While it’s no surprise owing or being owed money can put a serious strain on a relationship, unfortunately, more than half of Americans have seen a friendship end over debt. Fortunately, though, there are ways we can salvage a relationship before it goes south over money owed.
To help us navigate these awkward financial situations and ignite a conversation with a friend or family member we’ve had a falling out with over IOUs,
Bank of America/Friends Again Campaign brought us an interview with Dr. Melanie Ross Mills, friendship and relationship expert, and licensed temperament therapist, who guided us through those financial situations in a manner that doesn’t result in the termination of a friendship.
Her tips include:
- PLAN AHEAD: As you coordinate a get together with your friend, consider asking how he or she prefers to handle any shared expenses in advance of hanging out so you can come to an agreement before the check arrives.
- COMMUNICATE: If you find yourself in a situation where you’ve covered the cost of a friend’s concert ticket, or you need to repay a roommate who lent you a couple of dollars, don’t be afraid to talk about it. Even if you can’t pay your friend back right away, let them know as soon as you expect you’ll be able to return the funds. Conversely, if your friend can’t pay you back right away, try to be receptive to what works for them.
- USE TECHNOLOGY: As person-to-person payments (P2P) that allow consumers to send money to others via their mobile device grow in popularity, it’s never been easier to settle-up with a friend in real-time. Take advantage of convenient mobile apps to send, request and receive money from friends and family.
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