With everyone’s paycheck getting stretched extra-thin, people are in need of financial help now more than ever. 🫴💵 If you’ve got the means, you might have lent a friend or family member some cash to cover their bills.
However, getting that money back isn’t always easy (or a good time). 🥴 Lucky for you, we’ve put together a list of quick tips to get your moolah back in your pocket…without burning the bridge behind you! 🔥
Here’s Five Fast Facts on how to ask for money back:
- 💰 Can You Spot Me? - Who borrows money the most? According to a recent study, the younger generations do. While 61% of Gen Z and 70% of Millennials report borrowing money from friends or family, only 38% of Baby Boomers said they did. Out of all ages in the study, 21% said money caused them to lose a friendship.
- ☕ It’s Personal - What’s the best way to ask for cash back? If the person means a lot to you, do it in person. Consider meeting at a coffee shop or somewhere else where everyone feels comfy cozy. People feel a lot of guilt around owing money, so breaking it gently (but firmly) is a good plan.
- 💸 Cash Is King - Money comes in all shapes and sizes these days. Yes, people still write checks, but they can also bounce. If you’re owed a small amount, ask for your friend to pay you back in cash. If they owe you a bigger amount, see if they can do a money order or cashier’s check.
- 📱 Ping Ping - Looking for a digital and less formal way to ask for money? Find your friend or family member on a payment app like Venmo or CashApp and send them a request. The reminder will stick on the person’s account and remind them of what they owe you every time they’re in it.
- 🤝 Let’s Make a Deal - Like we said, times are tough and your buddy might not have the means to pay you back in full. When that’s the case, offer for them to pay you back in installments. Come up with a game plan together and seal the deal with a quick contract so the job gets done.
🔥Bottom line: Remember, if you don’t ask, the answer is always NO! While making your pal feel guilty about them owing you money isn’t the move, don’t be afraid to ask with a dose of care-laced confidence. If you’re a senior, you might be kicking around a reverse mortgage. Before you head to the bank, read this article!
Does someone owe you money?
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