For instance, 63 per cent of drivers feel awkward about asking passengers for petrol money in return for a lift, according to a new survey by Admiral, which also found that 27 per cent say they’ve fallen out with somebody who did not pay their way.
It’s not just petrol money that can lead to bickering over bills. Previous research from mobile payments service Paym (paym.co.uk) found that a third of stag and hen-do organisers were not paid on time by party participants, with the average amount owed coming in at almost £250. Paym also found smaller everyday expenses, such as bin bags and washing up liquid in a shared house, can often spark flat-share fall-outs.
Here, Annie Logan from Paym gives her top tips to prevent finance fall-outs from ruining friendships.
If, for example, you are buying some concert tickets for you and a mate, make it clear when you expect to be paid back – or even better, get them to send you the money before you make the purchase.
Keep it breezy
If you do have to ask someone for money they owe you, try and keep it as calm and breezy as possible. Perhaps try to mention it in a light-hearted way, like: “So when are you having me round for a takeaway part two? I’ll bring dessert!”
Flatter your friends
Turn the focus onto the fact that by paying you back they are helping you out, which will help keep the spotlight off the awkwardness of the outstanding debt. You could say something like: “Things are a little tight before my holiday.”
Don’t sweat the small stuff
If you end up out of pocket for two or three quid, ask yourself if it is worth bothering mentioning it and creating possible tension, or whether you would be happier just to let it go. After all, what is a few pounds between friends?
Listen if there is a problem
There’s a reason why you’re friends, right? Be nice if there is a solvable problem. Maybe they are a bit skint but will be able to sort you out next month, or give you half now and half later. Even having the discussion can dissolve any tension and you can get back to being friends.
Once bitten, twice shy
If your friend still owes you money and it’s a problem, perhaps try to avoid putting your hand in your pocket for them again until things have squared up. It may be that they’ve just forgotten the first occasion, but doubling any outstanding amount is likely to just build resentment.
What is the friendship worth?
We can all overreact to situations sometimes, so when it comes to money, it is always good to take a step back and ask: is this money worth losing a friend over? It will depend on how much the debt is and how good a friend they are, but as long as you take the time to think about the bigger picture, you are bound to make the right decision.
Number of home owners with mortgage arrears at record low
The number of home owners in arrears with their mortgage fell to a record low in the first three months of 2018. Across the UK, there were 78,800 home owner mortgages in arrears of 2.5 per cent or more of the outstanding balance in the first quarter of the year, 8 per cent down on a year earlier, and the lowest level since records started in 1994, according to trade association UK Finance.
First-time buyers set their sights on detached houses
Many aspiring first-time buyers are holding out for a family-sized house rather than starting off with a smaller property, research by Yorkshire Building Society suggests. Nearly a third are aiming to buy a detached home, while nearly half say they’d consider a semi-detached house.
Woe for retailers as spending on high street falls 5.4 per cent
Households’ high-street spending saw its biggest annual fall for six years in April, according to the Visa UK Consumer Spending Index. Face-to-face spending on the high street fell by 5.4 per cent year-on-year, accelerating from a 2.9 per cent drop in March.
File of financial information can ease funeral stress
A third of adults have dealt with the financial affairs of someone who has died, yet only a quarter have their own comprehensive file of financial information, according to Royal London. Louise Eaton-Terry, funeral expert at Royal London, says: “While planning can seem daunting, you can start by simply having a conversation with your loved ones about your last wishes.”