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How Long Should You Wait To Remind Your Friends To Pay You Back?

How Long Should You Wait To Remind Your Friends To Pay You Back?

By Nicole Spector  September 3, 2022

It can start out so innocently: a friend asks you to spot him some cash. Maybe it’s a fairly trivial amount — a $20 for his share of brunch, say. Or perhaps it’s a tad more substantial: $100 to tide him over until he gets paid. Or maybe he asks for $500, $1,000 or more.

And he’s your friend, and he’d do it for you, right? And you have the means…

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“Like they sing about in the Friends theme song, friendship is about being there for each other, and this can sometimes mean being there financially,” said Anthony Martin here, founder and CEO of Choice Mutual. “We all need a hand sometimes; you may find yourself in a position to spot your friend for a few meals or even assist with a slightly larger financial burden like overdue rent or a car payment.”

So you lend him the money. Key word being “lend.” But then what? Well, you may make an informal verbal agreement that he pays you back in a few weeks or months. But the days pass and pass and no money is returned.

How long do you wait to nudge your friend and remind him about the money that you loaned him — and that it’s time to pay you back?

It Depends on What You Agreed Upon

“Reminding them to pay you back really depends on your original agreement,” said Craig Miller, a psychologist and the co-founder of Academia Labs, LLC. “For instance, if your friend borrowed money from you and promised to pay you back after a month, then the first reminder for payment should come after a month. If your friend is able to pay already, then well and good. If not, then your friend should indicate a specific time he’ll be able to pay. Only then can you remind your friend again for payment.”

Consider a Timetable

To continue reading, please go to the original article here:

https://www.gobankingrates.com/money/financial-planning/how-long-should-you-wait-to-remind-your-friends-pay-you-back/

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