There is a difference between a hard “No, thank you” and a softer “Thanks so much for asking, but I’m not able to this week.” Another example: “Thank you so much for asking me to do this project. It sounds fascinating, but I don’t have the bandwidth for it at this time.”
Don’t feel obligated to give too much of an explanation or being over-apologetic. It may confuse the other person. Stick with an elegant and soft no.
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