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How To Be Smart About Lending Your Boyfriend Money

By October 5, 2020January 15th, 2021One Comment
How To Be Smart About Lending Your Boyfriend Money

Typically, I’d say it’s never a good idea to lend a boyfriend money. But sometimes you just can’t or don’t want to say no to your boyfriend. Some people argue that financial loans between couples are one way to show your love and support and I can’t argue with that. Even so, you need to protect yourself by being smart about lending money to your boyfriend. So, if you do decide to help your boyfriend with a loan, here are some tips to remember:

Use past experience

Experience is the best teacher. If you have in the past lent your boyfriend money and he didn’t make the effort to pay you back, then you shouldn’t bend over backwards to lend him money. And if he did pay you back, how was the experience? Did you have to nag him or did he pay it back willingly?

Do it for the right reasons

What re your reasons for lending your boyfriend money? Is it because you feel like you can’t say no even though it will leave a dent in your bank account? Are you lending him money just so that he can stay in your life even though the relationship is dead? These are just some of the many hard questions you should ask yourself if you want to be smart about lending your boyfriend money.

Know why your boyfriend needs the money

Before you lend him money, find out what it’s for and make sure that it’s true. This may help you decide whether or not you should lend them money. Only lend your boyfriend money to help him survive. Never lend money for vacations, buying luxury items such as a car or watch, financial investments, gambling, or video games. If you don’t trust your boyfriend to spend your money wisely, say no and find other ways to support him.

Ask your boyfriend to sign a financial agreement or contract

This might be the hardest thing to do because it will look as if you do not trust your boyfriend. However, if you are a bit uneasy with lending him money or if it’s a big amount of money, make him sign an agreement. This is probably the most efficient way of being smart about lending your boyfriend money because in case of anything you can always take it up with the law.

A lawyer friend of mine says that to ensure the contract is enforceable in a court of law in Kenya, it’s important to always involve an attorney. Paying an attorney to oversee the drafting and signing of a contract is a small price to pay than losing huge amounts of money. A moment of discomfort while you and your partner agree on the loan terms and sign the contract is much better than losing huge amounts of money later! You don’t want to get stuck with debt later on.

Keep receipts

While you might have signed a contract or a financial agreement with your boyfriend, a court may ask you to produce evidence that you did in fact lend your boyfriend money. Therefore, make the transfer from bank to bank or on mobile money. This will make it easy to produce evidence if a judge requires proof of the money loaned.

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