How to Manage Money and Friendship

Money and friends it never ends well! Friends are essential in life. When we are at our lowest, we turn to friends for comfort and bail-out. However, when money is involved, very few friendships survive. This should not always be the case. Since we need friends in life, we should tread carefully when money is involved. Using the following tips, you can navigate the delicate relationship between money and friendships.

Never ask for a loan you don’t intend to payback

The easiest way to end a friendship is by taking loans and failing to repay them. As a life principle, you should never take a loan; you don’t have the intention of paying back. Picture it this way; if you fail to repay a bank loan, they will most definitely get your assets auctioned. The same applies here, but rather than auction your assets, your trust and friendship will be auctioned. 

Make sure the agreement is in writing

It is common with friends to have a gentleman’s agreement. But when it comes to money, let all the arrangements be in writing.  This will prevent future disagreements, and the record can be admissible in court or dispute disagreement. It may seem odd to do an agreement, especially when the person in question is a long-term friend, but the agreement is a necessity to prevent any future money issues.

Payback friends quickly and always maintain communication of the situation

When you take loans from friends, it is essential to repay them in time and to do it as quickly as possible. However, the future can be unpredictable, and things may go sideways. In such situations, it is vital to maintain an open communication channel. Since friends understand you, communication is essential in ensuring that the whole process is seamless. 

The only way out of debt is by repaying. When you take loans, be sure to repay them and do it at the agreed time if you want your friendship to last, pay the money you owe.

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