How to Handle Tricky Financial Issues in a Family

If you and your family are facing financial problems, you understand how easy it can be to fall behind on your finances.

How to Handle Tricky Financial Issues in a Family – Financial issues can shatter families, relationships, marriages and friendship. This is why it is important to handle financial issues with wisdom. It is usually better to put finances aside in a relationship but some relationships like marriages must in one way or the other involve finances. More so, it is better not to borrow money from your family members but some financial issues may require that you do. In such cases, you need to know how to handle such issues amiably in order to ensure that your relationship is not marred in any way.

Borrowing Money

If you need to ask your nearest relative for some cash, you need to do it the right way in order not to affect your relationship. The ideas outlined below will go a long way in helping you. 

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  • Make sure you document your need for the loan.
  • Borrowing money from your relatives may give them some power over you. Ensure that they do not have such an advantage and get ready to live with that.
  • You need a plan before you venture into borrowing the money and your plan should be communicated. You need to know how much you need, the interest that may be added to it and how to pay back.
  • The time you choose in requesting for the loan matters a lot. Do not ask for money when the person is not in his or her right mood and also ensure that you do not bring it in during time for fun and excitement. Create a date to discuss the loan.
  • Put your agreement down in writing. Everything should be spelled out in order to clarify all odds at the present and even in the future. You might also sign an agreement if the lender request for it and make sure you stick to the agreement.
  • Make sure your relationship is not all about the loan. Try to talk about other things aside money.

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How to request to be paid back

When you lend a loan to your family member and it seems as though he has forgotten about it, remember that it is your money after all and you have the right to request to be paid back. However, how you request for the money matters a lot. You need to know how to approach the matter in order not to sour your relationship.

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  • One way to achieve this is by getting your details right to the person. You should know how much you lent to him and when you lent the money.
  • Choose a good time to talk about it. The time you choose matters a lot and ensure that you choose a time that would be comfortable to both of you.
  • You do not have to talk about the way your family member spends his or her money. You simply have to ask for your money. However he spends his money should not be your concern.
  • You need to be nice and polite when you ask for your money. Remember that you don’t want to sour your relationship. Being kind can help you achieve that.
  • Putting the request in writing can help you a lot. This will even help you further if you intend to take a legal action in the future.

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