Giving Yourself to Debt(Article)

We are a society who loves to “share the wealth”. When our life is good, we want to share that with others and so we end up giving to family, friends and organizations. But just because life is good, doesn’t mean that it will stay that way.

When you do find yourself at that part of your life where the days are easier and money is not a problem, that’s when you start putting away for those unexpected rainy days, and as life teaches us, they are just around the corner. But how do you go about saying “no” when your friends and family approach you about borrowing money?

The first thing you should consider is whether or not the reason they are asking for money is valid. Medical emergencies and crisis’s are always valid. However, you should make sure to provide only what you can. Even in cases of emergencies, we cannot be expected to be the hero. Be sure that other members of the family can also contribute so you don’t carry the weight of financial responsibility. With extreme emergencies it could take months before you get your money back.

If a friend or family member asks for money and gives you some roundabout reason for it, then tell him/her that you really need to make sure you have the money first. Give it a two or three days and by then you’ll find he or she will have found some other means of getting the money. When people flounder their reasoning for borrowing money it’s usually to pay for some expensive hobby, keep up with trends or fuel some frivolous obsession.

Also, consider that if you lend out your money, how will it affect you when it’s time to get it back? Are you going to be hounding your friend or family member for the money to the point where neither of you talk to each other? Will you make passive-aggressive comments until you’ve been paid back? If you answered yes to any of those or even considered them, the best solution is to not loan the money out in the first place.

If you do have to say no, make sure you friend understands that you have goals you need to meet. If you want to avoid confrontation, just say you don’t have any right now. If you do feel bad about that one, then consider this, a savings account is not the same as a checking account. You put money in savings because that money is not to be touched.

If you think your friend or family member is asking to borrow money for something capricious, guide him or her to the understanding that what he/she really want might not be worth it to them or help them find ways to track expenses. You might just find some that you’ll want to use too.