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How to Gracefully Turn Down Requests for Money

How to Gracefully Turn Down Requests for Money

Saying "No" is very difficult, especially to one of your close friends who wants to borrow money from you. Isn’t it? In fact, borrowing money is a common occurrence and everybody would have come across such instances when some close friend has approached you for money .

Sometimes, the amount can be fairly big. So, how do you deal with the situation? What are the things you keep in mind before lending to a needy friend? Is it okay to lend money to a friend? These questions strike you mind whenever someone approaches you for money.

Psychologists say lending money to a friend is not a very good idea. The reason being people tend to remember the loans we give, but forget the loans we take. That means your borrower conveniently forgets that he or she owes money and you will less likely to get your money back.

So you need to learn how to say no to such people. And if you struggle with the word "no" and fear hurting someone, here are some tips for you.

1. Keep it short : If your close friend or family member has asked for money, you may feel that you need to give a reason why you are not ready to lend money. But actually you don't need to provide any explanation. You don't need to feel guilty, so no explanation required.
Try the following sentences:
“I’m sorry, but no.”
“I’m not really in a position to lend you money.”
“That’s really not feasible for me.”

2. Be polite : You neither have to be nervous nor have to make the person feel bad for asking money. Just be polite when you decline the request as the person has shown some confidence in you. The idea is not to humiliate the person but to maintain a good and cordial relation with him.

3. Ask for time to decide : If someone puts pressure on you and you feel trapped, ask for time to decide. Tell the person that you will get back to him within 24 hours. Go home fortify yourself, and then get back to the person. Never put yourself in a position where it’s even harder to say no.

4. Offer advice : If a close friend or family member approaches you for loan, and you can't help but wish you could, you could suggest ways they could raise money. At least you are trying to show that you care.

5. Don’t disclose financial details: If you want to avoid pressure and requests from your close friends and family members for loans, your best bet is to avoid sharing financial details. Never share details about what you plan to buy in future with your friends and family.

(Image: Thinkstock)

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