Friend paying the bill at a restaurant bar.GeorgeRudy
A classic example of this affliction: A guy asks his friend to cover half of the $3 fee for an advance reservation at a golf course.
Can technology be exacerbating this kind of cheapness? With banks starting to ease off their fees for Interac money e-transfers, these replacements for cheques and cash make it super easy to split the bill at dinner, pay your friend for the cost of tickets to an event and so on. When you're using an app like e-transfer on a mobile phone, tablet or computer, it's as easy to send a small amount as it is a large one.
The Moneyologist, a columnist for the MarketWatch website who looks at money and ethics, says apps like e-transfer actually make us more accountable for our portion of shared expenses. No longer can you say you forgot your wallet, or you'll pay up later. But friends don't ask friends to split $3 charges. This much is clear.
At what cost does it become OK to ask your friend to split the cost with you? Is it $10…$20…$30…$50? Send me your thoughts at rcarrick@globeandmail.com – if I get enough responses I will report back in a future edition of this newsletter.
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Today's featured financial tool
The accounting firm employing the Blunt Bean Counter blogger is looking for people to participate in an online survey about the financial position of people approaching or in retirement.
Ask Rob
The question: "The lowest management expense ratios on the mutual funds in my employer's pension plan are 1.25 per cent, and that's for index funds. That's at least fifteen times higher than some exchange-traded funds. Are you aware of any mainstream financial institutions that offer more competitive fees on their pension plan investments?
The answer: "That sounds quite expensive for a pension plan. Go to your HR department and suggest they ask the investment company supplying funds for your pension plan for lower-cost options."
Do you have a question for me? Send it my way. Sorry I can't answer every one personally. Questions and answers are edited for length.
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