FRIENDS WHO BORROW MONEY -SpeakLightTv
Image: How do you deal with friends borrowing money?
I am usually strict with money matters but I made an exception for him as I knew he really needed the money.
Recently, another friend is requesting me to loan him some money as well.
My Personal Experience Loaning Money In my case, my friend needed money for a personal emergency as well.
Advertisement However, despite the seeming emergency which was a big best friend wants to borrow money why I even agreed to loan the money in the first place, I later realized that he was fairly extravagant in his lifestyle, despite owing me money.
For example, he would dine at restaurants rather than food centers which are more budget-friendly.
He would regularly buy new things for himself and others.
He would say that he would return on Best friend wants to borrow money A and then not follow up; and then he would commit to a different Date B and not follow up again.
Personally, if I were to owe someone money, I would make returning the money my top-most priority, even scrimping, saving, and best friend wants to borrow money bread for my main meals.
After several attempts of trying to get my money back to no avail, I eventually gave up and considered this a sunk cost.
Just when I resigned to never getting my money back, best friend wants to borrow money friend finally returned the money to me one day.
I was pleasantly surprised, relieved, and thankful that he lived up to his word, but this episode also tainted my impression of him.
After that, I just became more evaluative about lending money to people in general.
How to Deal with Friends Borrowing Money I share this to let you know that money matters can often change the dynamics of a relationship—friendships included.
Some folks even disappeared off the face of the earth after receiving the money.
Here is a simple 3-step guide to deal with situations where friends or people in general ask click borrow money from you.
To Loan or Not To Loan?
Are you guys close?
On the other hand, how important is the preservation of your finances?
Which one is more important to you?
Are you ready to lose this pot of money, or do you best friend wants to borrow money it for personal emergencies?
You should only proceed with the loan if you are okay with loaning, and not because you feel morally obligated to do so or because you feel it is the right thing to do.
This is your money we are talking best friend wants to borrow money />Do it because you want to, not because you feel like you have to.
How Much To Loan?
It depends on your personal financial needs and your relationship with this person.
Only loan the amount you feel comfortable with loaning.
Advertisement Focus on the situation e.
Work on achieving a common solution e.
Do think about the lessons you can learn from this experience though.
Were there any signs that this person was not trustworthy?
How can you grow from this experience?
You might want to be more cautious before loaning money to other people next time, especially large sums of money.
There are still good people out there and there are people who genuinely need to borrow money for emergency reasons and will do whatever it takes to honor their repayment plan after receiving the money.
One bag egg does not mean everything in the basket is bad.
In fact, repay them as early as you can, rather than only on the agreed upon date.
Live up to their faith in you and be reliable on all counts.
Be prudent in your expenditures and hold off any extravagant expenditures until you have repaid everyone in full.
Is this a need, or is visit web page simply a want?
This will make it easier for you to manage your finances more prudently.
Endnote I hope my response helped!
I would, however, pull no stops in lending money to a loved one to tide them through a tough spot.
Think carefully using the guiding points above, and good luck!
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Why Not To Give MONEY To Friends & Family
Shakespeare wrote, “Neither borrower nor lender be, for loan oft loses both itself and friend…” In other words, don’t borrow (and don’t loan) money because you’re likely to lose the loaned money and your friend. Don’t assume that because you’ve borrowed from friends or relatives that you can take your time repaying the money.
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