Mixing friendship and money can test even the strongest bond. Miriam Cross has great advice on how to handle money issues between friends. “If, after careful consideration, you’re still uneasy about lending the money, phrase your refusal politely but without leaving room for negotiation or delving into the details of why you’re saying no. Pamela Eyring, president of the Protocol School of Washington, suggests saying something like ‘it’s my personal policy not to lend money to friends or family’ or ‘I’ve had bad experiences with ruined friendships, and I don’t want that to happen to us.’ Then brainstorm other ways your friend could come up with the cash—say, by referring him to a freelance job or showing him how to sell on eBay. If you decide to lend the money, insist that you both sign a promissory note. Explain to your friend that clarifying the terms of repayment on paper will help preserve your friendship.” (kiplinger.com)
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