Meaning of the word "better give a shilling than lend a half-crown" in English

What does "better give a shilling than lend a half-crown" mean in English? Explore the meaning, pronunciation, and specific usage of this word with Lingoland.

better give a shilling than lend a half-crown

US /ˈbetər ɡɪv ə ˈʃɪlɪŋ ðæn lend ə hæf kraʊn/
UK /ˈbetə ɡɪv ə ˈʃɪlɪŋ ðæn lend ə hɑːf kraʊn/
"better give a shilling than lend a half-crown" picture

Idiom

it is better to lose a small amount of money by giving it away than to lose a larger amount by lending it and not being repaid

Example:
He asked for a large loan, but I remembered the old saying, 'better give a shilling than lend a half-crown,' so I just gave him a small gift instead.
I know you want to help him, but better give a shilling than lend a half-crown if you ever want to see that money again.