Lending Money? Tips To Say 'No'

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Lending money can be one of the most painful favours that you can do to your close ones. Apart from family members, you feel awkward and uncomfortable to lend cash as they might take more than the required time to return money. Once you lend money, the borrower will happily butter you and take the money. But, when you ask your money back, he/she takes time or makes excuses most of the times to delay.

Very few borrowers keep with their words. As they are close, you feel bad to say 'no'. Moreover, they give such strong reasons that you cannot say no. But, if you want to say 'No' and avoid facing problems, here are few smart tips for you. These tips will prevent you from lending money and also help you maintain your relationship with the borrower (family, friend, neighbour, relative or colleagues).

Tips to say No to lending money:

Sorry dude, I am also broke: When you say you are broke, you simply mean that you do not have money to lend anyone. They might not believe you, so show them critical conditions in which you are surviving. If you say you are also broke, your borrower will not force you as he/she knows you can't lend money even if you want to.

Be firm and polite: When you say 'No' to the borrower, make sure you are not rude or harsh on the person. This can hurt his/her ego and also affect your relationship. So be calm and polite. Play with the words to say 'No' in the correct way.

Offer non-financial help: If you do not want to lend the money and say 'No', do not leave your close one all alone. Offer non-financial help so that they do not feel isolated during their bad times. It also helps them get some solutions to the problems.

Feel guilty: As you are disappointing your borrower, you need to be ready to face the harsh behaviour of the borrower. This is because you did not lend the money to the borrower, he/she will try to make you feel guilty and unhelpful through their words or action. Take it positively as you cannot take responsibilities of others. It is okay to say 'No'.

Avoidance: If the borrower is behind you and not letting you live peacefully, avoid him/her. Observe if the borrower is selfishly trying to come to you when he/she needs money or is a well-wisher. If the borrower is showing selfish intentions, it is best to be away from them.

These are few ways to say 'No' to lending money without harming the relationship with them. Have come you across such situations where your close one asked you to lend money? How did you say 'No'? Share your experience with us.