We all need money, and sometimes we are a bit short of cash. That can happen and support from your environment can be very nice. However, it is not always wise to lend money to friends or family. This is why.
It is difficult to ask your friend for your money back
When you lend money to your friends or family, you do this out of the goodness of your heart. You want to help someone. Because of this, it can be quite difficult to ask them when you will get your money back. It can be uncomfortable because the subject can be quite sensitive. In addition, you do not want to come across as if you are only thinking about your money when you speak to them. This will make you bite your tongue and therefore not ask for your money back. End state: you only get your money back very late or not at all or only partially. And that is also not convenient.
Seeing each other can become awkward
So asking when you will get your money back is awkward and therefore seeing each other is awkward. It is awkward in general to be in group situations with people who still owe you money. Discussing topics that have to do with money is also quite awkward. Especially if they indicate that they are doing well financially, you will wonder why they have not paid you back yet.
There are no clear deadlines for repayment
When you lend money to a friend or family member, you don’t want to pressure them. You don’t treat the loan as a business transaction. As a result, you don’t set clear deadlines for when you want the money back. And as discussed earlier, it’s awkward to ask when you’ll get your money back. This makes it very likely that you’ll have to wait a long time.
They may want to borrow money more often in the future
A common problem with lending money is that it becomes a habit. You do it once, so you can do it twice, right? Or maybe even more. This can be very annoying and it can also be difficult to say no. Because why did you say yes first and now suddenly no? It just causes a lot of hassle.
It can ruin the bond between you
What this all boils down to is that lending money to your friend or family member can be very bad for your relationship. Seeing each other becomes uncomfortable and so you avoid each other. Your entire relationship suddenly revolves around money and as a result your friendly contact is diluted. Our conclusion: we understand that you want to help someone, but be careful. Make clear agreements when you do decide to lend money to prevent awkward situations.
