Should you give your friends money?
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Should you give your friends money?
Yes, it’s ok to lend cash to needy friends, but only if you have a clear understanding of your gift and its effects. Money undeniably alters relationships, and giving can greatly complicate, if not entirely undermine, a valued friendship. Yet, money is also one of the most direct ways to provide help.
What do you do when a family member asks for money?
Remember to convey your rationale as clearly as possible. Talk about your own finances. Detail the precise financial reasons you’re not comfortable giving the money. Explain how a loan may cause you financial hardship and (if you feel comfortable) detail to your relative what you can and can’t afford.
Should you lend money to relatives?
It is considered a good idea to not lend money to a family member or friend as it may sour the relationship later on. If you do not want to lend money, find out if there are other ways in which you can financially help your family member out.
How do you say no to a relative asking for money?
Try the following:
- “I’m not really in a position to lend you money.”
- “I really don’t feel comfortable doing that.”
- “I’m sorry, but no.”
- “That’s really not feasible for me.”
Should we lend money to family members and relatives?
Lending out money or giving financial support to family members and relatives is often an emotional experience. Nevertheless, I think that we should learn how to handle the situation as objectively as possible.
What do you do when a relative asks for money?
If you’ve experienced being asked for money by a relative, I’m sure that you know that these situations typically start with the telling of a sad story. Listen with an open heart and empathize. But do not promise anything. Show genuine concern and ask questions.
How do you help a friend with no money?
Help Them to Negotiate Their Repayments If someone is truly desperate for money with no recourse – maxed out credit cards, bad credit and can’t qualify for loans, no savings, etc. – then one option is to help them out with stipulations. Most people immediately balk at the idea of attaching strings to monetary help for family and friends.
Should you give money to a family member in debt?
If your family member was irresponsible with money and got into debt, giving them money may not work as a solution if they haven’t resolved the problem that got them in debt in the first place (e.g., gambling addiction, impulsive shopping problem, poor credit card management).