Question to Ask the Workplace Doctors about borrowing money:
My boss borrows money from me.
Signed, I’m No Bank
Dear I’m No Bank:
Loaning money is best left to the banks. It is a bad practice within the workplace and not approved between a boss and bossed by any company I’ve ever heard of. Even within a family and between friends it too often turns out not to be repaid or becomes a tale of hope and broken promises. I imagine that this practice has been sort of a friendly habit of your boss; one that assumes it is ok and expected because you, the bossed, should cough up when asked and are lucky to have a job.
If this has been going on for some time, I expect that you don’t have a record of how much, when it was made, and/or a signed “I Owe You”. If you don’t, the chances of getting you money back are low. The best you can do, if your boss makes little to no effort to return your money, probably is to see this as an unhappy lesson. And from now on, don’t carry money with you other than lunch money.
Say, “Sam or Samantha, (if your boss is a woman) you get paid more than me, and I don’t borrow money from you. I need back what I loan.” Other than that what might you do?Do your best to make a written record of money when you were “hit up” for, of how much, and what is still owed you. Then confront him eye-to-eye and get a signed promise of how much he/she will pay back at each pay date. Tell him that you’ve decided that you won’t loan any more, and, if he/she objects, say that you will report this up the ladder. The threat of that might motivate your boss to make regular payments if your company is a more than a small employer.I have not suggested going to a lawyer. That probably would not do much good and will cost you more than you loaned.
Finally, you need to find work that borrowing money is unacceptable and where you can know that working together with hands, head, and heart takes and makes big WEGOS.