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A Guide to Lending Money to Your RelativesHow should you handle relatives who have made you their ATM?
In every family, there always seems to be one or two relatives who always ask for money. Most of us are familiar with their overtures, too. It usually begins with a heartrending story about how life is so hard these days or how pitiful their situation is that it behooves you to offer a lending hand. These relatives can be very persistent in their quest to squeeze out cash, and they can no doubt drive you up the wall in no time. The problem is even worse if the person who has made you an ATM is your parent-in-law.
According to financial blogger Fitz Villafuerte, always saying “yes” to such monetary requests could invite a couple of disadvantages for both the borrowing and the lending parties.
“You could put your own finances in turmoil; and when that happens, who will help you? [Secondly], relatives could become lazy and dependent,” he says.
So what should you do if you think you are dealing with moochers? Well, you should first try to determine if you are really just being used by your relatives for your financial resources. Remember that people borrow money for any number of reasons. Some may be unwise about handling their finances and so run short of money all the time; others may be genuinely poor and have very little cash to begin with; and still others may be borrowing cash simply because they need to satisfy their caprices. This is the reason why you really need to run the problem to ground.
“Couples with in-laws and relatives who always ask them for money should assess the root of the problem. Even if they can afford it, it's always best to know why their relatives are in such financial difficulties,” Villafuerte says. “Doing so would not only put ease to their budget, but it would also give their relatives the true help that they need.”ADVERTISEMENT - CONTINUE READING BELOW
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