4 things to consider before lending your spouse money
As uncomfortable as money talks are, it is important for you to ask these questions..
Whatever they may need or may be going through, you are always going to be there for your partner.
Now we all know how awkward money talks can get especially when it comes to borrowing and lending it to someone – so what happens when your partner comes a little bit short in the finance department and asks you for some money?
Should you give it to them without any questions? Should you ask him/her whether they should pay it back?
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As uncomfortable as such questions may be, they do help in avoiding future disagreements or harboring bad feelings towards your partner for not paying back the money you lent them.
Here are some completely normal things to consider before lending your partner money.
1.Always find out what they need the money for
You may be tempted to just give your partner the money – no questions or rather very few questions asked – and barely get into the nitty gritty details from them.
What do they need the money for? What happened to their source of income? What happened to their alternative sources of income?
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Awkward but necessary to know. It is not a matter of being stingy or not wanting to help out your partner when they are need but simply just wanting to get some information before deciding whether to give them the money or not.
2.Always give out an amount you are willing to lose
If you are satisfied with your partner’s reasons for needing the money and decide to give them the money it might be a good idea to lend them an amount that you are comfortable losing.
You may have both decided that your partner is going to pay you back but sometimes they may fall short on doing that too – it happens.
Giving out money that you are willing to lose is especially helpful when you find yourself in a tough financial spot and in case your partner is not able to give you back the money they borrowed.
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You had already planned out that in case you do not get the money you gave them back, you will still be okay because you planned yourself in advance.
3.Are they going to pay you back?
Speaking of paying back money, it is very important to find out whether your significant other will pay you back or whether they are asking for a more permanent loan.
4.How does your partner spend his/her money?
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Your partner may not be the best when it comes to managing money and this is something very key to note when deciding to lend them money.
Will they use the money for what they have asked for or will they get a bit too excited at having the money that they spend it on something completely different?
Take your partner’s spending habits into consideration and if you feel like they are going to misuse the money then simply let them know that you will not be giving them the money because of whatever reason.
And when you do break it down to them that you will not be giving them the money, always be gentle but honest with your reasons.
At the end of it all, honesty is key when it comes to money matters in a relationship.
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