How do you respond when family asks for money?
When a family member asks for money, don't say yes right away. Even if you might be willing to help them out, procrastinating gives the borrower and you time to see if he can come up with a solution on his own. Sometimes if you simply say, “Let me think about it,' you can buy some time.
Stick With Honesty
As uncomfortable as it will be, being honest and direct is the only way to deal with family members asking to borrow money. Something simple and honest can look like, "I'm sorry, but I'm not able to lend you money right now.
- LISTEN FIRST. If you say no too quickly, your friend or family member might feel ignored, hurt, discounted or insulted. ...
- ASK FOR TIME. ...
- MAKE A RULE AND STICK TO IT. ...
- BE FIRM. ...
- DON'T EXPLAIN OR MAKE EXCUSES. ...
- OFFER OTHER AID. ...
- RELATED TOPICS.
Here are some tips on how to deter them: Be firm and polite. When the stranger asks for money, say something like, "I'm sorry, I don't have any money to spare." You can also add, "I wish I could help, but I'm not in a position to do so right now." Don't engage in conversation.
“Usually, the same person within the family asks for money repeatedly and that person most often has bad money habits,” he said. This doesn't make their current bind any less distressing and worthy of empathy, but it is an indicator that your loan or gift to them may not last for long.
Kind Canned Phrases – Keep a few example statements fresh in your mind to whip out when you need to. No need to be rude, just direct and with a bit of sweetness to acknowledge their interest in you. “Oh thanks for asking, that sounds great. But sorry, I can't.” Or, “I'm so glad to see you.
“I'm sorry, but don't feel I can do that,” or “I'm sorry, but that's not something I can do,” is about as specific as you want to be. You don't need to tell other people your financial business or plans just because they want money from you.
- Be clear about your 'no' e.g. “I'm sorry, my friend, but I can't lend you money.” You don't have to offer an excuse.
- Express your gratitude, e.g. “That you've asked for help with money does means a lot to me.”
Lending money to friends and family can lead to financial problems for you and potentially cause relationship damage. Creating boundaries for loans to friends and family can help preserve relationships and minimize the potential for problems.
- I'm a bit low on funds.
- I'm a bit short on cash at the moment.
- I'm broke.
- I can't afford it.
- I'm strapped for cash.
When someone asks for money and you don't have it?
You could say something like, "I'm sorry, but I'm not able to help you out financially right now." Redirect the request: Suggest alternative ways you might be able to assist them that don't involve giving them money. For example, you could say, "I'm not comfortable giving you money, but I can help you look for resou.
Definition of panhandler. as in beggar. a person who lives by public begging a panhandler asking for money to buy food. beggar. mendicant.
Someone who asks people for money in a public place is a panhandler. The term is fairly derogatory, but it's commonly used for those whose mainly support themselves this way.
- Consider your core values.
- Remember you're not responsible for others' financial choices.
- Make sure you're meeting your own financial needs.
- Communicate with clarity, compassion and confidence.
They constantly ask for expensive gifts or activities: If your partner constantly wants to go to high-end restaurants or expensive vacations, and always seems to expect lavish gifts, it could be a sign they are with you for your money.
- Avoid them, if and when possible. Engaging with selfish people usually leads to negative results. ...
- Set clear boundaries. Call them out when their behavior becomes too much. ...
- Educate them on the risks they face. Selfishness has many negative impacts you can bring up.
Say no, when a request is beyond the boundaries you have set between yourself and others. Say no, when it doesn't feel good to say yes. Honor your peace. Saying no goes beyond saying it to the family; however, say it at any time a request makes you uncomfortable.
- Be clear. Don't say maybe when you really mean no.
- Keep your explanation brief. Even though you're saying no to family, don't feel pressured to over-explain.
- Offer an alternative if there's one available.
- I wish I could make it work.
- I wish I were able to.
- I'd rather not.
- I'm afraid I can't.
- If only I could!
- No thanks, I won't be able to make it.
- Not this time.
- Unfortunately, it's not a good time.
- “I'm not really in a position to lend you money.”
- “I really don't feel comfortable doing that.”
- “I'm sorry, but no.”
- “That's really not feasible for me.”
When someone keeps asking to borrow money?
You must learn to say 'no' and protect your own finances. By upsetting your budget, you may affect your own goals. Besides, if you are married, it may lead to conflict with your spouse over the frequent borrowings. So, even if it means breaking off with your friend, learn to refuse when he asks for money next.
No matter how close your own someone is on the day of Amavasya, you should not lend to him. It is believed that negative forces are active on the day of Amavasya, which can also affect your wealth. That's why on this day you should not give money to anyone even by mistake.
If I don't want to give money to someone who asks me, rather than go past and ignore him, I will look at the person and kindly say, “I'm sorry, I don't have any money.” Typically, the person will respond politely with “God bless you” or “Have a nice day,” and then move on to the next person.
Potential misunderstandings
As with any agreement, there are bound to be misunderstandings. Issues involving money can be especially tricky. A family member who agrees to lending money may find they need their money back before the agreed-upon time, or you may have difficulties paying the loan off on time.
Loaning money to loved ones may seem like an act of kindness, especially when you know they're struggling financially. But a loan between family and friends isn't recommended, says personal finance personality Dave Ramsey, and can often lead to hurt feelings.
