Money can be difficult to talk about. It's even harder to figure out how to politely refuse to borrow money. Perhaps your friend wants to open her own business and needs additional funds. You don’t want to offend her, but you don’t have extra money. What to do?
Content< /i>How to politely refuse a loan of money: build resilience Save the offer for later How to politely refuse a loan of money: explain that you are on a limited budget Practice saying “no” Be honest
Unfortunately, out of fear of appearing rude, many people make financial decisions that are not in their best interests. WomanEL will help you prevent this and teach you to say a firm “no”, as well as avoid expenses that are not included in your budget.
How to Politely Refuse to Lend Money: Build Resilience
“At first glance, accountability, setting boundaries, or even budgeting may seem like the answer. But my clients have taught me over and over again that the ability to stick to a budget, a boundary, or a goal is the result. What we too often lack in our financial lives: sustainability,” says Hannah Morrell, holistic financial coach at Pacific Stoa.
Morrell suggests exposing yourself to small challenges intentionally and often with little or no risk. One couple had to learn to refuse group gifts they couldn't afford. By practicing the phrase “our gift budget is exhausted until next year,” they learned to control themselves and prepare for any criticism for not participating.
“By focusing on intentionally exposing ourselves to the slightest discomfort, we become more rigid,” says Morrell. Over time, you will gain resilience and be able to say “no” without feeling guilty when you cannot contribute to something financially.
Save the offer for later
“One of my favorite ways to say no is to delay the proposal,” says Forrest McCall, owner and blogger at Don’tWorkAnotherDay. The best thing to do is to say something about how much you appreciate the offer, but now is not the right time, and you will come back to it when the time is right. This will allow you to gain time and regain control of the situation.
How to politely refuse a loan: explain that you have a limited budget
Tell the person that you have a limited budget and you can't afford that amount, Source: freepik.com
“What I find most helpful is letting people know that I'm on a budget,” says Peter Shapoval, a financial advisor at Northwestern Mutual in Minnesota.
When his good friend wanted to visit an expensive restaurant, Shapoval realized that it was not in the budget for that month. “I told him I couldn’t go because my budget didn’t allow it. But if he wants, I can reschedule the meeting to a later date.”
Practice saying no
< p>“It's hard for us to speak up and say no because we don't want to hurt anyone's feelings,” says Joshua Gerstler, owner of FCA The Orchard Practice, a small financial planning firm.
“It sounds stupid, but just practice saying no. The more you get used to saying it, the more natural it will become.” Plus, you don't have to be rude; you can set boundaries and politely say no.
Be honest
When all else fails and the salesperson takes “no” as an invitation to try harder, try to be honest. “I always think honesty is the best policy in these situations. You have to remember that everyone is human, and they will show some sympathy for you if you directly say that you need to move in a different direction,” says Ethan Taub, CEO of Goalry and Loanry.
Instead To expose yourself to financial hardship, just be honest about your money and try to offer the truth—or the easy version of it, like, “I just can't do it right now,” “It's a little out of my budget,” or “No, I can not”. There are no counterarguments to this. If people are reasonable, they will no longer bother you about this. This applies not only to annoying sellers, but also to people who want to borrow money.
In terms of money, this year will be successful for 3 zodiac signs. Perhaps yours will be lucky?
