At one point or another, we all needed to borrow money. The easiest option usually seems to be to ask our parents, siblings or friends instead of going to a third party bank or using our credit card limits. The borrower side of the story is much easier than the lender. It takes courage to ask but when we’re stuck it can be done. We usually are sincere when asking a friend to lend us a few dollars to grab coffee or asking a friend to cover your bill at the pub because you didn’t know you needed to bring cash. And the day is over and we usually forget that we borrowed the money. The nice friend on the other hand who saved us from the jam is now in the endless waiting loop of either waiting for the lender to remember to return the money or the awkward moment of asking for her money back.
The common advice is to usually avoid lending money to friends and family, because 1) they will usually forget to pay you back and 2) it’s awkward to ask for your money back. On average, only 30% of the money we lend out to friends and family is paid back but we continue to lend money out to them because we are wired to help, specially people we love and respect.
Only 30% of the money we lend out to friends and family is paid back!
It’s a real problem and there’s an easy solution: use Lendogram to keep track of money you lend to friends and family and set up notifications so your friend is reminded to return your money! Continue being the amazing and helpful friend but make life easier for you and remove the awkwardness of asking for your money back!
Also published on Medium.