Growing up as a kid, your parents’ resources were basically yours. They gave you everything you wanted, and life was so good. Then came adulthood! You suddenly had to start working, paying for your bills, fueling your car, etc. You have become financially independent. As a child, you looked forward to growing up and now that you are here, a whole new world of responsibility has fallen on you.
You might be a young adult who just finished college and is now working, or even married. The weight of adulthood is most felt by young adults, who are starting to experience their financial independence, for the first time. Money suddenly gains value in your eyes and as you work for it, you can’t afford to waste it.
Times may come when you are low on funds and need to borrow money from family. This can be a little tricky, and you want to come off to them as responsible. This article outlines tips to guide you when borrowing money from family and in-laws without creating awkward situations.
Borrow Only as a Last Resort
First, you are now as an adult and should be a responsible person. Your parents are likely trying to ensure their own financial future, including retirement. They expect you to be responsible for your own expenses. It’s important to only borrow from your parents when you don’t have any other option. If you still have some money on hand, use it to settle a part of the need. A lot of parents tend to ask their children how much of the need they have settled. These same parents appreciate the idea of settling the remaining, but only after you have done your part. You do not come off as a child, who needs their parent to do everything for them. Only when you have exhausted your money and all other options, should you then approach them for help. They love you and will help if they can.
A Good Cause
Now, you have considered all your options and decided to go ahead with borrowing from your family. So, what is the next step? You must have a good reason for which you want to borrow the money. It should not be that you simply want to waste money on unnecessary things. As a responsible adult, you should be able to account for what you to spend the money on. Your parents or family members are more likely to lend you money if your need is important. One good reason is not the item you want to buy or spend money on but outlining how beneficial it would be to you. If, for example, you want to get a car, don’t just tell them you want to buy a car. Instead, explain to them how the car will help you get to school or work earlier and make you stand out from colleagues who are usually late. And if it is to settle bills for a commodity like electricity, tell them the truth. They are your parents and have empathy for you. In all, have a good and candid reason for why you need to borrow from them.
Don’t Ask for Too Much
This is where you need to have a budget of exactly how much you need now. When requesting money, ask for the exact amount or just a little more than what you need for necessary extras. You don’t want to go asking them for huge sums that might make them uncomfortable. You are now an adult, so don’t act like the over-dependent child. Be reasonable in your request and keep their own financial burdens in mind. Remember, you might get a negative response if you make them feel you are extorting from them. When you were younger, you didn’t understand adult finances yet, it was easy to think your parents had it all, but now as an adult, you get the full gist. They have taken care of you from infanthood until adulthood. Be considerate.
Let Them Know When You Intend to Pay Back
This is an extension of knowing how to ask. Remember, they are lending you the money, so they expect you to pay back. Put all factors into consideration and determine when you would have the money to pay them. Be honest about it. A lot of adults make an error and promise an earlier date than when they are certain of paying the online loan back taken from services like nation21loans.com.
They feel their parents might be discouraged to give them money if the repayment would take a while. However, this is your family and they are going to be more understanding. Being honest about when you would pay back would also help them plan their budget and avoid embarrassing situations. When you tell them an exact date, you create a good impression of yourself as one who is in charge of his/her financial life.
Be Sure to Pay Back in Time
The same energy and enthusiasm you put in when you wanted to borrow the money should be what you should use to return it. Your repayment is the most important step in the whole process. By lending you money, they put their trust in you, and you should keep that trust. If you get access to money early, paying them earlier than the agreed date would further affirm their trust in you. Therefore, if you need help later, they would be willing to give you much more. This also applies to other people apart from your family.
Being responsible entails being able to keep to your word as promised. It is possible, however, that due to unforeseen circumstances, you are not able to pay back the money early. If you find yourself in this situation, don’t start to avoid them or dodge the topic. Face it heads on and let them know the situation. Problems occur, and they know that. Apologize and take responsibility. Discuss with them a new date when you intend to pay up. It might be a bit embarrassing for you, but that is the mature way to operate. And when you do get some money, let settling your debt be your priority.
In all, you have been with your family for years on end. You are now an independent adult and asking for money can be a bit awkward for you. However, when you are in need, they might be in the best position to help you without the complications from taking a loan from other sources. They are lending you the money because they think you really need it and trust you. Keeping their trust should be your priority, just as this applies to other aspects of your life. Follow the steps outlined above, and things will go well. Everyone needs help sometimes, so there is no need to get weird. Parents borrow from their children, too, and life goes on. In all, be a responsible adult and keep to your commitments. This will open up opportunities for better in the future.
Chrissy Ryland - I'm a freelance writer and blogger from Northern California. I grew up loving all things entertainment and travel and now I am blessed with a career that lets me write about both of those topics along with many others. For inquiries about a story you think I might want to cover, please contact me at firstname.lastname@example.org