascal S, MBA Graduate at Singapore Management University
Level 6. Master
Answered on 28 Feb 2020

Keep Track.

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?

Cheers,

Pascal

P.S. I have to chase some folks too...

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MT2020
MT2020
Level 7. Grand Master
Answered on 28 Feb 2020

You can talk to your friends about it. If they are your good friends, they will understand.

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HeYuan Chen
HeYuan Chen

04 Mar 2020

Yea.. I totally agree
NA
Nindya Azelia
Level 4. Prodigy
Answered on 05 Dec 2019

Use Splitwise!

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.

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Wilson Nid A Break
Wilson Nid A Break
Level 9. God of Wisdom
Answered on 03 Dec 2019

Splitwise app, and rmb to use those cashback promo and apps to get some money for processing the admin work obo your friends

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Glenn Toh
Glenn Toh, Founder at Whatcard.sg
Level 4. Prodigy
Answered on 27 Jun 2019

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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