Dealing with Family Members Who Borrow Money

Just about everyone loves their family and just about everyone has been put in a situation where that lovable family has decidedly asked to borrow some money from you. Sadly, many family members seem to think its okay to borrow money and not pay it back at the first possible chance just because it was borrowed from family, thus leaving the other person out in the wind. Oddly enough, this happens to the young adults in the family often, especially as they begin to develop their credit history and start to enter the realm of the credit card and things of that nature. But beware, just because its family asking doesn't mean you have to fork over your cash. Here's a few ways to maneuver through the mine field that is family and finances.

Say You Don't Have It Right Now If you're afraid that you're going to look bad or cheap in front of your family and don't want that label placed upon you, a little white lie can be used to great advantage. Sometimes you just can't spare the money and if it comes down to the fact that you don't want to disappoint them with the truth, go ahead and lie. "I don't have it right now" with a straight face is a one line closer. It's worked for me on several occasions, though I've had to alter the wording a bit with lines such as "I've got some bills due soon" or an "All of my money is tied up right now." If you're comfortable enough with using lines of that nature, don't hesitate to use them. Putting yourself in a financial hole is one of the worst things you can do, even for family.

Don't Leave Money Laying Around Some people think that stuffing some cash in their drawer beneath some underwear is enough to deter nosey family members. If you're still living at home and you keep some cash on you so you don't have to use a debit or credit card, keep it in your wallet and keep your wallet out of plain sight. Sometimes families think its okay just because you share the same blood. Rather than having to realize someone borrowed money without asking, don't give them the opportunity to do so.