Students twice as likely to fall out with friends over finance
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Finance and Freshers aren’t famous for being a first-class combination, and new research certainly proves it. Paym, a mobile payment service, has found that young people aged 18-25 are twice as likely to fall out with friends over money in comparison to the rest of the UK.
It’s all too easy to borrow some money off someone on a whim for a taxi on a night out or a quick drink at a bar when your student loan hasn’t come in yet, and surprisingly a quarter of young people are comfortable to lend money out to their close friends.
However, maybe they should be more careful, since 1 in 10 of those who took part in the study expressed that it is usually ‘very difficult’ to get that money back. A further 10% have avoided paying their friends back all together.
So, how can you avoid falling out with your friends? Here’s a few tips to get your finances set for when you start the new term. Household Bills:
Paying bills and rent is an integral part of sharing a house as a student. Decide if you’re splitting these evenly each time by paying for yourselves, or if you’re taking it in turns make sure you’re keeping track of whose turn it is - stick a mini tally table on the fridge!
Before you head out the door on a night out, make sure you’re all on the same page in terms of how you’ll be splitting the cost - will it be rounds or just drinks for yourself? If you’re going to need cash, set yourself a reminder to get some.
Don’t be afraid to ask for the money back or remind them what they owe from time to time. It shouldn’t have a negative impact on your friendship, and if it does, you need to seriously consider whether you want that friendship. Paym’s research found that many people would actually like to be reminded.
Honesty is the best policy:
If you’re unhappy that your friend has forgotten to pay you back, let them know and don’t let it stew. This will form a more solid friendship.