« Compare Prices | Home | Lower Food Costs »
Friends and Money
By Daphne | April 1, 2008
Let’s say a friend asks to borrow money and it is not for an emergency or it is for an emergency, but you can’t afford it. Do not be afraid to say no. If the person is truly your friend then the person will not be angry with you. Or let’s say you have a friend who constantly borrows money and you have decided to discontinue your personal loans. Do not be afraid to say no.
If you cannot afford to loan someone money or in some cases to give someone money then don’t do it. You never know when the person will pay you and unless you have the loan arrangement in writing where the loan is repaid certain time you have very little recourse.
Some people make it a habit not to lend money to a friend or not to make loans over a certain amount. You certainly want to help your friends but when you do not have the money to lend you may upset your delicate financial balance and destroy a friendship in the process.
Large lending institutions do not know that you are using their money unwisely if you charge something and then just pay the minimum. Your friend will definitely notice you walking around in new clothes or with a new cell phone and no matter how you acquired the items your friend may be upset and want his/her money back.
Avoid loaning money to friends and relatives unless you can really afford to be out of that money and if you are lucky enough to be repaid you have a really good friend. Be wise, but ask yourself can you take a risk and gamble away this money that you may never see again?
Topics: April 2008 |