Whether your college job isn’t cutting it, or you spent a little too much here and there, it’s time to ask your parents for money. You’re probably dreading that uncomfortable experience.
Unless you plan to go to a bank or a money shop, you will eventually have to discuss your finances with your parents. Read below, and find out ways to better handle that conversation.
Decide if you’re asking for a loan or a gift first, and be sure you know what you’re asking for before you meet with your parents. If you are indeed asking for a gift, make sure you say so. Don’t ask for a loan if you have know intention of paying them back.
Think about the financial burden you could potentially cause them. If you know this will cause your parents a lot of hardship, I recommend looking elsewhere first. Play around with your budget to see if you truly need the money. Look for promotional credit cards that offer one-year no interest. More than likely, your parents will help you out in every way they can, but they can’t give you money they don’t have.
Be honest about why you’re broke. Even though you are an adult now, and you don’t like the idea of your parents poking around in your personal business, they deserve to know why you are asking for money. Unless you spent all your money on alcohol, drugs or gambling, they will likely understand the quandary you got yourself into.
Be appreciative of the money you do receive. Keep in mind that this money will likely come with strings attached. Even if you requested a gift of money, your parents will likely expect some kind of help in the future. Whether it be cleaning the house, or babysitting your sibling, they will likely request something that shows your gratitude.
College Student Personal Finance 101