Five bucks here, five bucks there

borrow moneyWhen someone asks to borrow money or asks for you to cover the cost of something since they don’t have enough cash on them, are you ready and willing to hand over whatever they need? If you said yes, then you are a kind, generous person. While I do say yes, a million things run through my mind:Is this the first time? How often have they asked to borrow money? What is their financial status? Would they pay the amount back in a timely manner, regardless of the amount? Am I crazy? Maybe, but surely you must think it too. (Not the part about me being crazy. ;) You’re just not willing to admit it. But what if you have seen them on several occasions and they have forgotten? Are they trying to avoid the topic?

Here is what I wonder: Should I try to forget about it too, because it is only a small amount? But that’s whatever x amount of dollars that you lost. It’s the principle. The next time the situation of owing money comes up should it be brought up saying that you only have to pay “x” amount, because so and so owes you “x” amount? It’s no secret that talking about money can often be a sensitive and awkward issue.  Your relationship with that person can also play a factor and what their attitudes are towards money. For me, every dollar counts. For others, not so much.

I don’t have a photographic memory, but on several occasions, people have told me I have good memory. I can be pretty scatter brained sometimes with way too many things on the go, so I like to think I have selective good memory.  I remember the things that matter the most.  While I do forget things here and there, the one thing I rarely seem to forget is who owes me money and the amount they owe.  It actually really bugs me if people say they forgot or don’t even bother to bring it up when they clearly owe me money. While I say, “Oh don’t worry about it, it’s okay. Just pay me whenever you can.” It really irks me. It irks me if I have to remind them more than once. Okay, so for two dollars, maybe I’ll let it slide. But when it has been four months and you still owe me $20, shouldn’t I say something? Inquire about it at least? Lending small amounts of money is fine here and there, but I don’t think I could go any bigger than that. I only say this, because I’ve never been in the situation of having to lend large amount of money to friends and family.

I find it interesting when people forget about owing friends and family money. You never forget you owe the big bad bank money, because of interest and such, but how easy it is to forget you owe someone closer to you a few bucks. I somehow try to casually bring it up in conversation, hoping it will trigger their memory. They’ll say, ” Oh yeah! I forgot I owed you $10 bucks from the last time we went to the bar. Good thing you reminded me!”

Yes. Good thing. ;)

 

How do you approach the process of lending and owing money to friends and family?

 

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