Perhaps there are few lucky people who have never been borrowed by a family member or a good friend. This is quite a difficult matter, and most of us try to avoid such situations. Can you easily say no if they ask you for money? Here are some ways you can get away with having to lend your money.
Borrowing money is very problematic because you do not know when you will get your money back and this uncertainty can cause stress. At worst, you run the risk of never seeing your money again. This can cause tension in the family or with our friends and can negatively affect our relationships forever.
It’s hard to get your money back from your friends or relatives because you might still be worried about hurting them by constantly reminding them of their debt. It may also happen that the person you have already loaned will ask for it again. Before you know it, you will be a constant source of money for your friends or relatives.
If they give you your money back to what you were promised, then everything is good and beautiful. However, this is not the most common case. Failure to pay back your loan on time can be a problem for your finances, as you may need the money you are looking for. Maybe that amount could be reserved for unexpected events, and if something happens to you, this reserve would be very important to be available. After all, any extraordinary, unpredictable event can occur at any time.
If you are ever borrowed from you, and you are uncomfortable saying no to the request, here are some tips on how to learn from the awkward situation.
This goes against my principles
You can simply save yourself and say that you are not lending money to anyone because you have relationships beyond money. However, this requires a certain amount of strength, especially if the borrower is determined for the money.
A more sensible answer may be to say that you do not like having someone in debt and not lending to a friend and relative. You can also say that you have had bad experiences with lending and have never given a loan to anyone since then.
I’m burned and I’m not in a position to give
If you don’t have the money, don’t hesitate to say it right away. If you are talking to a friend or relative, make it clear that you are not in a position to make money. This is a short and straightforward statement and does not give the borrower a chance to persuade you further.
I have plans for my money
You need to be a little trickier if they know you’ve made extra money. In this case, you can say that, although it is now, it needs something else. It is important to understand that you are in need of your money now. Emphasize that what you want to spend is important to you, and you have been planning to do it for a long time. A more sophisticated method is to let them know that you do not want to feel guilty if you are late in paying your money or may never be able to pay off your debt.
I need money too. Can you lend me?
If a friend has borrowed from you several times and is knocking again, try switching roles. Tell her that you are going through difficult times and you need a loan. This can be an effective way for a borrower to stop trying to find you at all times with your application.
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I invested my money
You can also say that you have invested your money and it is not possible to access it without losing it. Make sure that the investment product you refer to before applying for a loan can only be redeemed at a loss before maturity. If you are looking for something to avoid getting caught in the ear, you may be looking for another rejection technique.
Look for fixed-term investment products that are not eligible for early redemption. You need to get a little picture of these investments in order to use this rejection method.
My spouse oversees my finances
If you are married, you can say that you have a joint account and that your spouse needs to sign it with the bank if you want to withdraw money. This can push through your borrower’s plan as it will make it less easy to get money from you.
I lent my money to someone else
You can tell that you had some spare, but you have already lent it to someone else. Unfortunately, you can’t print banknotes and you can’t lend them to everyone. Add to that the one you gave it for a long time asked for your money. If you want to prevent a potential borrower from trying again later on, start complaining to them about how difficult it is to lend to people because they are not giving back the money or they are only paying after a long wait. This is the best indirect way to let your friend or relative requesting money out that you don’t like to borrow money.
Always remember that you have the right to decide what to do with your money. Whatever you decide, whether you lend or not, you can’t feel wrong.
Most people may feel remorseful for refusing a request, but we must overcome that feeling in order to successfully reject money seekers. It’s never your fault if your friend or relative gets financially distracted and there’s no law that says you have to give your hard-earned money to help someone else. If you can’t help or don’t want to help, don’t feel guilty about it.