Money Matters | Golden Rules Gal

Date
Jul, 27, 2021

What to Say If You’re Asked for a Loan?

  • If you’re going to lend money, there needs to be ground rules so things won’t be awkward.  
  • Be firm and employ a script if you have to. Time will be the enemy if your requests go ignored. The longer it goes unpaid, the less likely it is that you will be paid back.
  • Don’t loan in the first place; rather, make it a gift. Then, consider it a bonus if you’re paid back.
  • If you’re upfront from the get-go, the “ask” won’t be uncomfortable.
  • Be direct. To “hint” is to beat around the subject.
  • Insist on a payment plan. Put it in writing with a deadline.

How to Not Get Stuck With the Tab? Take the guessing game and stress out the equation. It’s either a split bill or one of you pays. This will help those who are “not” quick to open up their wallets. Plan before you arrive at the restaurant. With friends, there’s always give and take. 

Lisa Grotts

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