raaman
Valued Contributor
You have to be cautious when you lend money.
When you lend your hard earned money to any of your relatives, only you can decide if the money given to the relative will be repaid. On the contrary, if your family member is always spending too much money, and has no control over his habit of spending money, he is not a person you should be lending your money to.
For that reason, the family member should borrow only the money they can repay, and you will only give the amount you are willing to lose. It is better to lend little or give away a small amount, and let several family members take the risk of the entire amount, instead of just you.
Remember that there's always a chance that you won't get paid, and if the amount is manageable, you won't lose sleep over it. For this purpose, you can make sure you can lend the money without affecting your own finances. When a relative needs to borrow, they need to know your financial position.
You should not fall into unnecessary financial difficulty to rescue a family member. The only time you can lend someone some money is when you have extra money with you that you don't need in the short term to use.
The amount of money you intend to give should not come out of your current budget or your retirement fund. When you give money to someone on as a loan, you must be prepared as there is a possibility that you will not see that money soon.
When you lend your hard earned money to any of your relatives, only you can decide if the money given to the relative will be repaid. On the contrary, if your family member is always spending too much money, and has no control over his habit of spending money, he is not a person you should be lending your money to.
For that reason, the family member should borrow only the money they can repay, and you will only give the amount you are willing to lose. It is better to lend little or give away a small amount, and let several family members take the risk of the entire amount, instead of just you.
Remember that there's always a chance that you won't get paid, and if the amount is manageable, you won't lose sleep over it. For this purpose, you can make sure you can lend the money without affecting your own finances. When a relative needs to borrow, they need to know your financial position.
You should not fall into unnecessary financial difficulty to rescue a family member. The only time you can lend someone some money is when you have extra money with you that you don't need in the short term to use.
The amount of money you intend to give should not come out of your current budget or your retirement fund. When you give money to someone on as a loan, you must be prepared as there is a possibility that you will not see that money soon.
