There are really times in our lives that we are in lacking, the times that we really need to pay for emergencies like medical reasons or immediate or unexpected payables and we don’t have savings or our savings is not enough. Then, we have a close friend or a family member that we think we can depend on in terms of money matters. This time, we can really say that we need their help, so we opt to borrow an amount for the said need.
On my previous article, I tackled about the issue on lending to family members and friends. There are many comments about the clear separation of loan and gift, and even some rules and practices and experiences. You can read more about it and the comments on this article- On Lending Money to Family Members and Close Friends.
Now, I would like to write on the appropriate attitudes of a person who is on debt, the one who borrowed the money from family members or friends.
Borrowing money for some may sound awkward, you may feel shy, but if doing it will save a life, save a house or pay a very important payable, then I suppose you will opt to it. Then, it will leave you with an obligation, the obligation to pay the debt.
Tips as a borrower to family and friends
Now let me share some right attitudes or tips as a borrower to family and friends.
Be truthful. When borrowing money, be truthful about the situation. Tell the real story, don't just make a story that would get their sympathy. If you are making stories and they would know, then that's another problem.
Take responsibility of the debt. Even if they are a family or close friend, take responsibility of the debt you have, if you promise to pay then find ways to pay the obligation.
Ask for paying alternatives. If you cannot really pay on time or the same amount, you may ask for paying alternatives. Like you will pay in terms of goods or services. If you cannot pay the whole amount at once, pay little by little.
Prioritize of paying the debt. Before you buy new things, before you spend money travelling, make it a priority to pay the debts. You can't be able to pay the debt because you already spent it to other things, then it would not be fair also to the one who lend you the money.
Don't make it a habit. In my first lines, I say that borrowing money should only be done in case of emergencies and immediate needs. When it became a habit even if there is no need, then it could be a trouble. Borrow only when really needed.
Don't feel bad when you hear a NO. When your friend and relatives would say "no", understand that they have a reason behind that. Maybe they really don't have an extra money to lend or they have also a need.
Don't feel bad when you are charged or reminded. You should not feel bad when you are reminded of our debt, it could be that they really need it that's why they charge you.
Be grateful. Learn to be grateful for whatever help a person could give. Any amount, any suggestion , always be grateful and do not murmur that they only allow you to borrow this. When the money is gifted instead, be very grateful.
Ask for charity instead of borrowing. When you are not sure if you can really pay, solicit instead of the term "borrow". This would enable the two of you to have no strings attached in terms of money.
CONCLUSION
We should not consider the debt from our friends and relatives as different from our debts in the banks or credit organizations. Which means that we should give an utmost responsibility with the borrowed money rather than disregarding it. We should be truthful when loaning money and grateful for any help that they can give. We should not feel bad when they say no and when they remind us. More importantly, let us not make it a habit to have debt everywhere that we could no longer pay.
Thanks for reading this article. I would really love to know your thoughts and experience. Give a comment below and let's talk about it.
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I tried to lend money to a friend for my CT'scan due to my head injury. But I made a crazy decisions after all, I give back the money I lend to my friend and decided not to go to the hospital for my CT'scans of what the doctor recommend me when I go to checkups.
I feel like, I will die in thinking of a debt and it drive me to insomnia thinking of how I pay that debt😅