{"id":1987,"date":"2016-11-10T17:04:26","date_gmt":"2016-11-10T16:04:26","guid":{"rendered":"https:\/\/toshl.com\/blog\/?p=1987"},"modified":"2017-02-20T14:52:30","modified_gmt":"2017-02-20T13:52:30","slug":"how-to-track-loans-repay-debts-and-deal-with-your-friendly-neighbourhood-loanshark-ios-app","status":"publish","type":"post","link":"https:\/\/toshl.com\/blog\/how-to-track-loans-repay-debts-and-deal-with-your-friendly-neighbourhood-loanshark-ios-app\/","title":{"rendered":"How to Track Loans, Repay Debts and Deal with Your Friendly Neighbourhood Loanshark (iOS)"},"content":{"rendered":"

\"Toshl_2.0_monster_0057_58\"<\/a>We have almost certainly all been there at some point – borrowing money, launder<\/del> loaning money,\u00a0forgetting about loans, etc. Be it a small amount for drinks, because you forgot your wallet, or a bigger sum because you chose to buy something expensive that you obviously really, really, really needed.<\/p>\n

So, how to go about tracking and dealing with the dynamics of loaning and borrowing money? Fear not, for Toshl\u00a0is here for you again, not in the money loaning business though, but in the business of helping to track loans and debts\u00a0– or simply\u00a0Hilfespurverleihenborgengesch\u00e4ft, as the Germans would put it.<\/p>\n

 <\/p>\n

Track major debt repayments<\/h3>\n

Let’s say I want to buy a new Ferarri for $3200, but I am just $3100 short for it. What do I\u00a0do? I go to a guy* I heard you can get a loan from, that\u00a0hangs out behind the parking garage in the shady part of town every other night (because he has kids). I ask him for a donation towards my cause and after a few laughs, I promise I would pay him back in ten\u00a0months\u00a0with $1900 interest. I get the money, and now I\u00a0have to settle the $5000 debt in ten\u00a0months, which makes for\u00a0$500 per month. Because I use Toshl, the best loan app around<\/strong>, I know this will be a piece of cake and I will not get my legs broken in the process.<\/p>\n

 <\/p>\n

1. Add income marking the received loan<\/strong><\/p>\n

I put the $3100 in Toshl as an income<\/strong>, category ‘Loans’<\/strong>, account ‘Cash’<\/strong>, plus I put ‘Drago’ in the description – which is supposedly the guy’s name and also means ‘expensive’ in some languages. Just so I can be precise when I tell my grandchildren about my first Ferrari.\"ios_inc1\"<\/a><\/p>\n

Ok, we got the money, we got the income from the loan marked, now to go about tracking the debt.<\/p>\n

 <\/p>\n

2. Add a new account to track the repayment of debt<\/strong><\/p>\n

I make a new account for the debt, called ‘Drago’ and set up the initial balance as ‘-$5000’ which is the total amount of the debt, including the interest.
\n\"ios_adac\"<\/a>\"ios_acclist\"<\/a><\/p>\n

 <\/p>\n

3. Add transfers\u00a0to note the debt repayments<\/strong><\/p>\n

To note the repayments as I return the money to Drago in monthly instalments, I make a transfer<\/strong>\u00a0of $500 from account ‘Cash’ to account ‘Drago’<\/strong>, date it on the day of the first payment, set it up to repeat every month for ten\u00a0months and set up reminders\u00a0for it. Now I will be reminded to take the $500 to him every month, and the ‘Drago’ account will get out of red numbers over the ten\u00a0months.\"ios_adtr\"<\/a><\/p>\n

\"ios_not\"<\/a><\/p>\n

That’s it!<\/p>\n

 <\/p>\n

Track smaller loans to friends<\/h3>\n

Let’s take a look at another, simpler case. Let’s say I lend $4.99\u00a0to a fellow car enthusiast for a\u00a0little\u00a01:100 plastic Ferrari model.<\/p>\n

 <\/p>\n

1. Note the loan as an expense<\/strong><\/p>\n

I give him the money, put it in Toshl as expense, category ‘Loans’, account ‘Cash’.<\/p>\n

If this is a one-off loan,\u00a0I can put the guy’s name in description. If I lend to this guy often, I could also put his name in a new tag on the expense. That way I can easily sum up everything he owes me.\"ios_adex\"<\/a><\/p>\n

 <\/p>\n

2. Note the loan repayment as an income<\/strong><\/p>\n

When he pays me back after seven\u00a0and a half\u00a0months, I just enter it as an income with appropriate tags, etc. This way I can always track borrowing and loaning entries.<\/p>\n

Alternatively, I could just erase the loan expense, but that wouldn’t give me any insight on the loan later on.<\/p>\n

\"ios_inc2\"<\/a><\/h6>\n

Bob’s your uncle! Use whichever method works best for you\u00a0or be creative and\u00a0invent your own system. That’s it for now from our secret volcano base,\u00a0ta ta!<\/p>\n

*Toshl does not recommend taking loans from random guys\u00a0behind the parking garage, nor\u00a0can we provide phone numbers of any specific guys providing such loans. A bank would probably still be a better bet, although their moral compasses\u00a0might not be in much better shape, compared to the guy behind the parking garage.<\/h6>\n","protected":false},"excerpt":{"rendered":"

We have almost certainly all been there at some point – borrowing money, launder loaning money,\u00a0forgetting about loans, etc. Be it a small amount for drinks, because you forgot your wallet, or a bigger sum because you chose to buy something expensive that you obviously really, really, really needed. So, how to go about tracking … Continued<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11,19,17,4,14],"tags":[],"class_list":["post-1987","post","type-post","status-publish","format-standard","hentry","category-debt","category-ios-tutorials","category-personal-finance","category-tips-tricks","category-tutorials"],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9HkH6-w3","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/posts\/1987","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/comments?post=1987"}],"version-history":[{"count":13,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/posts\/1987\/revisions"}],"predecessor-version":[{"id":2711,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/posts\/1987\/revisions\/2711"}],"wp:attachment":[{"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/media?parent=1987"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/categories?post=1987"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/toshl.com\/blog\/wp-json\/wp\/v2\/tags?post=1987"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}