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How to Ask Your Parents For Money
Tips to help them give you what you want
It should be easy because it’s family.
But there always seems to be an obligation attached.
Asking members of your family for money can be difficult, depending on the circumstances.
It can affect your relationship over the long term, so it’s a good idea to talk about it before you jump right in.
“Be transparent, be honest, provide lots of information, keep in touch/give bad news upfront.” — author
As a teen, you may find yourself asking your parents or another relative for money for college.
Adjust your mindset before you have the conversation.
Don’t assume they will give you money simply because of your relationship.
Don’t underestimate the value of going through these three steps.
Don’t be sorry about asking for money. If you’re sorry, don’t ask.
Approach the conversation with confidence.
This example is for a teenager asking for financial support to go to college. Your situation might be different, but these steps will help you navigate this tricky path.
If you are lucky enough to come from a family that is willing to pay your way, ask them for a meeting to talk about it.
It’s respectful. and it will help you clear up any preconceived expectations. This step will signal to them that you want to be treated as an adult.
Here are 3 steps to ease the conversation.
Be Transparent and Honest
Tell them exactly how much money you are asking for and why you need it.
Be honest if you’re unsure about your major.
Tell them if you plan to explore your options in the first year, and then settle into a major in the second year. Be able to support your reasoning.
Be professional. Treat this meeting as if you were asking for money from a bank or other lender.
Do the research and be prepared to answer questions about all possible financial aspects of your plan.
Tuition and cost of living will be your two major costs. Know your numbers.
Be prepared for questions about other aspects of college life.
Provide your parents with a list of the grants, loans, and scholarships you've applied for and what the status is.
Show how you will contribute, by using savings, working summers, or getting a job in the evenings.
Be ready to provide ideas about future job prospects in your chosen field of study. Back them up with statistics.
Keep In Touch
Each term, send an update on your progress, including extracurricular activities.
If you change gears midstream and switch your major, let them know right away.
Always give bad news upfront. Acknowledge setbacks.
Provide a plan for recovering from the setback.
If you are ready to answer questions when you meet, your preparation will show.
Your chances of being successful are much greater.
Most of all, you’ll gain their respect.
This is one article in a series that explores how to be comfortable asking for money in different situations.
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