One of the most common misconceptions surrounding OFWs is that you are rich. You earn in dollars and with the existing peso-dollar conversion (P52.00 ++), money is easier for you. Because of this, many relatives and some friends decide to turn to you and ask for help – financial help. No thanks to the so-called utang na loob, it’s hard to say no to them even if the money is intended for you family.
This is the challenge: should you send money to friends or relatives when they asked for help?
The answer is it depends. It should never be your habit to let anyone borrow from you anytime they need it. Nonetheless, here’s what you can do if a friend or relative sought for your help and borrowed money:
First, be a good listener and listen to their money issues.
You can’t just say no instantly. You need to genuinely listen to their problem first that led to money issues. You need to know where they plan to use the money IF you will let them borrow. Listening to their concerns will help you gauge whether that person is worth lending.
Then, tell them you’ll check your finances.
Money is something you work hard for. This is why you should never let anyone borrow from you when they need it.
If a friend asks for help, tell him/her that you’ll think about it. Explain your situation since you have a family to feed as well. Let them know that you have other responsibilities and a strict budget to follow. At this point, do not promise anything yet until you are sure that you have extra funds you can lend.
Decide whether to lend money or not.
That friend or relative is waiting for you. A day or two of making them wait for your decision is fine, but if you are certain that you cannot lend them money, then you need to tell that person right away.
If you decide to lend money to a relative or friend –
Ensure that the money will be used for the said purpose. Consequently, make sure to set payment terms because you and your family need money as well. Agree on a particular date on when s/he should pay and how the money will be paid. Nonetheless, you have to be ready for the consequences.
There is a possibility that this person might “forget” about the money borrowed; hence repayment won’t take place. Don’t be embarrassed to remind that relative or friend to pay because that is the money you worked hard for, especially if it’s already the agreed date of payment.
If you said no –
Be ready for grudges. You’ll be hearing statements like, “Noong ikaw ang may kailangan …” or “Tulungan mo naman kami kasi binabantayan namin pamilya mo,” so be ready for it. Some would even insult you for not allowing them to borrow money from you, so make sure you are prepared for that.
Nonetheless, it is important to be honest on why you cannot let them borrow money. Explain your current situation and the current standing of your family when it comes to expenses.
Still, don’t feel bad. True friends are those who understand your situation. If they ended up putting you down just because you can’t lend them, then it is best to kick them out of your life. You don’t need that and just focus on what else you can do to improve your family’s financial situation.