Tips On How To Borrow Money From Parents
People usually have mixed feelings when it comes to moving out of their parents’ house. Some
are excited to experience their independence while others aren’t prepared to live alone. Either
way, you still might need the extra cash for you to move out, especially if you just graduated
from college or you just got married. Here are tips for borrowing money the right way.
1. The people you can easily ask for money are your parents but only do so if you no longer
have any other resources. A lot of people are trying to pay their bills yet still come off short and
usually, their parents come to the rescue. Just make sure that you don’t abuse this or else your
parents might get tired of it.
2. Ask your parents if you can borrow money from them and negotiate about how much you are
planning to borrow. It is best to ask for the amount of money that you only need. Your parents
might tell you that you no longer need to pay for it back, but you can practice yourself by being
financially responsible. Don’t ask for too much money from them. And as much as possible, try
to keep yourself from giving your parents more financial problems. Only borrow what you need
and what you think you can pay back.
3. They may be your parents but you still have to promise them that you’re going to pay them
back. Now that you are trying to live independently, you have to be financially responsible and
know how to handle these kinds of situations.
4. Pay back the amount you owe as early as you can. Paying on time regularly will serve as
practice for you when you have your own credit already. You have to manage your finances,
checking your credit score and doing a credit score check are just minor things but what you
really have to commit to is paying your bills on time. Practice doing this with your parents and
you’ll learn more on how to manage your finances in the future.
5. If you have already paid back the money that you borrowed from your parents, try your best
not to get a new loan just to start saving up or to get yourself by. Manage your money well and
start saving early to have some emergency on hand all the time.
6. Treat your parents as if they were a bank. Imagine that you will lose your credibility if you
don’t pay them back on time. Also, try to think that if you don’t comply with the rules, they will no
longer trust you and stop doing business with you.
Don’t overdo it by asking your parents for money every time you come off short. It’s your
responsibility to manage your money and you should really practice doing it as early as possible
to avoid depending on your parents.
Joy is an active blogger who shares extremely interesting finance management tips over the
web that encourages people to manage their personal finance, check credit score regularly and
improve credit scores.