Guides on lending money, IOUs and splitting costs
Plain answers to the awkward money questions between friends, family and roommates: asking for money back, writing an IOU, splitting rent and trips, and understanding loans.
How to ask someone to pay you back (without making it awkward)Friendly, neutral and firm ways to ask for money you’re owed, with messages you can copy for friends, family and coworkers, and when to follow up.How to write an IOU (free template)What an IOU should include, a free template to copy, and how it differs from a promissory note or a loan agreement.How to keep track of money you lend to friends and familyNotes app, spreadsheet or ledger app: simple ways to track who owes you what, what to record each time, and habits that keep the numbers right.What to do when someone won’t pay you backA step-by-step plan for money you’re owed: clear reminders, a payment plan, a final written request, and the formal options if nothing else works.Lending money to family without the falloutLoan or gift? How much to lend, what to agree up front, keeping it fair between siblings, and what to do when repayments stop.How to split rent fairly with roommatesEqual shares, room size, income or features: four fair ways to split rent with roommates, worked through on one flat, and how to agree on one.How to split costs after a group trip and settle up fastTrack who paid for what, split shared costs fairly, handle different currencies, and settle up with the fewest transfers, with a worked example.How a loan’s monthly payment is calculatedThe formula behind a loan’s fixed monthly payment, worked through for a $20,000 loan, and how the term and extra payments change the interest.Should you charge interest when you lend to a friend?When interest on a personal loan makes sense, how to pick a fair rate, simple versus compound interest with examples, and the rules to check.How to keep track of things you lend, and get them backBooks, tools, chargers and games go missing when nobody writes it down. A simple way to lend things, ask for them back, and borrow well.