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When a friend wants to borrow money

14 June, 2011 07:27:00 Zimkhitha Sulelo

For many of us, when a friend is in need, we try our best to help out if we can, and that sometimes includes giving away our hard earned cash. But we all know that money can ruin friendships.

There are steps you can take to save your friendship where money is involved...

Small loans vs big loans

So you went out for dinner and for some reason your friend forgot her wallet in the car and you end up paying. A friend can easily mistake this for a treat if you are not clear that this is a loan. Make sure it's very clear that you expect to be paid back if you really want your money back.

For big loans ask what she needs the money for

The last thing you want is to empty your wallet and invest on tinned tuna and rice for the rest of the month because you have been thrown out of budget, only to fund someone else’s shopping spree. When you know what the money is for, you can judge for yourself if it’s worth emptying your wallet.

Agree on when you are getting your money back

Before you rush to the bank, talk to your friend about a payment plan. The mistake we all make sometimes is to not ask the necessary questions simply because we trust and love our friends, but you have to if you value your friendship.

Once you have agreed on a specific time for repayment, you can always gently remind your friend if she forgets to pay you back. An agreed date will also give you peace of mind.

Speak up if she doesn't pay on time

Don't watch your friend order one expensive cocktail after the other on a Friday night out and get angry. If the date that you have agreed on has come and gone and you still haven’t seen your money, do not just keep quiet and hope that she will give it to you soon. Chances are she has genuinely forgotten. Be honest with your friend.

If you are disappointed that she didn’t keep her promise, don’t keep it to yourself; let her know how you feel. If she’s a friend worth keeping she will respect your feelings and pay you back as promised. If not, it’s time to find a new friend.

Image: newtipss.com

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Author info: Zimkhitha Sulelo

Zimkhitha Sulelo is a 20-something Johannesburg based Journalist. She is interested in most things and always says that she will try anything at least once. When she is not obsessing over the crime channel she reads a lot and some nights after a glass of wine will attempt to write.

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