Saturday posts during March focus on decluttering your finances.

Here’s a biggie.

Have you borrowed money from a friend or family?
Do you have an articulated plan to repay them, and are you sticking to that plan?

If you’ve borrowed and don’t have a plan, or have one but don’t stick to it, it is costing you.

It is costing you the value of your word. This means that whenever you say anything, you will not be taken as seriously anymore by those who know you have not kept your word about the loan.

It is costing you your relationship. The other person may be gracious or not making a big deal about it, but you can bet that inside, some amount of damage has been done. Check the comments on a previous post of mine.

It is costing you your self-respect. There is no way that you can borrow money from a friend or family member and not repay it without that fact taking a toll on your self-esteem. Not having and keeping a plan to repay it is immature and even cowardly.

Here’s your challenge. Do a mental scan of the past several years. Do you owe a friend or family member? Don’t be “that guy”. Own the situation. Make the call. Send the e-mail. Do it now.

Photo Credit: Roel1943