Whether you’re a student or already in the workforce, sometimes asking your parents for financial support can be necessary. Accepting financial help from your parents doesn’t have to be a negative thing if you really need it and will use it responsibly.  Here’s how to figure out whether you should ask your parents for more money and how to get your request right.

Do you really need to ask for more money?

Depending on your family dynamic, mixing family and money could get complicated. It might be a good idea to make sure you’ve exhausted all other options before you resort to asking your parents for money. Ensure you’re not asking your parents for money simply because it’s the easiest solution to your problem. 

Your parents likely have their own financial commitments and goals, and you might realize it’s important to stand on your own two feet. Other alternatives available could include the following.

• Loan: Would, getting a low-interest-rate loan to be better given your family circumstances, and can you secure this type of loan? A low-interest personal loan might fully cover your needs, and repayments might be easily manageable.
• Cutting back: Can you get by if you cut back on your expenses? Take time to do a detailed budget, and you might surprise yourself by working out you can, in fact, manage with your current income. With that being said, it is important not to cut back on necessities like health insurance or car insurance. 
• Extra income: Can you add an extra income stream by taking on a side hustle, asking for more work hours, or selling some assets?

Explore other options and you might realize you don’t need to ask for money after all. However, if you’re facing a serious emergency, perhaps asking your family for money is the only way out.

How to present your case persuasively?

If you’ve decided you do need to ask for more money from your parents, apply these tips to help you present your case or “sales pitch” in a persuasive, convincing way.

• Be honest: Speak plainly and be upfront as you set out why you need the money. Avoid being emotional about the discussion.
• Be prepared: Know what you’re asking for, and be prepared to field questions about your finances. Answer honestly and directly, and show you understand why they’re questioning you. Showing a detailed budget of income and expenses can help them understand what’s happening with your finances. In addition, be mentally prepared your parents might not be able to lend you any or all the money you’re asking for.
• Show you’re responsible: Even though you’re asking for money, it’s still important to show your parents you’re being responsible. Outline your work and income situation and how you’re supporting yourself or generating income. If you’re currently unemployed, discuss how you’re actively looking for work.
• Choose the right moment: Avoid catching your parents off guard. You might want to warm up to the request by asking them for a good time to chat about finances. Giving them notice it’s a serious conversation will set them up better for the request.
• Ask them questions: Ask them to tell you about their financial situation and how giving you the money will impact them. Make sure they can afford to lend or give you the money and check it won’t land them in financial strife.
• Delayed response: If your parents do turn you down during the talk, ask for a delayed response. Don’t rush them, and tell them you’d appreciate it if they thought it over again. And if they say no, ask them why. Understanding their reasons could help you adjust your request to something more reasonable and realistic.
• Loan terms: Don’t assume it’s a gift. Always let them know you intend to pay it back and offer specific repayment terms and timeline. Avoid promising what you can’t deliver in repayments and ensure your repayment schedule is realistic. Get their input on the repayment timeline and make sure they’re comfortable with it. Your parents might be able to offer you an interest-free loan, but you might want to offer to pay interest for their inconvenience. However, if they insist on giving you the money, accept it with gratitude.
• Put it in writing: Once you’re clear on terms, putting it in writing could help you avoid disagreements or even legal disputes down the line.

Getting your manner and tone right

Of course, what you don’t say is equally important. Lockdown your manner and tone, and you could improve your chances of successfully persuading your parents to give you more money.

Avoid being defensive, flippant, demanding, or resentful. An entitled, “I deserve” manner could be the quickest way to get your parents to turn you down. 

Instead, stay calm, grateful, and open. Show you respect their input and you’re open to negotiating. Demonstrate you understand it could be an inconvenience for them to lend you the money, but outline your case. Be responsible, confident, and accountable when it comes to making your request.

Admitting you need help from your parents might not be easy, but be grateful if the option to borrow money from your parents is available to you. Ensure your parents can afford it, and always assume you’ll need to pay them back. By getting your manner, tone, and pitch right, and you could improve your chances of success.