Cashing In: Golden rules of lending money to family, friends

PHILADELPHIA (WTXF) - Are you thinking of lending money to a friend or family member? It's kind of awkward, right?

Check this out: 57 percent of the time it never gets paid back.

So, if you're thinking that you want to help someone, without hurting your wallet, here are a few tips from our money guy, Dan Roccato.

Seventy-six percent of men admit that they've borrowed money from a family member or friend versus 63 percent of women. But, according to the research, women pay back better than men. Moral of the story? Lend to your sister, maybe not your brother.

Now, lending money can be an emotional thing, especially if you know the person really well.

Roccato's advice? Put it in writing. Make sure you have a document that says how much you've lent, and what the payment terms are. That way there is no confusion as memories start to fade.

Next, if you have a family member or friend who is a little jammed up - and, come on, we've all been there - instead of writing a check or getting cash, how about this idea? Help them out with something else. Maybe pay a bill. Maybe volunteer to babysit so they can work few extra hours. Remember, you want to help, but you don't want to become an enabler.

Finally, getting paid back can be a challenge. Asking for money over the turkey at Thanksgiving dinner? Super awkward. Less awkward? Using a smart phone app, like Venmo. You can send them money requests right to your family member or friend. And they can pay you back without ever talking to each other. Check it out.

So, there you go. Lending money to a family policemen or friend can be super awkward and very complicated. After all, if mom doesn't pay you back, what are you going to do, repossess her car? Unlikely.

In the end, Roccato says, it really comes down to two choices: if you lend money, think of it as a gift; or just say "no," nicely.