You’ll need to know as much as possible about your financial situation to present a compelling case to your family. For example, if you see that you’re wasting too much money on dining at restaurants, resolve to cook at home using cheap ingredients.
The more trust there is in your relationship with the other person, the more likely they’ll be to give you a loan. You can write a letter or talk on the phone, but having a face to face conversation is more effective.
Your best friend may be the person you trust most, but they aren’t the person to ask when they’re also struggling to pay bills.
For example, say, “I had to make a big payment on my school loan and I don’t have enough left to pay my rent this month. ”
For example, say, “I’d like to borrow $20 to go to the concert this weekend. ”
For example, the budget might say, “$200 for the electrical bill, $100 for groceries, and $50 for transportation. ”
For instance, a little bit of money to cover dinner might be paid back within a week, but a large business loan can take months or years. Asking for money should be treated as asking for a business loan no matter the size of the loan nor how close you are to the other person.
Establishing a plan keeps you on track. You’ll never forget to repay the loan or include it in your budget. Get creative! Family members may also count odd jobs such as mowing the lawn as part of your repayment. It doesn’t hurt to ask.
The interest is a positive way to show appreciation for your family member’s assistance.
For example, you could owe your family a favor or chore, such as babysitting your little brother. Establishing consequences show that you’re taking this seriously and can help facilitate open communication about what is otherwise a difficult issue.
A physical copy is useful for making everyone feel comfortable and clearing up any confusion that might arise in the future.
