7 Ways You Can Avoid Lending Money To Your Friends

Lending money to friends – While most of us might not like to admit it, lending money is something most us are wary of.

If you lend it somebody who is extremely close to you, you would not mind it but you do not prefer lending it to people whom you do not share a very close bond with. You are not sure whether you are going to get your money back.

Here are 7 ways you can acid Lending money to friends.

Lending money to friends –

1. Pretend to be broke

One of the best and simple ways to avoid lending money to your friends is by pretending that you are broke and have no money at your disposal. You must make sure that you sound convincingthen you lie about not having any money with you. You should also cover your tracks well to make sure they do not figure out the truth.

2. Do not discuss your wealth

No matter how close you are to someone, you must be a little cautious while talking about your finances, salary, bank balance etc. When you are transparent about your wealth and financial dealings, a lot of peoplemay take advantage of it and askfor favours regularly. If you share it with just one person, information can spread out to a lotof other people. The best way to avoid such a situation is to stay mum.

3. Ask them for some time

Do not say a ‘yes’ immediately when somebody asks you o lend money to them. Ask for some time to think about it. After thinking about it or awhile, if you think youcan trust that person and can lend money to them, then do it or else just keep asking for more time unless they give up on you and realise that you would not lend them any money.

4. Do not flaunt your status

A lot of people have this habit of flauntingtheir wealth all the time. Even if they start earning a little extra, they feel the needto flaunt it in front off the entire world. It gives them a false sense of being important and rising in their status. What they do not realize is that it also invites trouble. When people get to know about an increase in your wealth or financial status, they try to extract money from you.

5. Be honest

If you are sure about lending money to your friend, do not beat around the bush and say the same to them in straightand simple words. They might get upset but you must be honest and try your best to reason in your refusal to lend them money. Do not try to please them, instead be upfront about your reasons and make them understand why you wold not be able to help them out.

6. Avoid them

Your friend will be askyou to lend money to them only when they manage to establish some sort of a contact with you. The can do the same either by calling you through phone, meeting you at yourplace or dropping an email or a text message. This might be a little difficult but you must try to avoid them and do not let them reach out to you in any possible way.

7. Ask them to lend money to you

The most effective and creative way to make your friends believe that you are not in a position to lend money to them is by asking them to lend money to you. When you get an inkling of them approaching you lend money, make the first move and ask them to lend money to you. That will convince them that you are broke and are the last person whom they old borrow money from.

These are the ways to avoind Lending money to friends – Even if you trust the person you are lending money to, you might be facing financial crunch at the moment which makes it necessary for you ro hold on to your savings. You cannot afford to part with it at this moment. You might have several other reasons for not lending money and you do not need to explain them to anybody. It is your money and nobody can force you to part with it.