Caution When Loaning Money

Posted on April 17th, 2014 by Discount Debbie


We all share our money from time to time. Sometimes we share more than we should. Sometimes we share with those that would take advantage of us. It can be difficult to deny help to those we care about, but it can also be difficult when we lend more than we can really afford to write off. How do we balance our needs and the needs of our friends? Here are a few tips.

Ask For Their Budget

If you are going to be helping a friend or family member financially it can be awkward asking them about their budget. Instead ask what they need the money for. Your friends may view what a need is differently than you and your family. It’s okay to find out if you are keeping their Netflix subscription active when dipping into the grocery money to help them. If you find that their need isn’t really a need, you don’t need to justify not lending them money. Simply say that you wish you could help but that your budget is tight as well.

Buy It Personally

When you have a friend or family member that may not spend your money as they have said they would, but have a valid reason to ask, consider making the payment or purchase personally. For example, if  a sibling claims to need diaper money, but you know that diaper money has gone to something else in the past, don’t give them money. Buy them diapers. Should they have a bill that needs to be paid, pay it online for them personally, rather than putting money into their account.


Military members are familiar with this acronym. In this case we’ll say it means cover your assets. Do not leave your account information on  a friends computer. Do not give them access to your credit card information. While all of us would like to believe a family member or friend is trustworthy, it is better to be safe with your assets than proven wrong.


When financial help is not a gift set a specific day that you expect the money to be paid back. Do not loan more money to the same friend unless previous loans have been paid back. Remember, you have a budget that you need to live with as well. It’s not mean to say no, it’s caring for your needs and your family’s needs first.

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