Financial disputes with friends – how to avoid

We all know how horrible it feels when you are financially stretched.  It is hard enough in a relationship with a spouse when you argue about cash flow.  But have you ever been in the predicament where you have fallen out with a friend over finances?

This latest report from Scottish Friendly shows that a massive seven million people or more have lost friendships owing to disputes about money, with those living in London being the biggest culprits.

It seems to be more of a male tendancy, with 17% of men saying they had cut ties because of a financial disagreement as compared to only 13% of women.

But how does this situation come about in the first place?

loans

As someone who has been in debt and is now out of debt I am proud to say I have never asked friends for money.  Although there may be interest costs involved, I would prefer to borrow if needed from a professional body rather that a personal friend.  Lifestyles and situations change quickly and I would hate to ever think I would lose a friend over something as petty as cash.

Calum Bennie, Communications Manager, at Scottish Friendly also comments…

“Helping a friend in financial difficulty may not always be about the cash. Sometimes, advice and support can be as powerful and lending someone money”.

This rings really true to me, often you just need a shoulder to cry on and some new ideas to help sort out any financial sticky points.

friends

If you are going to push ahead and borrow money from a friend, check out Scottish Friendly’s advice in the article about how to try and make it as business like as possible.

Hopefully then you can pay back the money and keep your friendship intact.

Nothing is more important that your friends, no matter how tough it seems.

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