Should you help your friends financially?

Forums B5. Money, Finance, and Investment Should you help your friends financially?

This topic contains 14 replies, has 10 voices, and was last updated by Suchitra Suchitra 1 year, 1 month ago.

  • Author
  • #72051
    nupoor_n nupoor_n 

    How much should you help a freind with financial issues? What do you consider a boundary? Is it good idea to do so or there should be a limit?

  • #72108
    Dheeptha Kumar Dheeptha Kumar 

    There should be a limit. Else, it will spoil your inner peace :sad: I have personal experiences!

  • #72110
    Nidhi Nidhi 

    You should never do anything that you are not comfortable doing. Same goes for financial help. If you have a hitch that you should not help, then don’t. Telling from personal experience, it will only spoil your friendship.

    If I need the moon, I'll bring it down myself!

  • #72111

    Depends upon how big and genuine the crisis is. I know a girl who buys all sorts of expensive things and yet asks for financial help. I know she will return when she gets her next salary but still she is not going to get a single penny from me.
    On the other hand, a friend was dealing with some personal issues and I helped without even expecting it to be returned (though she did).

  • #72112

    My friends never asked for any help till now. Depends if thrs any genuine need .

  • #72114
    ShikhaSS ShikhaSS 

    I think it depends on your friendship and their need. Somehow, we always know the other person’s intention, so we can judge.

    Don't Worry, Be Sexy! ;)

  • #72124
    Suchitra Suchitra 

    I don’t think there is anything wrong with helping your friend. But then, you should know why they have an issue in the first place. If you have second thoughts about helping them, listen to your intuition. I don’t think you can set a limit on how much you should help them. It depends on your relationship with that person, your financial capacity and how much of a crisis they are in. I have lent and borrowed money from friends and it did not really affect my relationship with them. But it is different in every case.

    Be Positive and Keep Smiling! You are beautiful!!!

  • #72146

    Nupoor, take that person’s overall personality into consideration – if that person is a bit of manipulator, that can ruin your friendship. Otherwise, if he/she needs the money, you can help out, but know where to draw the line.

  • #72169
     Saloni_fizzy sparkles 

    If she is a close one and actually has some genuine issues, then go ahead with helping her.. but money ruins friendship at times, so make sure she is reliable enough to give you back the money :high5:

  • #72188
    pllvb pllvb 

    Depends on whom you are helping, their track record, the reason for being in financial trouble, stability in their career, etc. Decide on an amount which will not impact your lifestyle and is not a part of your own emergency funds. Be clear about when you would like them to return the money.

  • #72189
    nupoor_n nupoor_n 

    Should I be involved in any of their financial lives. Personally, I don’t involve any of my friends in my financial life, be it debt, investing anything. I’d rather go to my family or the bank. Friends or anyone for that matter would be the last person I’d go to for financial help. But what about the case, where people lean on you before their family? Where you are an easy source of money than asking their family. Should you help in that case as well?

    • This reply was modified 1 year, 1 month ago by nupoor_n nupoor_n.
    • #72194
      pllvb pllvb 

      If I were you, I would hold back if I knew that their family is capable of supporting them financially. The decision could be reconsidered only if the family is genuinely unable to support and the reason for requiring additional funds is known. You should be convinced about it. If you think it is a result of improper financial management, carelessness, spending recklessly or to fund whims and fancies which you think are not essential then it is not a good idea to help with your own hard earned money.

    • #72198
      Suchitra Suchitra 

      Nupoor, if you are not comfortable lending them the money directly but would like to help them in some way, how about you suggest to them other ways of raising the money? Personally, I would rather go to my select friends rather than my family for money because of certain personal reasons. And because my friends understand and lend me money, I don’t ask them for money all the time (if that makes any sense). However, I would feel hurt and insulted if my friends used lending money as an excuse to give me unwanted advice. That said, if I appreciate their money habits, I would understand and be grateful if they could give me a practical solution to solve my money problem even if they couldn’t give me money.
      You don’t have to initiate the involvement in their finances. However, if they involve you in them and you know that they would rather rely on you than family, it is a huge step of trust. Treat it carefully and don’t give money unless you feel sure about it.

      Be Positive and Keep Smiling! You are beautiful!!!

    • #72203
      nupoor_n nupoor_n 

      You don’t have to initiate the involvement in their finances. However, if they involve you in them and you know that they would rather rely on you than family, it is a huge step of trust.

      Thanks for this perspective. Never crossed my mind. I am okay with lending money, I am more uncomfortable getting involved. Maybe that is because I don’t get my friends involved until last moment, and family comes first. Knowing someone else’s finances makes me little uncomfortable, doesn’t matter if they are uber rich or dirt poor. I become quite awkward while such talks are being discussed.

      “I would feel hurt and insulted if my friends used lending money as an excuse to give me unwanted advice.” – I’ll remember this and take this as a life pro tip. :smile:

    • #72212
      Suchitra Suchitra 

      Glad I could help Nupoor. :smile:

      Be Positive and Keep Smiling! You are beautiful!!!

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