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How to Borrow Money from Friends or Relatives (Without Ruining Your Relationships)

How to Borrow Money from Friends or Relatives (Without Ruining Your Relationships)

In the words of William Shakespeare, “Neither a borrower nor a lender be.” The problem with borrowing or lending money is that it poses a serious threat to your relationships. Borrowing money from family and or friends is especially risky because it puts you in an awkward situation and can easily taint a perfectly good relationship. For example, being in debt to your mother or best friend can lead to feelings of guilt and associated problems when you realize you can’t pay back your debt on time–or at all.

If you care about your relationships, you will try to avoid borrowing money completely. Even if you are able to pay back the money you owe in full and on time, it still can change the nature of your relationship forever. That being said, asking for money from someone you care about is often the surest refuge out of a difficult financial fix. If you must borrow money from family or friends, do it as the very last resort and only for temporary financial shortfalls.

Here are some basic guidelines to help you borrow money from friends or relatives safely without ruining your relationships:

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1. Be honest about your financial situation

Personal finance is a topic that most of us would rather not discuss. But, if you are asking for financial help, it is necessary to show some level of humility and a willingness to be honest about your financial condition. This is necessary because your lenders will want to know how you will use money they give you.

Don’t paint an eternally rosy picture of your financial condition when it is not all that rosy. Explain all the risks involved honestly so your friend fully understands what she is getting into from the outset. Being transparent will also create room for her to be honest too and give you genuine advice.

2. Borrow only for essential stuff

Never borrow money to obtain non-essential things like a new smartphone or to invest in volatile markets like the stocks. Borrowing money to obtain unnecessary stuff is not prudent at all. Your brother-in-law will also not be amused if you ask a significant sum from him and blow it all in a single event, such as a party.

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Ask for a loan from relatives to address real emergencies, such as hospitalizations. If you must borrow to invest, invest in solid things that appreciate steadily like an education or a house. Just be prudent about how you use your loan and make sure your friend or family member invests a comfortable amount, in case things go sour.

3. Put it on paper

Treat loans from family members and close friends just like you would treat any other loan. Put your loan on paper and document the loan terms, principal, interest rate, and repayment frequency. This helps to minimize risk of a misunderstanding in the future and ensures your friend is clear on when to expect repayments and when the loan should be fully settled.

Also, record any provisions for repayment extensions or reliefs in case you are unable to repay your loan as agreed upon. Of course, you can do away with this formality especially where the loan is only a small amount. But, it’s recommended you insist on documenting the loan just to be on the safe side.

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4. Pay up on time

This goes without saying. Once you agree on the loan repayment terms, be professional and stick to them. Pay your loan on time without making excuses. Remember that a personal relationship you turned into a business relationship is at stake here and not just another random relationship.

If your financial situation improves before the loan repayment period lapses, pay off the loan early. This will be a pleasant surprise to your friend or family member and may help you win back some of the “points” you lost by taking the loan in the first place.

5. Maintain communication

If you are struggling with your repayments, don’t run or start hiding from your lender. Hiding gives a bad impression that you don’t intend to repay the money you owe. Maintain communication throughout the life of the loan and be honest and sincere about your situation. Being honest might take away more “points” from you, but it at least allows you to keep some of your honor.

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Resist the urge to get agitated when your friend or relative starts to nag or hound you to pay up. Put yourself in his shoes and imagine how you would feel if you were the one on the other side. You would likely also remind him constantly to pay up. Take it in stride and pay some amount back even if it is only a fraction of what you owe to demonstrate sincerity and ease the tension.

6. Return the favor

Life has a way of turning things on their heads. In time, you may find the friend or relative who helped you out of your financial fix is in need of help themselves. Return the favor extended to you by offering yourself and your resources to help them out. Do this even if you repaid your debt with interest or had incidents when your relationship was strained by the loan. Showing this kindness to others is a mark of maturity and reflects well the favor paid to you—and it was a favor!

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David K. William

David is a publisher and entrepreneur who tries to help professionals grow their business and careers, and gives advice for entrepreneurs.

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Last Updated on April 19, 2021

How to Deal With Anger (The Ultimate Anger Management Guide)

How to Deal With Anger (The Ultimate Anger Management Guide)

We all lose our temper from time to time, and expressing anger is actually a healthy thing to do in our relationships with others. Expressing our differences in opinion allows us to have healthy conflict and many times come to an agreement or understanding that works for everyone. However, there are times when anger can become overwhelming or damaging, and during these times, it’s important to learn how to deal with anger.

Expressing anger inappropriately can be harmful to relationships, both personal and professional. You may express too much anger, too often, or at times that are only going to make things worse, not better. In this article we will look at anger management techniques that will help you better control your emotions.

Let’s take a deeper look at how to deal with anger.

Expressing Anger

Anger is a natural and normal part of almost any relationship. This includes relationships with your significant other, kids, boss, friends, family, etc. Anger provides us with valuable information if we are willing to listen to it. It clues us in to areas where we disagree with others and things that need to be changed or altered.

Unhealthy Ways to Express Anger

Here are some common yet unhealthy ways to express anger that you should avoid:

Being Passive-Aggressive

This is a term many of us are familiar with. Passive-aggressive behavior happens when someone is angry but uses indirect communication to express their anger.

Some of the more common passive-aggressive behaviors include the silent treatment, making comments about someone behind their back, being grumpy, moody, or pouting, or simply not doing tasks or assignments that they should.

This is a passive-aggressive person’s way of showing their anger. It’s not very productive but extremely common.

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Poorly-Timed

Some people get overwhelmed and express anger in a situation where it can’t really do any good.

An example would be getting angry at one person in front of a crowd of people. All that does is make people uncomfortable and shuts them down. It’s not a healthy way to express anger or disagreement with someone.

Ongoing Anger

Being angry all the time is most often a symptom of something else. It’s healthy and normal to express anger when you disagree with someone. However, if someone is angry most of the time and always seems to be expressing their anger to everyone around them, this won’t serve them well.

Over time, people will start to avoid this person and have as little contact as possible. The reason being is no one likes being around someone who is angry all the time; it’s a no-win situation.

Healthy Ways to Express Anger

What about the healthy ways[1] to adapt? When learning how to deal with anger, here are some healthy ways to get you started.

Being Honest

Express your anger or disagreement honestly. Be truthful about what it is that is making you angry. Sometimes this will entail walking away and thinking about it for a bit before you respond.

Don’t say you’re mad at something someone did or said when it’s really something else that upset you.

Being Direct

Similar to being honest, being direct is a healthy way to express anger.

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Don’t talk around something that is making you angry. Don’t say that one thing is making you angry when it’s really something else, and don’t stack items on top of each other so you can unload on someone about 10 different things 6 months from now.

Be direct and upfront about what is making you angry. Ensure you are expressing your anger to the person who upset you or you are angry at, not to someone else. This is very counterproductive.

Being Timely

When something makes you angry, it’s much better to express it in a timely manner. Don’t keep it bottled up inside of you, as that’s only going to do more harm than good.

Think of the marriages that seem to go up in flames out of nowhere when the reality is someone kept quiet for years until they hit their breaking point.

Expressing anger as it occurs is a much healthier way of using anger to help us guide our relationships in the moment.

How to Deal With Anger

If you feel angry, how should you deal with it right at that moment?

1. Slow Down

From time to time, I receive an email at work that makes me so angry that steam is probably pouring out of my ears.

In my less restrained moments, I have been known to fire off a quick response, and that typically has ended about as well as you might imagine.

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When I actually walk away from my computer and go do something else for a while, I am able to calm down and think more rationally. After that happens, I am able to respond in a more appropriate and productive manner. Doing things that helps you learn how to release anger can make an uncomfortable situation more manageable before it gets out of hand.

2. Focus on the “I”

Remember that you are the one that’s upset. Don’t accuse people of making you upset because, in the end, it’s your response to what someone did that really triggered your anger. You don’t want to place blame by saying something like “Why don’t you ever put away your dishes?” Say something more like “Having dirty dishes laying on the counter upsets me—can you work with me to come to a solution?”

When you are accusatory towards someone, all that does is increase the tension. This doesn’t usually do anything except make your anger rise higher.

3. Work out

When learning how to deal with anger, exercise is a great outlet. If something happens that angers you, see if you have the opportunity to burn off some of the anger.

Being able to hit the gym to get a hard workout in is great. If this isn’t an option, see if you can go for a run or a bike ride. If you are at work when you become angry and the weather permits, at least go outside for a brisk walk.

Besides working some of your anger out through exercise, this also helps to give your mind a chance to work through some ways to address what it is that upset you.

If you’re not sure where to start with an exercise routine, check out Lifehack’s free Simple Cardio Home Workout Plan.

4. Seek Help When Needed

There are times when we could all use some help. Life can be stressful and overwhelming. It’s perfectly fine to seek some help from a mental health professional if it will help you get back to a healthy balance.If you find that you are angry all the time, it might be a good idea to go talk to an expert about learning to control intense emotions. They can give you some sound advice and ideas on how to get your anger to a more manageable and healthy level.

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5. Practice Relaxation

We all seem to lead incredibly busy lives, and that’s a good thing if we are loving the life we are living. That being said, it is very beneficial to our physical and mental well-being to take time out for relaxation.

That can mean spending time doing things that help us calm down and relax, like being around people we enjoy, practicing deep breathing or listening to music. It could be making time for things that help bring us balance like a healthy diet and physical activity.

Many people incorporate techniques such as yoga and meditation to calm their minds and release tension when learning how to deal with anger. Whatever your choice is, ensure you take time out to relax when warning signs of anger start to bubble up.

6. Laugh

Incorporating humor and laughter on a regular basis will help keep anger in check and help you get over a bad mood and feelings of anger more quickly. This isn’t part of formal anger management techniques, but you’ll be surprised by how well it works. Remember, life is a journey that’s meant to be enjoyed fully along the way through healthy emotion. Make sure you take time to laugh and have fun.Surround yourself with people that like to laugh and enjoy life. Don’t work at a job that just causes you stress, which can lead to anger. Work at something you enjoy doing.

7. Be Grateful

It’s easy to focus on the bad in life and the things that cause us negative emotions. It’s vitally important to remind ourselves of all the wonderful things in life that bring us positive emotions, things that we easily forget because we get caught up in the whirlwind of day to day life.

Take time out each day to remind yourself of a few things you are grateful for in order to help you learn how to release anger and invite in more positive feelings.

Final Thoughts

Life can be overwhelming at times. We seem to have constant pressure to achieve more and to always be on the go or motivated. People we are around and situations we are in can cause stress, anger, and negative emotions. At times, it can seem to be too much, and we get angry and our emotions start to get out of control.

During these times, keep in mind that life is an incredible journey, full of wonder and things that bring you joy. When you find yourself angry more often than is healthy, take time out to remember the good things in life—the things that we seem to forget yet bring us so much positive energy and emotions.

Use some of the tips included here to help with how to deal with anger and better control your emotions.

More Resources on Anger Management

Featured photo credit: Andre Hunter via unsplash.com

Reference

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