The A-Z Guide To Dealing With Friends And Money
SAY GOODBYE TO AWKWARD MONEY MOMENTS AND HELLO TO FASTER, SIMPLER AND SMARTER PAYMENTS WITH NAB.
Sometimes, talking about money with friends is, well, just a bit awkward. Maybe someone owes you $50 from a few weeks back, or you’re figuring out how to deal with that one person in your group who always skips out on the bill. Bleugh.
It’s a wild world out there, and we’re all just doing our best to get by until our next pay day, preferably without losing any friendships along the way. Here’s a very serious guide to navigating the sometimes-delicate subject with your friends.
A Is For…Apps
Banking apps make managing your money and making payments way easier, and having access when you’re on the go helps to remove any awkward “you owe me” conversation from the equation. Everyone wins!
B Is For…Budgeting
Everyone knows it’s impossible to make it to every social event. Money doesn’t grow on trees! Can’t afford to go out this weekend? Speak to your friends about a realistic party budget – they’ll understand.
C Is For…Cashless Transactions
Cash is so last decade. Create your own PayID and get your mates to create theirs, so you can pay them instantly from your bank using only their phone number or email address. Genius!
D Is For…Discounts, Duh
Start a message thread with your best pals and use it to share the great deals you discover while out and about. Not only will you bond over pinching pennies, you’ll also always have someone to go to that warehouse sale with.
E Is For…Evening-Up The Score
We all know those people who seem to get out of paying their share of the bill every time. It’s time to settle the score! Make a t-shirt with your friend’s face on it and make sure everyone wears it next time you’re out – that way no-one will forget whose turn it is to pay the bill.
F Is For…Friends
We’ve all spotted a broke friend in their time of need. Transfer some money their way using your phone and rest easy knowing they’ll have your back when you need it.
G Is For…Growing Up
Paying bills, paying rent, superannuation: they’re all part of getting older and taking on more responsibility. Sometimes it’s hard, but at least you’re all in it together.
H Is For… Hanging At Home Instead Of Going Out
Replace wild nights out with a chill movie night every once in a while, and you and your friends might just save a bit of money. Hurray!
I Is For… Interest Rates
We all know what they are — kind of – but it pays to chat to your bank about how interest rates affect you. You can rest assured knowing that they know what they’re talking about.
J Is For… Joking About Owning A House
Your friendship group probably has a solid collection of one-liners about home ownership by now. Keep them coming!
K Is For…Keeping Your Friend’s Wild Spending In Check
Sometimes we have to provide a gentle voice of reason when our friend is thinking about spending another $50 on indoor plants, or non-alcoholic cat wine for their furry friend. We all need a bit of guidance.
L Is For…Learning From Your Friends’ Mistakes
If you watched your mate lose $50 during a particularly brutal two-up run last year, maybe make a mental note to keep those pineapples safely in your pocket this year.
M Is For…Making That Bacon Any Way You Can
Two words: Side hustle. Share the cost of a market stall with your pals, start a car wash, or sell all your belongings on eBay – bring home the bacon any way you can.
N Is For…Nest Egg
It’s never too late to start.
O Is For…One-Dollar Coffee
If it’s your shout but you’re still five days out from pay day, head for the service station. Dollar coffee is worth every single cent (it doesn’t even taste that bad), and your friend will still be stoked with the opportunity to catch up, right?
P Is For…Passive Aggression
Got a friend who hasn’t paid you back for that dinner you had 5 weeks ago? No problem! Simply hide a few passive aggressive post-it notes around their room. Sit back, relax and watch the dollars roll in.
Q Is For…Quitting Your Job
Not making enough dough? Practice your ‘I deserve a raise’ speech on your friend – if it doesn’t work, it might be time to move on.
R Is For…Rounds
As in, it’s your pal’s turn to head to the bar!
S Is For…Splitting The Bill
Okay, we know we already said we’re living in a cashless society, but group dinners that require a split bill are a whole other ball game. Fortunately, you can make everybody’s lives easier (and avoid being That Guy) by using PayID. Your friends (and wallet) will thank you.
T Is For…Tax Time!
No one likes doing tax returns, but everyone LOVES receiving tax returns. Help each other through the life admin stage, and get ready for a collective celebratory splurge once that tax return lands in your bank account.
U Is For…Uncertainty
Stuff — like an unexpected illness or change in your work situation — happens. Make sure you’re preparing for a rainy day, and encourage your friends to do the same so you can weather the storm together.
V Is For…Vice
Eating out and drinking cocktails are some of the better things in life, but they’re also some of the more expensive. Talk to your friends about reeling it in – encourage each other to save once in a while.
W Is For…Werk, Werk, Werk
Work isn’t always fun, but it’s necessary. Try not to give your mates a hard time for having to skip the odd social occasion to work.
X Is For…(E)xciting
Shh, X is hard! But showing your appreciation for those closest to you when you’re on a budget doesn’t need to be. Go for gifts that pack a sentimental punch for minimal funds, like a cake you baked yourself or a trinket from your travels together.
Y Is For…YOLO
Splurging should be a part of life – as long as it’s in moderation. Save up for a quarterly restaurant splurge or an bi-annual shopping trip with your friends, and you’ll feel even better about exercising frugality for the rest of the year.
Z Is For… Zero-Dollar Bank Balance
And not the kind preceded by a whole number. We’ve all got mates who never seem to make it to pay day without having a meltdown. Lend them a shoulder to cry on, and perhaps a few bucks for a coffee.
—
(Lead image: Helena Lopes)
—
Avoid those awkward moments and make payments easier with fast payments and PayID. It’s a simpler way to pay. Create a PayID for your eligible NAB transaction account today.
Fast payments and PayID are available within a class of products issued by National Australia Bank Ltd ABN 12 004 044 937 AFSL 230686 (‘NAB’). Any advice contained in this series has been prepared without taking into account your objectives, financial situation or needs. Before acting on any advice in this series, NAB recommends that you consider whether it is appropriate for your circumstances and that you review the relevant Product Disclosure Statement or Terms and Conditions.