By now you probably noticed that January is in its 4th month. Your budget is stretched to its last cent, and you are just trying to make it to February with your wallet and your sanity intact.
However, you receive a text or a call from a friend or a family member asking you to lend them money.
The hardest thing to do is telling them no, even when you have a valid reason to do so. Lending a friend or family member money can create problems down the line where the money is not returned, or it can take you out of budget. Sometimes we simply do not have enough wiggle room in our budgets to even lend. So, how do you say no instead of lending on a resentful yes?
Keep it short and simple
Sometimes all it takes is a no. You do not have to go into a long-winded story or justifications about why you cannot lend them the money. You can be direct without being rude by using statements such as “I’m sorry, but no” or “I am not in a position to lend you money.” Remember that it is your money. Therefore, you do not have to justify why you can’t lend them the money.
You can offer to help in another way
There are other ways that you can help a friend or family member instead of breaking your budget or taking out a loan on their behalf in the hopes that they will pay you back. You can offer to provide food, financial advice, budgeting tips, or transport if they need it. You can ask them if they need help in any other way, but keep in mind not to overextend yourself by providing something you will not be able to provide or making promises you can’t keep.
Saying no can be the hardest thing to do, but it is something that can benefit everyone in the long run. They may be disappointed or angry at your response, no matter how gentle or kindly you will place it. Always keep in mind that you can’t pour out of an empty cup!