Informal loans don't come with statements, due dates or reminders. That's why they get forgotten, argued about, or quietly written off. You don't need a contract — you need a small system that takes ten seconds when you lend and keeps the numbers right until the last dollar is back.
1. Write down 5 things when you lend
Do it the same day, while everyone agrees on the details:
- Who — the person's name.
- How much — the exact amount and currency.
- When — the date you lent it.
- What for — "concert tickets", "car repair". It makes the reminder later feel natural instead of awkward.
- When it's due — even a rough date ("after payday", "end of the month") beats no date.
2. Track the remaining balance, not just the total
Friends rarely pay back everything at once. $50 now, $100 next month. If you only remember the original amount, you'll lose track after the first payment. Record every repayment with its date, and keep the remaining balance as the number that matters.
Example: you lent Alex $500. Alex paid back $200 on October 1. Remaining: $300 — that's the number you mention in any reminder.
3. Set a due date and a reminder
Without a date, "I'll pay you back" has no end. Agree on one, then set a reminder for yourself on that day. When it comes, a short, friendly message is all it takes — here are 12 polite templates for exactly that moment.
4. Keep a record you can share
Disagreements about money between friends are almost always about memory, not honesty. A clear history — lent on this date, paid back this much on these dates, this much left — settles it in seconds and keeps the friendship out of it.
5. Keep "they owe me" separate from your own budget
Money you lent isn't spent, but it isn't in your account either. Track it separately from your income and expenses, so you always know both what you have and what's coming back to you.
Notebook, spreadsheet or app?
- Notes app or notebook — fine for one loan, messy with several and partial payments. No reminders.
- Spreadsheet — accurate if you keep it updated, but nobody opens a spreadsheet when someone hands them $50 in a café.
- A debt tracker app — on your phone when the money changes hands, does the math for you, and reminds you on the due date.
How to do it in MoniTabs
MoniTabs has a dedicated They Owe tab for money people owe you. Add the person, amount, date, note and due date in a few seconds. Tap Payment each time they pay part of it back — the remaining balance and progress ring update automatically, and the full payment history is kept with dates. Set a reminder (one-time, daily, weekly or monthly), see overdue debts flagged at a glance, and share a PDF of the history when needed.
Money you borrowed lives separately in I Owe, and your own spending in Wallet. Everything stays on your phone — no account, no bank linking.
- Install MoniTabs from Google Play (free, no account).
- Choose They Owe as what you want to track first.
- Tap +, add who owes you, how much, and a due date with a reminder.
Frequently asked questions
What is the best way to keep track of money I lent?
Write down who, how much, when, what for and when it's due on the day you lend it. Then record each repayment with its date and keep the remaining balance as the main number, with a reminder on the due date.
Should I write an IOU for a loan to a friend?
For large amounts, a short written note signed by both of you is a good idea. For everyday loans, a dated record in a debt tracker plus a confirming text message is usually enough.
How do I track partial repayments?
Record each payment against the original loan as it happens. The remaining balance then updates automatically, and you have a dated history if there's ever a question.
Is there an app to track who owes me money?
Yes. MoniTabs has a They Owe tab with remaining balances, partial payments, due dates, reminders and PDF sharing. It works offline and needs no account.