Lending money to friends can be difficult to navigate

Business Daily Kenya: 

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MAYA HAYAKAWA

We all have them—which one friend who is actually going through a rough financial patch along with needs to borrow some money in a hurry for unforeseen expenses.

While lending money to a friend is actually a noble along with genuine gesture, which is actually not a not bad idea if which becomes a habit, with potential of ruining your friendship. which may also derail your finances.

You may consider entirely avoiding the process, nevertheless then again you can not be sure what a friend may be going through on the different end, along with which is actually natural for you to want to reach out along with help them the best way you can.

nevertheless first, you need to make a decision. Determine whether you can afford to lend the money inside first place. To what extent which would certainly put a dent in your pocket, along with the consequences.

nevertheless if you are getting the funds coming from an account you were not planning on using for a long time, then which may not affect you much. Another thing to consider before lending is actually why the person needs which.

is actually which because something has occurred which is actually beyond their control, such as an unexpected job loss or medical bill? Or is actually the person simply financially irresponsible along with wants the money for a brand-new pair of shoes or some different personal need which can wait?

Whatever the case, if you decide to say no you can do so with empathy. Let your friend understand what you are going through along with explain which you are unable to help because of different financial obligations.

You can, however, consider different ways of offering support which may not be monetary, such as a listening ear, or even a simple dinner to mull over different ways how your friend can handle the financial challenge.

different ways to offer support is actually by offering advice on how they can better handle their finances, or direct them to resources to help them take charge of their financial situation.

nevertheless above all, provide emotional support by periodically checking up on them along with how they are fairing on. which is actually normal to feel guilt for not being able to help your friend out, nevertheless find comfort in knowing you are genuinely being supportive in many different ways, along with which is actually just as valuable as giving financial support. along with if you decide to give cash, ensure the friendship does not end up sour by setting up an agreement.

Keep track of what you have lent, along with discuss a repayment plan which is actually suitable for both of you. You can send a polite friendly reminder every once in a while. Depending on the amount, if which is actually insignificant, consider giving which as a gift.

A one-time gift is actually okay, as long as you are not struggling out of which. However, be cautious so as not to make which a habit along with draw some boundaries if you see which going overboard. Keep in mind which lending money is actually a risk, along with be prepared to not get paid back.

You may have to take which as a loss, or maybe as a lesson learned. If things go awry, do not lend any additional funds, especially if the initial loan has not been paid back.

The post Lending money to friends can be difficult to navigate appeared first on Mediamax Network Limited.

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Lending money to friends can be difficult to navigate

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