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The Magic Number: How Much Should I Send My Loved Ones During the Pandemic?

Coronavirus has affected millions of Filipinos around the world. Many have experienced significant financial losses; others have lost their jobs. Because of such, some of your loved ones may turn to different financial institutions to help themselves and provide for their daily needs. But the problem would be, those institutions can’t give much flexibility in loaning money. Their second option would be borrowing money from you.


It would be fortunate for them if it’s amenable for you to lend them a substantial amount of money to help them get through the crisis. But it’s also natural if you have second thoughts on lending money because lending money can turn awry. On the one hand, it’s terrible for you if they won’t be able to return the money; but on the other hand, you’re helping a family member get back on their feet.


If you decide to help them out, the question that’s probably running in your head would be, what’s the fair amount to lend anyone during this difficult time?

According to the New York times, before sending money to someone, you should first reflect on what your intention is—if it’s a loan or a gift. If it’s a loan, you should advise your loved ones the terms of lending him money. You may tell them that he can give back your money as soon as he already has a new job or clearly state that you will need the money at a particular time and if he could pay you back by that time. It’s important to tell them these kinds of things as many families are almost torn apart just because of money.


In any terms, you should prepare for lapses. It’s because lending money can have certain consequences that may occur after.


Let’s say that you have six months of emergency money.  If you gave two months of it to your sibling who was laid off from his work, don’t expect him to pay you back soon because it’s unsure whether your sibling can find a new job within two months. You should also have extra money for yourself should your brother fail to pay you back at the agreed time.

If you’re not comfortable with that kind of setup, you should ask yourself if you can afford to loan a loved one. Moreover, you should also probably consider planning before lending some money. Set clear payment terms before giving your loved ones a loan. It can help you clarify the appropriate amount to be remitted during this pandemic and the time you want to get your money back in full.


You must know when to draw the line in lending money. It’s nice to provide when you can, but if you also have your own liabilities, it’ll be smarter to make sure that you’re able to cover yourself first. It will be better for you to be honest with your loved ones or relatives about your current financial capabilities, so they’d understand. You don’t need to bleed yourself out just to accommodate everyone.


It might be awkward, but it wouldn’t be nice if you can’t pay your bills just because you’re trying to be generous when you couldn’t afford it. If you think you have more than enough, then that’s when you can extend your help to anyone.


Furthermore, there are also alternative ways to help if you can’t lend a lot of money to your loved ones.


For instance, your brother didn’t lose his job, but his company cut his salary as they experienced financial problems brought by the pandemic. In this case, if you can’t afford to send him money, you can lend him your vehicle temporarily, so he can use it to go to work. If he needs an internet connection, you can let him stay with you for a while to continue his work remotely. You may also consider sending him some food necessities to lessen his burden on where to get money to buy his food.


These simple acts of kindness can help your loved ones know that they’re not alone during this health crisis. You are right in being a responsible sibling and family member. You must be thankful that you are blessed enough to provide help and assistance to other people. Be that as it may, don’t forget to keep your finances in check. Make sure you have enough resources before keeping others warm.


Cebuana Lhuillier can help you to be more financially secured. With their Micro Savings, you can  open your own bank account to save money without maintaining balance. You can also use their other services like Pera Padala and pawning, where remittances and transactions are fast, convenient, and safe. So, what are you waiting for? Visit your nearest Cebuana Lhuillier branch today!