One of my granddaughters and her boyfriend have moved into a new place. My granddaughter was adamant they’d just have to pay a month in advance, but they also have to pay a month’s deposit. The trouble is they don’t have the money. Technically I could lend the money ,but it would leave me below £3k which is the minimum level of available cash I’d like to maintain.
I’m now feeling like a bit of a ■■■■ because I’m hesitating about lending some money to help them out.
If you can’t do it, dont.
It doesn’t make sense to put yourself in financial trouble.
Saying no to family is hard, but sometimes you have to.
I’d lend them the money but make clear to them it’s a loan and you really need the money back.
Can you loan them the portion you can afford? Maybe others can pitch in too and no one is out the full amount
From my own experience,
Know that money you loan out is money you may never see again.
Think of it more like a gift and then think about whether or not you can afford it.
Yeah I agree if you don’t want to fight over it it’s gone once you give it to them
I would split the loan with someone else that way they’re just not paying you back they’re not paying back the other person too
Also think about where her you want to talk to your granddaughter again. People who owe money and don’t pay usually stop talking to the other person
If they asked you that’s taking pride away
And I think you should do it.
This is a difficult situation !!!
I identify with the problem. I want to be a good person, but I have my own set of needs to consider.
I wouldn’t do it if I were in your shoes. I mean maybe I’m in a different position than you financially though. It’s your savings… It’s not selfish to take care of it.
Maybe you could loan them part of it. They say never loan more than you can afford to lose either psychologically or economically. I have a feeling you’ll have a very hard time getting the loan paid back, because your granddaughter will be wanting lots of things to set up house with.
Give it as a gift not a loan. She’ll be forever thankful
Maybe give part of it as a gift, and part of it as a loan.
Eh, I say give it to them if it won’t mess up your finances. Best to help others out if you can. Besides, what goes around comes around, right?
how much do they need?
About £880. 15 char
Do they have to pay that 880 or is that just her comfort level? Why is her comfort level more important than your comfort level to have the 3k buffer? I wouldn’t do it. You have your savings set aside for your needs, not someone else’s. Trust me the minute you lend it out something else will come up and you’ll be short.
Are they responsible in character? Do you expect to get it back?
@firemonkey I would do it as a gift and let them no its a one time deal , and they should try to do better later on down the line 