Toshl Blog

Track What You Lend and Borrow

We all know friends and money don’t mix, but sometimes there’s simply no other way. When that happens, it’s important you keep good track of everything you lend or borrow so you can settle all the debts as soon as possible and keep the trust strong. Here’s how Toshl can help you with that.

Let’s say you go for a drink with your best buddy Joe. As always, you have a lot to talk about and the drinks keep coming. Everything’s just great until the gigantic bill arrives and Joe tells you he forgot his wallet – again. C’mon, Joe, seriously? You’re not getting away with it this time!

Fire up Toshl and add another expense for the amount you lent. Tag it with your friend’s name and a separate tag you name something like “lent”. Do this every time you lend money or pay for somebody. You can then see exactly who and how much they owe you if you go to Expenses, swipe left to see the tag view and check under “lent” tag. To see the list for a specific person check under tag with his or her name. Since Toshl also saves the date and location for each expense, you can easily refresh your friend’s memory when you remind him to pay you back. When he does, simply delete the expense.

Enter lent sumNoted everything you lent to Joe

Now how about if you’re the Joe in this scenario. Best advice: don’t be. But if you can’t help yourself Toshl can at least help you to remember what you owe so you don’t forget to pay it back.

The idea here is similar only this time you add another income. Tag it with your friend’s name and “borrowed”. To see everything you owe check under “borrowed” in the tag view of your incomes or look under a particular name for a more specific list. When you pay someone back simply delete the income.

Borrowing money from PeterPromise to pay him back soon

In future versions of Toshl, we plan to make this interaction even more elegant, but don’t use this as an excuse for not paying back what you owe right away. Money’s good to have, but friends are even better.

Written by Miha Mlakar

Posted in Debt, Tips & Tricks, Tutorials