GUIDE
Keeping track of IOUs without the awkward talk
Twenty dollars for concert tickets. Lunch you covered. The drill your neighbor still has. Small IOUs are part of being close to people, and they only get awkward when nobody remembers the details. Here is how keeping track of IOUs stays easy.
Write it down when it happens
Memory is generous to whoever is remembering. Note it at the time:
Who.
What: money, a favor, or a borrowed thing.
How much, or what the thing is.
The date.
Ten seconds now saves a fuzzy conversation in three months.
Keep favors and things, not just money
"I'll help you move if you watch the dog" is a real trade. So is a ladder that's been in someone's garage since spring. Writing them down keeps the trade fair in both directions.
Settle often and small
A running tab that grows for a year becomes a big number and a hard talk. Settling up every few weeks, or whenever it's convenient, keeps things light.
Swap instead of paying back and forth
If you owe a friend $15 and they owe you $20, they owe you $5. Netting it out means one small payment instead of two.
Bring it up at a natural moment
The easiest time to mention an IOU is when you're already talking: a call, a text about plans, seeing each other. "Hey, I've got you down for the pizza last week, want to call it even with the gas money?"
Keep it private
An IOU list is between you and each person. Don't share one person's balance with someone else, and keep the list somewhere only you can see.
A simple habit
Note every IOU when it happens.
Check your list when you're about to see or talk to someone.
Settle or swap when it's natural.
Mark it done.
Duesy, one of our apps, is a private IOU tracker: when someone calls, it shows where you two stand, and the ledger stays on your phone.