These tips on how to loan money to your boyfriend will help you support him financially without regretting it. Financial loans are one way to show your love – but you need to protect yourself!
Before the tips, a quip:
“Be careful about lending a friend money. It may damage his memory.” ~ unknown.
Memory hiccups are normal in everyday life, and practically guaranteed when it comes to financial loan agreements and repayments! It doesn’t matter if you’ve been lovers for three months or three years; you need to take certain precautions when lending money.
If you and your partner aren’t on the same page about money and love, read Financial Intimacy: How to Create a Healthy Relationship with Your Money and Your Mate.
And, check out these five tips for loaning money to someone you love…
Are You Loaning Your Boyfriend Money? How to Protect Yourself
These five tips for lending money to lovers will help you both remember the terms of your financial loan without wrecking your love relationship.
Ask why your boyfriend or girlfriend needs the money
Before make a financial loan, find out what the money is for. This may help you decide whether or not you should lend the money. Only lend money for vital reasons: paying the rent, buying food, paying bills, taking care of children’s needs. Never loan money for plastic surgery, vacations, or other luxuries. If you don’t agree with the reason your partner needs the money, find other ways to support him or her.
If you fight about money, read 4 Tips for Talking Finances.
Be “mean” – and draw up a contract
Even thinking about a contract or signed agreement raises questions about trust and love relationships — but you have to get your financial agreement in writing if you’re lending money to your boyfriend or girlfriend. A moment of discomfort while you and your partner agree on the loan terms and signs the contract is much better than not remembering how much money you loaned to your friends or family members later! You don’t want to get stuck with debt later on.
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NEVER loan money if your boyfriend and you struggle with these signs of a bad relationship.
Put everything in the financial agreement or contract
Even if you’re convinced that you can attract financial abundance even if your partner never pays you back, you need to do everything you can to ensure your money returns to you. This tip for loaning money to someone you love involves being very specific:
- How much money you’re loaning
- Whether you’ll be repaid in full or with a payment plan
- The dates of the loan repayment or payment schedule
- What will happen if your partner doesn’t pay the loan on time
- What – if anything – you’ll take in lieu of payment (a car, housekeeping or renovation services, etc)
Remember: email and text messages are legally binding contracts
You can loan money to your partner even if he or she is in a different country; you don’t need their signature on the loan agreement. Make sure you describe the terms of the loan in your email or text message – and make double sure that they respond with an email or text message agreeing to the loan terms.
Get a witness to sign your contract
If you have a contract signed by both parties, you don’t need a witness…but it can’t hurt! If you should have to sue your lover in court for the loan repayment (and it happens all the time!), a witness can be valuable in helping you win your case.
If you’re worried about financially helping your lover, read When It’s Not Smart to Lend Money to Someone You’re Close To.
If you have any thoughts about lending your boyfriend money, please comment below…