Can’t stop singing ‘money, money, money, must be funny, in a rich man’s world?’ And has it become the unwanted background song in your personal life’s feature film, as you make a plan to ask your parents for money? We feel you!

At some point or another in our lives, we’ve all had to come face to face with the nasty inevitable: Being broke!

Maybe you’re in college and have overspent your budget. Or maybe you’re a millennial and need to ask your parents for money to work on a brilliant business idea. No matter what your reason, the conversation about asking your parents for money can fill you with dread.

If you’re seriously broke and are down to your last few funds, it might be giving you the palpitations. You might have come to the conclusion that you’ll have to ask your parents for money sooner rather than later. And procrastinating about this will only make you suffer more.

So let’s get down to the nitty-gritty! Here are some ways to ask other family members or parents for money when you run the risk of going broke.

1. Make an acceptance speech about your flaws

So you’ve decided to ask your parents for money? Then you’ll have to get ready for a lecture that is rightly in order. But here’s a way to combat the shame. Go over your spending habits and recognize and accept your failures when it comes to handling finances responsibly.

So when you ask your parents for money, tell them that you know what your faults are. Add to it the many ways you’ve devised to work towards correcting them in the future (and mean it). Being tough with yourself now could help you control your spending habits in future.

2. Ask the right relative or parent for money

The kind of person you choose to ask will make or break this deal. If you’re thinking of asking someone that has already been struggling with their finances, you should probably drop the idea. If they do lend you some despite the fact, you’ll just end up causing unwarranted stress for them. So observe your family members to spot the richest (and most generous) one.

Another point to keep in mind is you should look for someone whom you trust and who trusts you. Don’t ask a relative who already bugs you about your lifestyle choices! Make sure the borrowing and lending act doesn’t create an unnecessary rift between you two.

3. Ask parents for money to fulfill needs, not desires

Are you asking your parents for money to indulge in luxuries or go on a trip you can easily postpone? Then forget about it. Adulting includes its share of sacrifices and requires you to make lifestyle choices within your budget. Even if they do lend you some, you won’t be able to learn the lessons that being broke teaches you! As a result you’ll always end up resorting to ask parents for money when you’re in need.

On the other hand, if you’re struggling to cover basic necessities, then you should ask your parents for money. Give them a breakdown of how much you need and where their loan will go if you get it. The more sincere you are, the more your parents, siblings, or relatives will understand.

4. Try the written word to ask parents for money

If you can’t bring yourself to verbally ask your parents for money, and your mouth seals shut whenever they start talking about how responsible you’ve become, try the written word. Pen out a sincere handwritten letter, email, or a long text message about your financial worries. Tell them why you need it and how you’re working to make your financial planning better.

5. Suggest a good repayment plan on your loan

Just because you’re asking your parents for money, you shouldn’t try and get a free pass for the repayment of a loan. Suggest a reasonable tenure and a repayment plan – with interest if necessary. This will show that you’re ready to be responsible. And that becoming broke right now is a hiccup, not your way of life. Ask them for their suggestions and pen it out with your signatures to make it official.

Let us know how it goes! Good luck.

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