Let’s first correct an impression. You don’t owe anybody whom you don’t owe money, whether it’s your money or an explanation for not giving them.

The problem is that many of us tend to show off our purchases, especially on social media. This is what attracts friends to ask for money because they think you have enough to spare. Never show off if you don’t want friends begging for a loan.

Mixing friends and money is a bad combo that doesn’t work most of the time. The best it can do is destroy your relationship. But of course, let’s see how you can get out of this.

Excuses for Not Lending Money to a Friend

An excuse, in this context, will be a little white lie. Unfortunately, friends are not  supposed to lie to each other. Tell your friend the truth—that you can’t afford to lend money to them or that you just don’t want to—the former sounds better. If this person is indeed your friend, they will respect your response. Just say, “I’m sorry, but I really can’t help you.” Leave it it at that.

If your friend challenges you, well, it says a lot about your friendship.

Secondly…

You don’t need an excuse. Just say no to your friend. Don’t you work to make money to pay bills, buy needs, save for your future? Your friend can borrow from the bank if they really need a loan. It’s not that hard. Moreover, if their credit history is that good, they wouldn’t be asking you for money.

Thirdly…

Just tell your friend that you don’t have any spare money to lend. You have to surround yourself with friends who do not ask you for money, especially when they think you are richer than they are. Begging friends tend to ask for money even when they don’t need it for something important.

As number four…

Just say NO. You don’t owe any explanation. No, you’re not obligated to explain yourself. Any friend who tries to guilt you into giving them money isn’t a good friend. You can tell them that.

If you don’t want to be direct with them?

Tell them you are short of money yourself. Or say you had some unexpected expenses such as car repairs. You could say, “I’d like to help you but I just don’t have it.”

Or, you could tell them you just helped a family member who is at rock bottom and that after helping them, you barely have enough to support yourself or your family.

Number five…

Instead of lending money to your friend, do this: Give them some percentage you can afford to forget about. Say they ask for $500. You can offer to gift them $200, and tell them to forget about repayment. That’s 40% of what they asked for.

It’s not a good idea to loan money to a friend. Instead, give them money if you chose to and can afford to help them. If your friend says, “I will pay you back,” just SMILE and say, “When ever you can.” But you have to forget it. They might not come begging next time.

The truth is the best excuse. If you don’t want to lend money, tell your friend your money is accounted for to pay your bills. Chances are, you won’t get it back. Take it from someone who knows what happens when you lend money—you won’t see it again. Trust me, a friend may disappear from your life – money changes relationships.

Read Also: Best Excuses Not to Go Somewhere in Advance