Money lent to a friend, a bit of help from family, a bill shared with housemates, or a dinner where someone said "you pay, we'll sort it out later"… Personal debts are rarely written down, so they get forgotten and, over time, cause needless friction. A well-kept personal debt tracker protects both your money and your relationships.
Short answer: Record every loan with the person's name, amount, date and expected repayment date. When you lend money, agree on when it will be paid back and set a reminder for yourself for that date. If you have several transactions with the same person, keep track of the balance between you. When the date arrives, remind them in a friendly, non-accusing way, and when it's paid, mark the record as settled instead of deleting it.
Why keep a written record?
Memory isn't a reliable place to store amounts and dates. "I think I lent you £20" or "I'm pretty sure I paid you back last month" is uncomfortable for both sides. A written record clears things up without blaming anyone: the conversation becomes "according to my notes, this much is left" rather than "you forgot".
What your tracker should include
- The person's name
- Amount and currency
- The date it was lent or borrowed
- Whether it's a debt or something you're owed
- The expected repayment date
- A short note: "Concert ticket", "Help with the move" and so on.
1. Agree on the terms when you lend
Most problems with personal loans come from expectations nobody discussed at the start. Talking openly about two questions protects the relationship:
- When will it be paid back? Instead of "when I get paid", agree on a specific date: "on the 15th".
- All at once or in parts? If it will be repaid in instalments, agree on the amounts and dates up front.
You can have this conversation by message, so both of you have a written reminder. For larger amounts, a short written agreement or a bank transfer with a clear reference prevents misunderstandings later.
2. Split shared costs fairly
Bills with housemates, holiday costs with friends or money collected for a group present all belong in your personal tracker too.
Example: Three housemates share a £150 electricity bill equally and you paid it. Each person's share is £50, so you record a £50 receivable for each of the other two.
Whoever pays should record everyone else's share on the same day. The longer you wait, the harder it is to remember whose share was what.
3. Keep an up-to-date balance for each person
You may have several transactions with the same person: one day you lend, another day you borrow. As well as the individual records, it's useful to see the net balance between you.
Example: You lent Tom £100, then Tom paid £30 for your dinner. You keep both records; the net position is that Tom owes you £70. When Tom pays the £70, both records are settled.
4. Set the reminder for yourself
Add the repayment date to your calendar and set the reminder for yourself. When the date arrives, you can judge the situation and choose the right moment and words. A reminder a few days before also gives you a chance to raise it early and casually.
5. How to remind someone politely
Asking for money back is the hardest part for most people. A short, calm, non-accusing message usually works best:
- As the date approaches: "Hi! Just a quick reminder about the £100 we talked about for the 15th. Whenever suits you is fine 😊"
- If the date has passed: "Hey, just wanted to check in about the £100 from last month. Do you think you could sort it out this month? Happy to split it into smaller payments if that's easier."
- For a shared cost: "The electricity bill came to £150, so it's £50 each. Send it over whenever you can."
Send reminders privately, not in front of others. If you notice the other person is genuinely struggling, agreeing on a new repayment plan protects both the friendship and the money.
6. If you're the one who owes
A personal tracker isn't only for money you're owed. Record what you borrow just as carefully. If you can't pay on the date you promised, let the other person know before the date and suggest a new one; it keeps their trust. Sending a quick message when you've paid also makes sure the record is closed on both sides.
7. Mark records as settled when paid
Update the record as soon as a debt is paid. Marking it as "settled" rather than deleting it means you can still see the history if a question comes up later. For partial payments, record the amount and date paid and update the remaining balance.
8. Don't skip small amounts
A coffee, a taxi fare or a cinema ticket may seem trivial on its own, but small amounts add up and affect both your budget and your relationships. Recording everything, whatever the amount, builds a steady habit. If you decide to let an amount go, close the record so that's clear too.
Common mistakes
- Not agreeing on a repayment date: "Whenever" is the most common cause of hurt feelings.
- Recording shared costs later: It becomes unclear who paid for what.
- Putting off reminders: Asking months later is much harder than asking soon after.
- Reminding people in public: It puts them in an awkward position.
- Only tracking what you're owed: A one-sided tracker isn't the full picture.
A personal tracker with BudPlan
In BudPlan you can record each loan with the person, amount and repayment date, and the repayment dates appear on your calendar. You can choose how many days before the due date to be reminded, record partial payments and always see the up-to-date remaining amount. The Debts & Receivables screen lists your records separately on the My Receivables and My Debts tabs. That way nothing is forgotten and no needless misunderstanding arises.
Last updated: 7 October 2026
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