3 Tips For Asking A Loved One For Financial Help

In today’s economic climate, so many people are struggling to make ends meet. When this happens, you may find yourself needing to reach out to loved ones to help you keep your head above water. However, talking with people you love about money can be a challenge. Along with wanting to be able to afford what you need, you also don’t want to potentially sacrifice your relationship on account of money. Luckily, there are some things that you can do to help make these conversations and agreements a little easier on everyone.

To help you see how this can be done, here are three tips for asking a loved one for financial help. 

Bring Up The Topic Indirectly First

For many people, talking about money can be taboo and awkward. Along with these feelings, asking a loved one for financial help could take them by surprise, which could lead to an uncomfortable conversation.

To avoid this, you may want to consider bringing up the topic indirectly first. If the person you’re asking for money reads their email, consider sending them a message in this way first as a way to broach the topic. Or, if email isn’t really an option, like if you’re wanting to speak with a grandparent in an assisted living community, writing them a letter about how you’d like to talk about potentially borrowing some money can be helpful. Then, when you do sit down to speak with one another, they will have had time to figure out how they feel and what they’re comfortable with. 

Know Exactly What You’re Asking For

Before you sit down with your loved one to ask them about helping you out financially, you should first know exactly what it is you’re asking for. 

Ideally, you should know the exact figures of money that you need in order to get on firmer financially footing. This way, you can ask for what you need and know that it will be helpful to you. You should also consider what amount would be too much and not accept anything over this figure. 

Come To Them With A Repayment Plan

As part of your conversation with your loved one, you should come to them with your ideas for a repayment plan. Share with them when you expect to be able to pay them back, how long you anticipate it taking for you to repay them, and what you think you’ll be able to pay in interest for the money they’ve loaned to you. In the event that they are giving you this money as a gift and not a loan, your preparation with a repayment plan will mean a lot to them. 

If you’re going to need to ask a loved one for financial help in the near future, consider using the tips mentioned above to help you prepare for this conversation.

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