iSavta | 23.01.2022

Nothing is as difficult as looking into the eyes of a family member and saying no to their request.

It is already hard enough to do if you are asked to attend a family event or to watch over your cousin’s kids. But saying no is even more challenging if your family member is asking for money.

There are times, however, when lending money may ruin the relationship that you have with that family member. This becomes even more serious when your relatives constantly ask for money from you to the point that you feel financially abused.

If you don’t like to be caught up in the web of lending money to family members, there are some helpful tips on how to say no.

 

Ask for Some Time to Decide

There are instances when your relative might pressure you. Don’t be afraid to ask for some time to decide if you ever feel trapped. They should understand this because it is a big deal. Tell your relative that you will answer them within 24 hours and get back to them after this period.

 

Keep It Short and Definite

Don’t discuss the details of your finances or come up with long excuses just to justify your decision. There is no need to do this. Never be afraid to be direct and brief. Don’t be rude, though, and make sure you don’t provide an opening for the same request in the future. Always remember that it is your money, so you never have to reason out how you use it to anyone.

 

Conceal Your Financial Details

To save yourself from the pressure and loan requests, your best choice is to avoid disclosing your financial details with your family. Try to be as vague as a can to leave your financial situation ambiguous. People will feel more justified to ask you for money if you always let your family members know how much you earn and how much savings you have.

 

Consider a Cash Gift  

If your relative’s birthday is just around the corner or if it is already the holiday season, a cash gift might be a better option. You can also give them a gift certificate to a supermarket so they can use their money for something else. These are more natural routes that will prevent the awkwardness that often comes with loans and expectations of getting repaid.

 

Come Up with a “No Lending” Policy

Try to make it your official policy not to lend money to family members. The moment you decide that you will no longer do it, it will be easier for you to say no. There is even no need for you to use this as your excuse for refusing.

However, in your mind, it will be easier for you to say no if you made it your official policy. Sooner or later, your family members will realize that you will never lend them money and they will stop asking.

 

It can be very awkward if your family asks for money from you. But at the end of the day, you are the one who will ultimately decide if you will lend money or not. Use the tips above to ensure that your relationship stays intact.