Finance & Money

Archive for January 9th, 2012

You loaned a coworker a few bucks for lunch. However, here it is weeks later and you have yet to get that money back. Was it an oversight?

Loaning money to those you work with can actually be more detrimental to your relationships than loaning it to a family member. Why? Because coworkers are people you interact with daily and who work with people you see daily. Thus, the chances for bad feelings when repayment does not take place is quite high. What can you do to keep from looking bad in front of others while keeping your cash?

Decide upon repayment terms upfront. When you’re asked for a loan, ask the borrowed intends to repay it. Even go as far as saying, “I can loan you money but will need repayment on payday which is this Friday.” This tells the borrower that you fully expect to have the money paid back and a timeframe when you expect that to take place. The borrower will know if he/she can actually repay the amount by the specified date.
Borrow your money back. Perhaps you loaded someone $20 a month ago. Yet, the borrower has not mentioned his/her gratitude or intent to repay the money. It turns out that on one particular day, you find yourself without money. You make the decision to borrow your money back. Approach the borrower, and casually remind him/her about the money you loaned last month. Explain that you’ve found yourself a little short today on cash today, and would like to see about having the loan repaid. Two things will happen: (1) the borrower will have the money and pay it back, or (2) the borrowers will have to acknowledge the loan and a conversation about repayment can begin.
Limit your loans (frequency and dollar amount). It’s one thing to help a coworker out of a bind. It’s another to become his/her banker. When you’re asked for a loan, don’t hesitate to say, “just this one time” when agreeing. This lets the borrower know that you are not a revolving door of funds. In addition, don’t loan beyond a certain dollar amount in the event that it doesn’t get paid back (in a timely fashion or not at all), leaving you in a financial bind.

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