Green Panda Treehouse

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Photo Credit: Pwbaker

Lending money to friends and family is a tough situation. Perhaps you want to help someone with a geniune need, but you’re not sure if they’ll actually pay you back. Both parties are put in a tough spot. How do you handle it? Well, since I think most people are inclined to want to help out, I include some cons to loaning money. It’s up to you to weigh the options and come up with the right answer for you.

Some Reasons NOT to lend money.

1. You can’t afford to lose the money. If this loan will be a strain on your finances and family, then don’t loan money.

2. You will not be able to see your friend in the same light and it puts a strain on your friendship.

3. Your friend will keep looking for a way to repay due to guilt or they’ll resent you for giving the loan.

4. You can become an enabler of his/her bad spending and non-savings habits. Some people just don’t budget well and giving them money will not solve that problem.

What you can do:

• Don’t loan them the money. If giving them money would make it worse, then don’t loan them the money.
• Give a smaller one time gift. Remember give what you can lose. It removes the tension of being in debt to someone without you going in debt.
• Share with them some ideas on how you budget. Sometimes it’s a matter of helping one learn to fish. Without pulling out numbers, just show them the basics of budgetting. Be careful with how you approach them with this. Nobody wants to feel like a fool.
• Share with them some ideas on how you cut costs. Be tactful and show them what money saving habits you’ve developed.

If you do loan the money:

• You have the right to have it put into writing.
  • Include how much is going to be repaid, how much each payment is, and how frequently they’ll pay. It’s not just a protection for you, it’s to help clarify what the plan is.
  • Having this can reduce having awkward conversations.
• You have the right to know why you’re loaning them the money. Is it for neccesities or it for vacations or a business venture? Obviously having this information will determine if you loan the money or not.

It’s ultimately your decision, but please consider it carefully. Have you given or received a loan between family or friends? How did it turn out?

Some references:

• Lending money to a family member
• When Should You Say No to Those Who Want to Borrow Money from You?

Photo Credit: A Princess

Yesterday my husband and I got a washer and dryer for the apartment. The total cost was around $190. We got the pair from Craigslist for $150. We asked a friend if we could borrow his truck and we paid $20 to cover using his gasoline.

The gentleman who sold the washer and dryer kept them in good condition. His wife just bought a new set and they needed to get rid of the older one. We just needed to get a new hose for the dryer and another hose for the washer. That was about $20 to get them from Lowe‘s.

The hardest part was getting it to our apartment which is on the third floor! To be honest, my back is a bit sore from the move. A kindly neighbor helped us move the washer, which was very much appreciated.

Installing a washer and dryer wasn’t too bad. You just need to put the hoses and plugs in the right spots. I’m happy we got this used set, as the cost of renting one for the apartment would be $20/month or more (depends on who you rent it from).

Since I’m relaxing at home for a bit, I decided to share some of my favorite post from his week:

• Gather Little by Little exposed credit cards companies with the secrets they DON’T want you to know.
• The subprime mortgage crisis is discussed at My Investing Blog in the form of an interview.
• CashMoneyLife has 9 Tips to Save Money on Your Next Computer.
• No Credit Needed has a wonder way to curb impulse spending. It’s the The $100-A-Day-Rule.
• Prime Time Money is celebrating with a $50 Giveaway! If you haven’t subscribed to this wonderful blog, please do.
• Do you like to travel? Plonkee has 21 resources for budget travel.
• Mrs. Micah has advice on learning to love water. I’m still working on that….. 
  
• Moolanomy has found 25 Ways To Save Money On Health Care.
• Jake was able to get his payment reversed and his interest rate lowered.

I hope everyone’s weekend is going well. My brother is coming to visit this afternoon so I’m looking forward to hanging with him.

Photo Credit: fweez

I’ve had my (baby) cat for about five years. I got him while I was still in school, which meant I did not have a lot of money to play with. He’s been healthy and for the most part happy (he’s a bit mean at times). I’ve set aside money in my budget for him and it has worked so far. Now that I’m married and my husband has adopted my cat, there are two people looking out for him.

Having a pet is not cheap, so if you’re struggling to make ends meet and want a pet, please wait. Even though there are ways to cut some expenses down, it cost money to take care of an animal.

Find a good and affordable veterinarian

If you’re low income, consider speaking to your local animal shelter. Some of them have clinics with reduced fees for vet visits and commonly used medications for lower income families. Also ask around for more information on vets in your area. A good vet can save you money if they can diagnose the problem early.

Also don’t be afraid to ask the vet if you can workout a payment plan. Some are willing to work with you if you’re upfront.

Consider a healthcare plan.

PetSmart also has the Banefield clinics which are supposed to be affordable to most people. They also have a monthly health plan that covers many common appointments. I haven’t used it, but my sister swears by it.

Keep your pet up to date on vaccinations.

Some cities sponsor events that offer vaccinations at lower than normal costs. Take advantage of such programs.

Vaccination Recommendations for Cats

• FVRCP(Panleukopenia, Rhinotracheitis, Calicivirus, Chlamydia)
• Rabies
• Feline Leukemia (FeLV)
• FIP (Feline Infectious Peritonitis)