How To Borrow Money From Your Family

Published Date 11/9/2013
Under: Career & Finances



How To Borrow Money From Your Family

It's no secret that it can be difficult to ask your family for assistance, especially if your pride is at stake. However, there may be some bumps in the road of life that are difficult to tackle on your own. Perhaps you're in the middle of a move, or maybe you need a new car. Whatever the case may be, you might need to consult your family for extra money - but how do you do so in a polite, respectful manner? Your family is likely more than happy to help you out, but no one wants to have to admit that he or she is in a financial jam. Here are some tips for tackling this common issue.

Lay Out The Terms
Because it's technically a financial deal, it's a good idea to develop a list of terms and conditions beforehand. The New York Times recommended coming up with a type of document that can lay out how you intend to repay the money in the future. Having it all on paper can prevent arguments later down the line. Although it may seem too formal to create such an arrangement with your family, you'll feel better about the situation in the future.

Know Your Needs
Do you need money to help you with short-term expenses, or do you want your family to help you with a big venture such as a new business? Depending on the circumstances, you may want to seek financial assistance elsewhere before you depend on your family. A bank may be able to give you more help than your loved ones if they happen to be enduring money problems of their own.

Speak With An Advisor
By contacting our psychic line, you can determine if now is the right time to approach your family for financial help. Our psychics can also let you know if you'll have the money to repay them in the future, which can give you peace of mind heading into the situation.

Whether you're in a financial jam due to job loss or bills, there's no shame in asking for help from people who care about you. Taking these key steps into consideration can make sure that doing so is not a hassle for you or your loved ones. In the end, you'll have the support you need to tackle life's challenges.


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