At times, we are confronted with scenarios where a friend or family member comes to us for financial help and in most cases, it is often difficult to say no to them because of the existing relationship with these individuals.
In my candid opinion and from experience, it’s just best you avoid lending your loved ones money because this act can birth a lot of troubles in your life and also ruin the relationship.
Friends and family come to you with an innocent and desperate look when they need to borrow money from you but when it’s time to pay back, you begin to look everywhere for them before you get your money.
Although this is not always the case for everyone but a great percentage of people experience this.
Discussed in this article are 5 reasons you shouldn’t lend money to your loved ones.
1. You may never get your money back
If the truth is told, the percentage of loved ones that return money lent to them is very low when compared to those who don’t.
They see you as a friend or family and they know you wouldn’t want to disgrace them or ruin the relationship because of money.
Some even fail to return the money because you are a closer person to them and they assume you should be able to understand or let go of the money because according to them “what are friends/family for“
If you don’t have the boldness to turn down a friend or loved one when they come to borrow money from you, then you should consider the money you are lending them as a gift rather than expecting to get paid back.
There is a great probability that you’ll never see that money again, so only lend as much as you are comfortable parting with.
2. Having to repeatedly ask for overdue payments will get awkward
As a person, I don’t like it when I lend you money and I have to stay on your neck after the agreed payment date has elapsed before I get my money back. It’s awkward and annoying, so, rather than put myself in that situation, I will rather not lend you a dime.
Another reason you should not lend your loved ones money is the awkward situation they put you in when they fail to pay after the agreed payment date has elapsed.
I know you wouldn’t like to find yourself in a situation where you have to follow up with your friend or relative about their late payment. And I tell you, that conversation is going to be incredibly awkward.
3. You could be enabling your loved ones
There are certain individuals in our lives that we know are wasteful, extravagant and not financially disciplined. Lending this set of individuals money no matter the relationship only shows that you’re encouraging them to keep up with such a lifestyle.
If you make yourself the ATM that your friends and family can always withdraw from in order to get themselves out of bad situations they got their selves into as a result of their financial indiscipline and wasteful spending then they will never learn the hard way how to develop good financial skills and savings habit.
4. You might actually need the money
Before you lend that friend or relative of yours a month, you need to always remember that life happens.
In life, unexpected emergencies and job losses happen and when they do, you’ll need extra money to pay your bills and stay afloat.
If you are an individual who has a savings account for emergencies then you might not be worried but if not, there will be fire on the mountain.
For no reason should you take out of your savings to lend to loved ones because if care is not taken, if life happens, you might end up in the same position as them soon!
5. It could ruin your relationship forever
Money is the root of all evil and according to a Yoruba saying, it is money that destroys friendship.
When you keep lending your loved ones money and they refuse to pay you back before you know it, the relationship will get affected.
You’ll be upset that they didn’t pay you back which shows that keeping promises to you just isn’t a priority for them. And they’ll feel uncomfortable every time they see you because they know they owe you money.
When you come in contact you begin to see reasons to stay away from each other and before you know it, you are far apart.
So, it is better you refuse to lend them that money or rather choose to gift them instead of having money destroy the relationship you have laboured to build.
I don’t mean you should become stingy towards friends and loved ones, all I am saying is that you should be wise when it comes to money matters with friends and loved ones.
Choose to gift them money that you’re comfortable with rather than lending them money that you can’t let go of that will eventually destroy your existing relationship with them.
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