Best Ways of Refusing to Lend Money to a Co-Worker

‘Friendship and money-oil and water’ are the words of the famous author of The Godfather, Mario Puzo, however it is a quote that is equally pertinent when it comes to monetary dealings among co-workers. There is always a chance that an individual might find himself in hot water financially and quite often the only option in their mind is to turn their colleagues for help. However, more often than not a financial transaction of this sort between colleagues does not end well and hence one should avoid such transactions as much as possible.

There are several reasons why it is not the best idea in the world.  However, it is also a fact that people often struggle to refuse lending money to a colleague. This article presents 3 effective ways in which you can wriggle out of such a situation without damaging your personal equation with the colleague in question.

#1 Flat Refusal

It is always a good idea to refuse bluntly but politely so that there are no hard feelings, however this is a method that should only be applied on those with whom you might not have ever spoken to at work. In a large office there are plenty of such people who might be unknown to you and the best way to tackle them is to let them know your position straightaway. Most people understand the situation and do not harbour a grudge.

#2 Self Depreciatory Approach

Now, if a colleague whom you know well or someone who is in a higher position as compared to yours approaches you for a loan then you would really struggle to refuse that person flatly. However, when you find yourself in that sort of a pickle, you can always resort to self depreciatory humour in order to wriggle out of the situation. You can tell the person about the imagined financial crisis you might be going through and how you had to borrow money from your relatives to make ends meet during that particular period. Tell them that you would have certainly done your bit if you did have the money to lend them. Additionally, this sort of an approach does not make you come across as superior in any way and that is something which would certainly go down well with a long term colleague or a person in a higher position.

#3 Tell Them That Your Expenses Have Spiraled Out of Control

The third one should only be used when the first two do not apply, that is in a situation in which the person might have been your co worker for long but he is not someone whom who know too well. In this case, it is difficult to follow rules 1 or 2 since you are neither too familiar with that person not are you unaware of his existence and hence the best way of going about it is to tell him that you simply do not have the money due to mounting expenses. This disclosure leads the person to think that you have been particularly friendly in your refusal by telling him about your situation and also saves you from the anguish of lending money to someone who you do not know well.

At the end of the day, the primary objective is to protect your money on one hand and also to protect the relationships that you might have with your colleagues. The three different approaches discussed in this article helps you in accomplishing both those objectives and would ensure that you never lose sleep over the money that you might have loaned out to a colleague.