Loaning Cash to Family and Friends- Prevent Soft Loans from Ruining Relationships

Loaning cash to family and friends is nothing out of the ordinary. At one time or another, some of us may find ourselves considering extending a helping hand to a friend or relative who is in trouble financially. Before you do this, there are a few things to bear in mind.

What purpose will the money be used for?
If the money is to be used in a business venture, ask your friend or relative what kind of plan they have for making a profit from the business. You will have a better idea of just how much planning they have been doing. You will also know how to better help them, if the plan is sound. Ask what the money will be used for.

What is the person’s financial history?
Is the person borrowing money because they are genuinely going through hard times, or are they less careful with money than you would prefer? Someone who is very responsible in one area of life may not be as adept in another. Know where the person’s strengths and weaknesses are, so you know what to expect from them. Let the person know what your expectations are of them with respect to the loan.

Is this money that you are considering lending, money you can afford to lose?
No matter how faithfully your friend or relative promises to pay back the money, bear in mind that their expectations of the future might not bear fruit as they would want. Sometimes this is through no fault of theirs. Things can just go wrong.

If the unexpected happens, can you afford to lose this money? Will you still be able to maintain a positive relationship with this person? Don’t lend more than you can afford to lose.

When will the person pay back the loan?
Asking this is very important. For one, it reminds the relative or friend that you do expect the money to be repaid. Secondly, if the friend or relative has no immediate answer, it may be an indication that they hadn’t thought about it.

There’s a reason why some people advise against lending money to friends; it can break the friendship. However, it is hard to see a friend in need and not assist. Get the individual to sign a personal loan contract. Make sure you do what is necessary to protect yourself if you decide to help your friend.

Pay Less By Using a Limited Data Plan With Your Android Phone

People with Android phones often look for ways to pay less to use their phones. Nowadays, no one really wants to spend money unnecessarily. Whether you pay your phone bill or your employer pays it for you, it’s important to keep your costs as low as possible.

 

Consider using a limited data plan if you don’t use a lot of video or graphics every month. People who have limited data plans save money by staying on these plans. The drawback is that when they reach their limit, they cannot use their phones as they would like.

 

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It is easier to maximize the benefits of using a limited data plan if you are able to keep track of how much bandwidth you have used. This is not easy if you are just trying to keep things in your head. For one, there are programs that often run in the background that you completely forget about.

Consider using an app that makes it easy to keep track of the amount of bandwidth you have used. These apps make it simpler to track data usage. Data manager apps are usually available at a minimal cost and allow you to use your Android device more effectively and save money.

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