What To Do If Friends Ask for Money | How to Handle Lending Money to Friends

What to do if friends ask for money? Lending money to friends and family can sometimes be a tough situation. Hopefully these tips help!
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Timestamps
0:00 Introduction
0:48 Never lend money you can't afford to lose
2:16 Treat it as a test
3:04 They are not your responsibility
4:26 Don't do it if you're uncomfortable
5:05 Don't explain yourself
6:26 Why do they need money?
7:35 Reevaluate the relationship
8:36 Ending
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I'm documenting my debt free journey while also giving people personal finance advice like budgeting, saving and paying off debt! If you want to know what I'm up to on a daily basis, follow my on Instagram or Twitter 😊

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Disclaimer: I don't have any formal financial background or training. I'm just someone who wished someone had taught me about finances when I was younger and I want to share what I've learned along the way. 😊

[thedeal]

Another tip is to avoid discussing your own finances with family and friends. For some reason they will think that you owe them something if you're managing your finances without complaining. Be just as broke as they are and you won't get bothered.

[supercaptainbatdoggy]

If they cant handle you saying no, you need to find new friends.

[WellBalancedWallet]

I agree! Never lend more than you’re willing to gift.

[Shazlii]

Some friends have this habit of borrowing small amounts money, pay back later then eventually after you gain their trust and loan them a huge amount of money they disappear in thin air

[roberthatch]

Very well said great advice . Toxic people will try to make you feel guilty because you didn’t help them but really they don’t help themselves

[CrackberryMe]

This is right on time, I just had a friendship end because of money that I would not lend, they got angry and asked me to no longer reach out to them, so I didn’t respond and, I deleted their contact info, now I know where I stand in terms of our so called friendship, it’s best that it ended. Period.

[jd]

preach!! habitual borrowers always try to guilt trip you like you never helped them out..family is the worst sometimes ..sad truth -you have to exclude friends n family from ur circle on your path to financial wellness! very very good topic💪🔥😎

[JazzGaming]

I've been in this situation for quite a while. I was friends with an ex co worker about 6 months ago. After awhile he told me he was falling on hard times and needed help. So whenever he asked I started sending money for food and rent. He's told me several times that he'd pay me back but I haven't gotten one cent from him. A few days ago he wanted me to send him 80 bucks to pay his internet bill. I finally reached my breaking point and told him in the nicest way possible that I won't be sending any more unless he pays me back like he said. He said "Things happen and I have bills to pay". I understand that but everyone has bills to pay. Point is if you barrow money from someone there's only so much they'll give before they reach their breaking point. They are not entitled to YOUR money.

[patrickturk]

Your friend could care less about you they want your money! Action speak louder then words

[sheedshaad]

To the people that were really genuine friends, to the people that never asked for nothing but gave when family needed it, to the people who got turned down by these so called friends and family with excuses when you needed help in your darkest hours, days, months and years. Always remember. Today you can be a KING and tomorrow you'll need the help of others. That's how FAST life can change. You keep being that genuine person regardless of how people treat you, regardless of your circumstances. It WONT last forever. Always TRY to do good and be pleasant in the eyes of GOD. One day they will need you. They ALWAYS do! ✌

[BossJustipher]

When friends ask me to borrow money I cash it to them then block them. Ion need that type energy in the life of it. Great vid

[chestersdad]

I have somebody who's borrowed from me, not paid me back and is still trying to get more money out of me and keeps going. I can afford whatever she asks, but I'm feeling uncomfortable. I've made the big mistake of justifying myself and even making up excuses .... I don't get paid until this date, I keep my money tied up in another account I can't access etc etc etc. I made the decision to stop justifying myself and decided to turn the tables and asked her question after question about why she needs money from me and for her to explain her poor choices. It shifted a lot of burden off of me and I've finished being a portable ATM for the convenience of somebody else.

[rohans]

Some people ask for less amount that they can payback, to build the trust that they have repaid, but ask for more after sometime that they cannot pay.

[donnabennett]

I always say I don't have it. Period.

[lolaclyde]

Got a friend whose life is one never-ending money crisis. Been friends 25 years and he has paid me back the two times I've loaned him the small sum of $500. I'm not worried about being paid back, it's that he now thinks he can count on me for a quick loan. And if I don't break the cycle, the cycle will continue. I don't mind lending to a friend IF it's a true emergency like he'll be evicted or have his car repossessed, etc. But now it's just small stuff like he's going on vacation and could use the extra cash type situations.

[nevenarankovic]

I love this advices. I am all by myself, living alone, soon going to foreign land to work. My so called friend was angry on me cause I was not able to lend her some money.
That was a huge red flag for me cause in the past, when I lended her some money, she needed 6 months to give me back, and by that time she was working and had a good salary.
I think that all of us, that were in the similar situation, must learn a lesson to not be a Red Cross Organization. 🙂🤩🙂

[patrickturk]

friends are more prone to jealousy and taking advantage of you! Lending money is dangerous

[JohnJohn-fqbl]

God bless you ! John 3:16
Things are so hard.

[RoadtoFIRE]

Okay I need to send this to a few people. Great video!

[erikabarksdale]

I wish this video came 1 week ago, I was just faced with this scenerio. These are great tips!