In this growing society, money is an essential part of our lives. Almost all of us are controlled by it because it feeds our family and us, lets us buy things that we want, lets us pay our bills, and more. Money is something that we need to support our goals in life and daily necessities. It is not surprising that we tend to be short of money when emergency cases are happening in our lives, making us borrow from different people to complete the amount needed. But we must also be cautious of who to borrow from and ask because it might stain our relationship. It is embarrassing enough to ask our family and friends for money, but even more so when we borrow from a colleague. Check out these tips and good reasons to ask for money.
What Are Good Excuses To Make When Borrowing Money
Your excuses will be the definitive reason why they will let you borrow money, so it must be something that can make an impact. If your excuses are not in line with the amount you ask from them, don’t push your luck. If you are asking for a huge amount, then your reason is that you want to buy a newly released bag in the mall, then please don’t waste time in borrowing.
1. Hospital Fees
Many emergencies are happening daily around the globe, and it will not be surprising if you or someone close to you is one of the victims of those emergency cases. We all know those hospital fees are costly, and most of us have a hard time trying to pay them off. We end up getting anxious when we see that huge amount on the bill, and we start to think about where we are going to find the money for that.
This is one of the common excuses used to borrow money from people. We often have a soft spot for those who have trouble paying their hospital fees since many of us understand how it feels like to struggle financially because of a loved one being hospitalized.
If you are a parent, you can use it as an excuse, especially when you are a single parent. Nowadays, tuition fees are one of the major reasons people struggle financially since a big percent of the working population are from parents.
2. Tuition Fees
When using this as an excuse, you might have a better chance of borrowing a big amount of money from family-oriented people and those who already have a family of their own.
3. Bills Payment
You can use your house bills as an excuse. It’s tough to manage your house bills when there are many different bills you are also paying. Even though this is not really used often, but this is also an appropriate excuse.
It’s a tough moment your electricity or water got cut off just because you could not pay in time. You will not be able to function and eat well if your house is not properly maintained.
4. Travel Fees
When you have a loved one in a critical condition and is in a far place, you will need to borrow money from those close to you. Sometimes the money you can get from family and friends will not be enough, so you will need to ask your colleagues to complete the amount. This also applies when you have an urgent business or activity abroad, and you’re short of money.
During this pandemic, we are all struggling to find a job that can give us enough money to spare for our family. A lot of us are thinking of innovative ideas to get us through this battle. One of those ideas that are very popular right now is opening your own business.
Asking people if you can borrow money to have a starting budget to open a small business is trending nowadays. It’s also not a loss for the one lending since they can have a part of the income when the business booms. It is a win-win situation that can make the both of you benefit from each other and not just a one-sided thing.
People are dying every day, and the worst part of it is when it suddenly comes to your loved ones without any notice. Buying a coffin and every necessary documents and arrangement for the funeral costs a lot of money and effort.
It’s enough to make you go crazy because someone you loved just died, and you don’t even have the time to mourn because of all the things you need to take care of, and you even have to worry about where you can get enough money for all of it.
You can ask the whole company to donate any amount they can give for the funeral. A lot of companies are willing to donate when it comes to emergency cases like this.
7. Job Hunt
This is not used often since there are only a few people who no longer have money when they are about to leave the company. But when you already spent your last income on something important and have to find another job since you no longer have enough time to stay in the company, this can be a good excuse.
Who To Borrow Money From
The person you are going to borrow money from is significant. You can’t just go around and ask people if they have money to lend you without even knowing them. They might think that you’re scamming them for it. You also can’t go straight to your boss and ask for money because that will even be more embarrassing to do unless the two of you are close enough to be bold to each other. Here are some tips on who to borrow from!
1. Someone Close to You
It’s hard to borrow from someone that you don’t even know. The chances of them lending you a hand will be very slim since they will instantly think you will not pay them back. It’s a no brainer that you should first consider running to someone close to you when asking for money. They will always be the easy ones to talk to since they already know you. You can explain your financial situation to them better since you will feel more comfortable talking to them. When it comes to people close to you, you have to be careful about asking because it may lead to a broken relationship if you cannot pay them in time.
2. Someone with Enough Money
You should first make sure that the person you are borrowing from is someone who has enough money to spare. You can’t just ask someone when you know that they are also having financial trouble. That would be really inappropriate and inconsiderate. You can tell just by the looks of a person or how they live if they have enough money to lend you. If they are someone who always buys things or if they often eat in fancy restaurants, then you can try asking them if they can lend you money.
3. Someone Who Lends Money
It’s hard to find someone who lends money to anyone who needs it. That’s wishful thinking. But there will always be someone kind enough to lend you when you are in dire need of it. Some people lend money, but they tend to make sure that you pay it back in time, so they add some interest to the amount you ask. It’s like a loan from a colleague. If you have no options left and you really need to have money immediately, then these are the kinds of people you would want to seek out. You need to pay them back with interest. But be careful if you cannot pay in time, then expect an increase in the interest.
How To Reassure Them
If someone says that they want to borrow a big amount of money without reassurance, that is not believable, and you will only have a slim chance of borrowing money. You have to make them see that you have every intention of paying them back and that you are asking them because of a justifiable reason. Here are the steps you can take to make them see that you can be trusted.
1. State Your Reason
Everything starts with a reason. There will always be a reason for every problem that arises in our life, and that is what you need to relay to the one lending you. The ones lending you money will always ask for a reason, which is enough for them to give you enough money. You also need to give them an honest reason because many of them will know if you’re lying. Remember that people are reluctant to lend money since it’s a gamble to pay them back or not, so it’s better if you are honest when giving out reasons. They will also depend on your reason if the money you are asking for is too much or just the right amount. They will consider it when it comes to deciding how much they are going to lend to you.
2. Amount of Money
This is the most important part of borrowing money. As I said, they will be reluctant to give out money, so most of them will often back out when you’re asking for a huge amount. Remember that you must also consider their financial situation before asking for a huge amount. When asking for something big, you must also think about who you are going to ask for. You must consider the most capable person to lend you that amount of money. You can also consider dividing the amount to different people so that they will not be burdened by the amount you are asking from them.
3. Set a Date
When you are borrowing from them, you must also tell them when you will pay them back so that they can feel reassured that you will pay them back. This will also give them something to look forward to. If the date you gave is just in a short time, they will feel more at ease. For example, if you were borrowing money today and said that you would pay them in two weeks, you will have a better chance. But if you said that it would take months, then that is something that they will first think deeply about.
4. Make a Promise/Contract
For some people, a promise may not hold any heavy attachment to it, but they can hold on to it for friends. So when you promise them that you will pay on that specific date with that amount, then they will believe you for the sake of the bond you both created. But if you want to make them feel safer, then a written contract is what you need.
A contract is something that can assure them that you have every intention of paying them back. It is not just a piece of paper that has something written on it, but it is a paper that indicates an agreement between two parties. It makes them feel reassured because of the contract’s consequences if you were to fail in paying them back.
If you can see that the person you are asking is wavering, you can tell them that both of you can write a contract to know that your intentions in borrowing are pure and without malice.
What To Avoid When Borrowing Money
Borrowing money is like a game wherein there are many landmines planted with every word that comes out of your mouth. You can’t say that you want to borrow money and that you will pay them back someday. It does not work like that. You have to consider the tips I mentioned to gain their trust. Now, I have here some of the things you have to avoid when borrowing money.
1. Don’t Pressure Them
Most of us don’t really like to be pressured. It’s a heavy feeling when our boss or our co-workers are pressuring us. In short, the pressure is the last thing that you want them to feel from you.
Don’t be persistent when you’re borrowing money from them. That will only annoy them, and it will lead to them not giving you a chance even to explain your situation. Please don’t follow them everywhere or bring up the money problem every time you have a conversation. The last thing you want is for them to avoid you because of that completely.
When they said that they would think about lending you some money, don’t try to pressure them by asking again and again if they have already thought about lending you some. They understand that you badly need their help, but they will lose interest in helping you if you act like that to them. Remember that you are trying to get their help and not push them away.
2. Don’t Lose Communication
Communication is the bridge that connects people to understand each other, and that is what you need to maintain. If someone lets you borrow money, you have to make sure that you are still communicating with each other because it can assure them.
Communication does not mean that you have to update them every single day about the money. It means that you can have a friendly chat with each other once in a while so that they know that you are not running away with their money in hand.
It will make them doubtful if you suddenly stopped communicating with them after they gave you what you wanted. Communicating with each other is beneficial for the both of you since you can still maintain your friendship.
3. Don’t Ask for More
If they said that they only have that specific amount to lend, you must stop there and accept it. It would be best if you did not ask for more than what they can give. You must be considerate and also think about their situation and not just yours.
Be thankful that they are even lending some to you, even if it’s just a small amount of money. Gladly tell them that they have been such a great help to you instead of persistently asking them if they can lend you so much more. This is when you can borrow from different people to feel too pressured by the amount you wish to ask of them.
4. Be Aware of Your Timing
Timing is critical on every occasion. You have to learn to read the atmosphere. If someone was clearly stressing out about something, don’t even bother coming up to them and asking to borrow money because they will surely give you a piece of their mind. If the person you are targeting is currently having fun or a serious conversation with someone, don’t bother butting in and waiting for your chance. You have to make sure that your timing is good before charging into them and asking.
Finding the perfect timing is a bit hard since you will have a hard time asking them. You have first to strike a light conversation, then open up about your situation and how you are struggling about it right now, then that’s when you ask them if they have enough money to lend you.
It would be best if you never asked them directly. For example, you just saw them come in, and your first words are, “please let me borrow some money.” It is not the first words you would want to hear from someone. You have to be cautious and think about how they would feel if you said it like that.
5. “No” is an answer
When they said, “I’m sorry, but no,” then you have to let it go. It would be best if you did not push them further. “No” is an answer that you must accept because you must expect that not everyone that you ask is going to lend you some money.
Some people have money but won’t give some for their own reasons, and you must not stress them out by saying that you know that they have something to give. We don’t really give out money since it is our support in this civilized world. It would be best if you did not agitate those who say “no” because everyone has different circumstances.
It is easy to come up with excuses to ask for money from your colleagues since many of them have also experienced what you are going through. You have to make sure who you ask to borrow from. You have to make sure that they have extra money to lend you, and do not pressure them to give you some when they already said “no.”
Remember that you must reassure them by communicating to them and setting a date on when you will pay them. If they are still having doubts about trusting you, you can suggest a contract to assure them that you are willing to keep your end of the deal. Use this article as a reference if you are about to borrow money from a colleague.