Hospitality and readiness to help – how these features of personality are messing with your budget?

Being hospitable and reliable person are certainly great features of personality and you can be proud of yourself if you can say and especially your friends and family can say you can have them. Yet, in some situations, these features of personality can work against you, especially when it comes to managing your finances. Unfortunately, particularly hospitable people are risking to develop financial problems because of such a personality treat.

This article will explain you how great personality can take you into trouble.

Lending money to others all the time

One of the major financial mistakes made by people who are particularly hospitable and willing to help others is lending money to other people.

On the one hand, it seems a great idea to help your family and friends with money when they need it. This is certainly better than borrowing money from a bank or other organisation which can have serious consequences for these people. On the other hand, lending money to the people you care about genuinely is a particularly delicate topic.

Unfortunately, many good relationships were destroyed by lending money. Actually, lending money to your friends you are risking not only to be left without money but also without friends as well. It will be a better idea to help the person you care about in a way different from lending money. Yet, if you really want to give him or her some money, it is better to change your approach and treat it as a present for this person. Otherwise, you might feel rather disappointed or offended once you find your friend is purchasing some things for pleasure even though he or she still has not returned money to you. In addition to it, you can imagine how awkward you might feel asking him or her about the borrowed money.

That is why, such loans should be treated as gifts. If you cannot afford making such gifts, you should just not lend money.

Paying for everyone

Another popular financial mistake of generous people is paying for everyone in a restaurant or bar. Of course, this can make other people feel really good having such a person in their group. For generous people, such a financial decision is usually the way to feel proud about oneself. Yet, such pride cost too much in the long run.

First of all, such a behaviour can easily make other people get used to it and, as a result, except it from you. Unfortunately, once you stop doing this, it can make your relations with other people colder. Secondly, you will not know whether people really want to spend time exactly with you or it is done only because you want to buy something for them. Just think about people who have won money in a lottery. The majority of them have lost many friends because of this unexpected wealth and the expectations of other people.

Of course, such psychological problems in your relations with others will be accompanied with financial issues unless you can really afford paying for everyone.