facebook twitter feed
Tuesday, 16 April 2013 00:00

Rules for borrowing and lending money plus how to ask for it back

Written by  Myeisha Essex
Rate this item
(0 votes)


Sometimes in life we have to have tough conversations, and hands down one of the most awkward discussions can be those concerning money. Especially, if you've lent a friend or family member you're hard-earned cash and they've yet to pay you back. There never seems to be the perfect words to start that

"Well, I kind of need my money back" conversation.

One of the wisest pieces of advice I've ever received was to not lend money at all. According to my grandmother, it's okay to be a monetary blessing to someone but you should never expect it back. She always said money has a funny way of messing up your personal relationships so only give gifts, not loans.

However, I admit, I haven't always listened to her wise words. I'm guilty of helping a family member or two, even at times before my own personal needs were met.

Luckily, I'm older and wiser now. I've learned a few rules of the "money" game and they haven't failed me yet. Here are 5 rules I've learned about borrowing and lending money, and most importantly how to ask for it back.

1. Don't let anyone guilt trip you.
Mixing finances and loved ones can be risky so make sure you are giving from you heart. Don't let anyone force or guilt trip you into your decision. Take time to think about your choice, even if it means giving yourself a few days before you give a yes or no answer.

2. Write a contract.
Both parties should have a clear understanding of how much money is being lent and when it will be paid back. Whether we are dealing with a small or large amount of money, the best way to be "on the same page" is to write and sign a contract. In event of the worst-case scenario, a contract gives you proof to purse legal action.

3. Communicate by phone or in person.
Communicating via text message and email is an easy way for misunderstandings, which can lead to hostility, to occur. When you initiate the conversation, be as pleasant as possible and try asking about what they borrowed the money for. For example, if you lent money to help your friend get a new tire ask, "How is your car running now with the new tire?" Being straightforward, yet pleasant, is the best way for the already-awkward conversation to go best. Also, if they don't have all of the money at once try recollecting it in installments.

4. Have them spot you during an event.
If months go by and the person has yet to reimburse your cash, don't go on a yelling and screaming rampage. That will continue to ruin the already tarnished relationship you have with the individual. Try a more sneaky way to have them repay you. Invite the person to lunch or the movies, and when the bill comes ask if they can cover you. Say, "Well you owe me that $40 dollars so if you cover me we will call it even." This may not work in every situation, but it's a fun way to try.

5. Don't bring other people into the situation.
Complaining about your owed money with other friends and family members can perpetuate the problem. You must understand the risk of not getting the money back with you initially give it out. You may be forced to take a loss. However, you should feel comfort in knowing that the next time they ask you for money — because they usually do — you can politely decline.




  • Comment Link Carina Sunday, 28 May 2017 03:34 posted by Carina

    There is certainly a great deal to find out about this subject.
    I really like all of the points you made.

  • Comment Link Pilar Sunday, 28 May 2017 03:31 posted by Pilar

    of course like your web-site however you have to check the spelling on several of
    your posts. Many of them are rife with spelling
    issues and I to find it very troublesome to inform the truth nevertheless I will
    definitely come back again.

  • Comment Link Cynthia Sunday, 28 May 2017 03:22 posted by Cynthia

    Howdy! Do you know if they make any plugins to safeguard against hackers?
    I'm kinda paranoid about losing everything I've worked hard
    on. Any suggestions?

  • Comment Link Estela Sunday, 28 May 2017 01:55 posted by Estela

    If you want to obtain a great deal from this paragraph then you have to apply such strategies to your won blog.

  • Comment Link Aisha Sunday, 28 May 2017 01:48 posted by Aisha

    Hey there! Someone in my Facebook group shared this site with us so I came to give it a look.
    I'm definitely enjoying the information. I'm book-marking and will be tweeting this
    to my followers! Fantastic blog and amazing design and style.

  • Comment Link Rubin Thursday, 25 May 2017 07:26 posted by Rubin

    Hi I am so glad I found your blog, I really found you by error, while I was searching on Digg
    for something else, Anyhow I am here now and would just like
    to say thanks for a tremendous post and a all round enjoyable blog (I also love the theme/design),
    I don't have time to read it all at the moment but I have saved
    it and also added in your RSS feeds, so when I have time I will
    be back to read a lot more, Please do keep up the superb job.

  • Comment Link bsbp19 Wednesday, 24 May 2017 14:36 posted by bsbp19

    New drugs, like other mod products, are developed covered by unmistakeable protection. The patent protects the investment in the soporific's development alongside giving the company the sole moral to peddle the antidepressant while the service mark is in effect. When patents or other periods of exclusivity expel, manufacturers can credit to the FDA to double-cross generic versions. The ANDA prepare does not command the http://canadianonline-pharmacies.com/ canadian pharmacy online promoter to echo costly physical and clinical research on ingredients or dosage forms already approved since aegis and effectiveness. This applies to drugs pre-eminent marketed after 1962.

  • Comment Link sonrrix Wednesday, 24 May 2017 14:36 posted by sonrrix

    Stylish drugs, like other mod products, are developed covered by unmistakeable protection. The copyright protects the investment in the cure's unfolding beside giving the troop the sole bang on to peddle the medicine while the service mark is in effect. When patents or other periods of exclusivity perish, manufacturers can refer to the FDA to merchandise generic versions. The ANDA process does not command the http://canadianonline-pharmacies.com/ canadian pharmacy drugs fund to recount costly sensual and clinical scrutiny on ingredients or dosage forms already approved with a view protection and effectiveness. This applies to drugs pre-eminent marketed after 1962.

  • Comment Link AlfredRit Monday, 08 May 2017 12:36 posted by AlfredRit

    wh0cd203609 Bupropion Online buy cialis

  • Comment Link Eugenetoppy Saturday, 15 April 2017 20:09 posted by Eugenetoppy

    wh0cd792955 Buy Cialis buy prozac

Leave a comment

Make sure you enter the (*) required information where indicated. HTML code is not allowed.