Friends and Finances: Are Your Pals too Close to Your Pockets?

April 10th, 2012 - By Toya Sharee

Like marriages, many friendships have met their demise over money.  There’s nothing like an unpaid debt or a business venture gone sideways to make you forget all of the time and emotion you’ve invested into a friendship. It’s usually best to avoid allowing your pockets and your pals to become too close, but inevitably there will come a situation where money may have you and your friends acting funny.  In order to save your hard-earned cash and avoid any hurt feelings, try following these simple rules:

Source: ehow.co.uk

1.  Never lend money you can’t afford to lose.

I’m the kind of friend who will lend a friend a few dollars if I have it to spare.  But never keep your bills balanced on the good word of a friend.  Even friends with the best of intentions may experience unexpected setbacks that could leave you in a panic and your bills are past due.  Make sure you have enough to keep yourself covered in case, for whatever reason, your friend’s promises fall through.

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  • KM320

    I love this article because I lost one of best friends over money. She used to give me money when I was in financial trouble even when I didn’t ask. but when I finally got financially stable to pay her back, her resent had already sunk in. If I could take it all back, I wouldn’t have borrowed a penny, and I’d still have my best friend.  All I can do now is learn from my lesson.

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  • AnnaX

    #5 couldn’t ring any “truer” for me. In 2010 a friend stopped all communications (fb, bbm, calls, text) because I couldn’t afford the yearly trip to the caribbean. As if I wasn’t depressed enough that I couldn’t afford it while everyone else could I had to deal with my friends attitude as well. I really didn’t understand then and still don’t. We made up though so… I have lost a frienship over lent money. Instead of giving back the money the person was “balling” partying up every weekend and sporting new clothes ever so often and when I brought up the money their response was always “you acting like that over a $100??” Now whenever asked for money I remember “which is more important the money or the friend?” Cause its a high possibility you’re about to lose one of the above.

  • Mocha_687

    This is excellent advice. I know far too many people who are careless with their money, and unfortunately, some are friends and many are family.  I don’t disclose my salary to anyone, but people know that I have a job and I’m saving up. I don’t shop often and I’m not in anybody’s club making it rain. The first time someone asks me for money (nothing substantial), I will usually give. The second time, it’s not happening. “Ahhh I don’t carry cash on me” is my favorite line to use, haha.