Save Money, Make Money Challenge

Today's question is . . .

Have you lent a loved one money they haven't repaid?

 

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Kerri Kerr
Sr. Community Moderator
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Yes I have loaned money to one of my sisters. She was recently unemployed. During Christmas we all tookup a collection to help her out. I saw this as a gift. But about a month ago, she asked for $80 to help her out again. She just started her new job. I told her to give the money back when she got her first paycheck. I still havent' heard anything from her about it. And I am not one for hounding someone. I realize I probaly will not get this money back. In the future, I will be upfront about repayment terms and make a courtesy call when that date arrives.  Or just say that I don't have the funds and let her call someone else. I realize I have to setup some type of boundaries.

Anybody else out there got any ideas on this, let me know!

Thanks!

No, because this is how I handle it when a relative wants money.

First I ask if what they need the money for.  If it's a "want," rather than a "need," I have no problem saying no.  If it's a "need," then I ask them to have the bills sent to me and I will pay the pharmacy or the phone company or the dentist directly.

I have yet to see a bill like that come to me.  Ninety-nine percent of the time when my relatives want money, they want it for gambling or something like that, and I will not provide the money for gambling.

DH gave his mother $500 to pay an attorney to file bankruptcy.  We were very upset to be helping her in this way but she had nearly $100k in CC debt and was behind on all of her bills.  We had the money to give, otherwise we would have told her no.  But the thing that really upsets me is she never said thank you.  It was almost like she expected her son to "take care of her".  Nobody has ever asked me for money but if they do I'll say no.  We EARN the money we have and we have to take care of ourselves first.  If they're losing their house, I'll offer them my spare bedroom.  If they're losing their car, I'll give them a ride.  But I will not fork over money.