“Yo, bro. Can you spot us a few bucks? We really need to grab a snack before the movie. 🍿 Actually, can you pay for our ticket, too? And our ride home? And our rent?” 🤪🫴
If this sounds familiar, congratulations. You have terrible friends. 🃏 Just kidding (no we’re not). If you feel bad for saying “no” to pals who hit you up for cash, here are some top tips!
Here’s Five Fast Facts on how to turn down requests to borrow money:
- 💸 Brokeback Mountain - Lending our hard earned paychecks to friends and family is common, but it doesn’t always end well. In a recent survey of money taboos, roughly a quarter of people who lent money or covered expenses in a group hurt their relationship with the other person.
- 👨👩👦👦 Family First - When it comes to who we lend to the most, another survey showed that Americans are more willing to spot family members than friends. In the last five years, 44% of people say they’ve borrowed money from a family member or friend. Over one in five borrowers haven’t paid their family or friend back yet.
- 👀 Judgement Free Zone - Before you lend money to someone, decide if you can afford it in the first place. People may judge you based on the clothes you wear or vacations you go on and think you can foot their bill. However, no one knows your money situation better than you do, and those things don’t always mean you have extra cash for others.
- ✅ The Best Policy - Saying no to money requests from friends and family isn’t easy. It can be even harder if you’ve lent them money before. If you want to help out but can’t afford their entire request, suggest a lesser amount. Don’t be afraid to be honest and let them know that’s all you can give without blowing your budget.
- 📋 Guilt Busters - Setting boundaries often comes with a nice side of guilt. To help you overcome those negative feelings, make a list of all the reasons why financial boundaries are important to you. Remind yourself of your savings goals. The less you lend to others, the more you have to achieve your own dreams.
🔥Bottom line: Yep, we know mom told us not to lend anyone money if we expect to see it again. But there are ways to do it without it being a huge burden. With boundaries and clear communication, you can make it work. Does money keep you up at night? Find out the top money monsters hiding under Americans’ beds in this fun little article.
Do you lend a lot of money to family and friends?
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