Borrowing Money From Family and Friends

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It's the bane of all family relationships and friendships - borrowing money. Nothing is more sensitive and nothing else can kill a good relationship more than money matters. Anyone who has ever tried either borrowing from or lending money to a friend or family member will agree. Not only does this cause awkward situations, it can become the root cause of arguments and fights which may later lead to not speaking to each other completely. So how do you solve this problem when you really are in a fix and need some cash?

Desperate times call for desperate measures, true enough. If you find yourself in one of those situations wherein you really don't have any money and it's a relatively small amount that won't necessarily have you running to the bank for a loan, turn to a family member before asking a friend. Why? Simple - you can't change who your family members are. Should you fight over the loan later on, it won't change the fact that you're still family, so the chances for reconciliation are better.

If you intend to ask friends, borrowing money from your closest or oldest friend is the way to go. Never hit up people you're only on a first-name basis with, or people you've known less than a year. The reason behind this is plain - your closest and oldest friends are the ones who are most likely to know and understand your need for a loan and will be more discreet regarding the matter. Try borrowing money from a co-worker you're only on a passing acquaintance with and see how fast news of your "poverty" travels.

Just because you're borrowing from friends and family doesn't mean you should skip out on paying them, or that you have the green light to procrastinate on paying them back. It helps to have clear terms from the beginning. If the amount is something you can't pay back at once, you can work payment out, like monthly or weekly until you are able to pay off your debt. The key here is discipline - pay them back immediately or else you won't have a next time should you once again be hard-strapped for cash.

Don't make a habit out of borrowing money. It's not a good practice and it will lead you to incur debts that keep getting bigger and bigger, and before you know it, you'll find yourself owing many people with no way to pay them back. Ask for a loan only when absolutely necessary and keep in mind that what goes around, comes around so be willing to help others out when they need it, too!